BROOKLYN RENTAL MARKET REPORT
BROOKLYN RENTAL MARKET REPORT ARCHIVE
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introduction
THE AVERAGE RENT IN BROOKLYN HAS DECREASED THIS MONTH.
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CHANGE
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$2,731AUGUST 2020
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$2,650SEPTEMBER 2020
A QUICK LOOK
Over the last month, the average rental price in Brooklyn has fallen by 2.95%, from $2,730.95 to $2,650.45. The average rental price for a studio unit fell by 2.42%, from $2,158.71 to $2,106.40. The average rental price for a one-bedroom unit fell by 2.98%, from $2,625.35 to $2,547.18 The average rental price for a two-bedroom unit fell by 3.26%, from $3,408.78 to $3,297.76. Year-over-year rental prices are down across-the-board with studio, one-bedroom, and two-bedroom prices decreasing by 10.44%, 12.33%, and 15.03%, respectively. This past month, the most expensive rental units by average price were observed in DUMBO. The most affordable studio, one-bedroom, and two-bedroom units could be found in Borough Park/Sunset Park.
Out of the sixteen neighborhoods tracked by this report, only one saw its’ average rental price increase: Bay Ridge (+0.2%). The largest month-over-month price drops were observed in neighborhoods that have seen a rash of new development, like Greenpoint (-4.4%) and Fort Greene (-5.3%), while traditionally more affordable neighborhoods have seen less dramatic price drops. With an ever-increasing supply, increased offered concession and the incoming fall season, rental pricing in Brooklyn can be expected to further adjust.
NOTABLE TRENDS
| TYPE | MOST EXPENSIVE | LEAST EXPENSIVE |
|---|---|---|
| Studios | Dumbo $2,901 | Borough/Sunset Park $1,404 |
| One bedrooms | Dumbo $3,836 | Borough/Sunset Park $1,786 |
| Two bedrooms | Dumbo $5,685 | Borough/Sunset Park $2,091 |
WHERE PRICES DECREASED
BAY RIDGE
One-Bedroom -1.9%
BED STUY
Studios -0.5%
One-Bedroom -4.09%
Two-Bedroom -2.2%
BOERUM HILL
Studios -5.4%
One-Bedroom -4.5%
Two-Bedroom -3.7%
BROOKLYN HEIGHTS
Studios -5.3%
One-Bedroom -3.6%
Two-Bedroom -6.9%
BUSHWICK
Studios -1.5%
One-Bedroom -4.0%
Two-Bedroom -3.7%
CLINTON HILL
Studios -1.0%
One-Bedroom -3.1%
Two-Bedroom -4.0%
BOROUGH PARK/SUNSET PARK
Studios -6.5%
One-Bedroom -3.2%
Two-Bedroom -4.2%
COBBLE HILL
Studio -1.0%
One-Bedroom -1.6%
Two-Bedroom -4.0%
CROWN HEIGHTS
Studios -3.5%
One-Bedroom -2.8%
Two-Bedroom -2.0%
DUMBO
Studios -1.1%
One-Bedroom -4.8%
DOWNTOWN BK
Studios -2.3%
One-Bedroom -1.7%
FORT GREENE
Studios -5.0%
One-Bedroom -3.8%
Two-Bedroom -6.6%
GREENPOINT
Studios -1.3%
One-Bedroom -1.9%
Two-Bedroom -8.7%
PARK SLOPE
Studios -1.5%
One-Bedroom -2.4%
Two-Bedroom -4.1%
PLG/FLATBUSH
Studios -3.1%
One-Bedroom -2.2%
Two-Bedroom -0.4%
WILLIAMSBURG
Studios -2.6%
One-Bedroom -1.0%
Two-Bedroom -4.5%
WHERE PRICES INCREASED
BAY RIDGE
Studios 0.5%
Two-Bedroom 1.9%
DUMBO
Two-Bedroom 2.1%
DOWNTOWN BK
Two-Bedroom 0.3%
BROOKLYN AVERAGE PRICE
BROOKLYN AVERAGE PRICE
BROOKLYN AVERAGE PRICE
A QUICK LOOK
year over year PRICE CHANGE BY NEIGHBORHOOD
YEAR OVER YEAR Price change
SEPTEMBER 2019 VS. SEPTEMBER 2020
| TYPE | SEPTEMBER 2019 | SEPTEMBER 2020 | CHANGE |
|---|---|---|---|
| Studios | $2,352 | $2,106 | 10.4% |
| One bedrooms | $2,905 | $2,547 | 12.3% |
| Two bedrooms | $3,881 | $3,298 | 15.0% |
BROOKLYN PRICE TRENDS
BAY RIDGE PRICE TRENDS
FOLLOWING A SLIGHT DROP LAST MONTH, THE AVERAGE RENTAL PRICE IN BAY RIDGE REBOUNDED BY 0.24% THROUGH SEPTEMBER, MAKING IT THE ONLY NEIGHBORHOOD TRACKED BY THIS REPORT THAT EXPERIENCED MONTH-OVER-MONTH GROWTH THROUGH SEPTEMBER.
BEDFORD-STUYVESANT PRICE TRENDS
THE AVERAGE RENTAL PRICE IN BEDFORD-STUYVESANT FELL BY 2.36% THROUGH SEPTEMBER.
BOERUM HILL PRICE TRENDS
FOLLOWING A SLIGHT DROP LAST MONTH, THE AVERAGE RENTAL PRICE IN BOERUM HILL FELL BY AN ADDITIONAL 4.36% THROUGH SEPTEMBER.
BOROUGH/SUNSET PARK PRICE TRENDS
OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN BOROUGH PARK/SUNSET PARK FELL BY 4.48%.
BROOKLYN HEIGHTS PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN BROOKLYN HEIGHTS FELL BY 5.64%.
BUSHWICK PRICE TRENDS
BUSHWICK SAW ITS AVERAGE RENTAL PRICE DROP FALL BY 3.18% THROUGH SEPTEMBER.
CLINTON HILL PRICE TRENDS
THROUGH SEPTEMBER, THE AVERAGE RENTAL PRICE IN CLINTON HILL FELL BY 2.95%.
COBBLE HILL PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN COBBLE HILL FELL BY 1.88%. THE MAJORITY OF THIS DROP OCCURRED WITHIN TWO-BEDROOM PRICING, WHICH FELL BY 4.01% MONTH-OVER-MONTH.
CROWN HEIGHTS PRICE TRENDS
OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN CROWN HEIGHTS FELL BY 2.68%.
DOWNTOWN BROOKLYN PRICE TRENDS
STABILIZING AFTER A FEW MONTHS OF LARGE PRICE DROPS, THE AVERAGE RENTAL PRICE IN DOWNTOWN BROOKLYN FELL BY JUST 0.98% THROUGH SEPTEMBER.
DUMBO PRICE TRENDS
WHEN COMPARED TO THE REST OF THE MARKET, THE AVERAGE RENTAL PRICE IN DUMBO FELL BY A SUBDUED 0.87% THROUGH SEPTEMBER.
FORT GREENE PRICE TRENDS
THROUGH SEPTEMBER, THE AVERAGE RENTAL PRICE IN FORT GREENE FELL BY 5.32%.
GREENPOINT PRICE TRENDS
DUE TO AN INCREASING SUPPLY OF LUXURY INVENTORY IN ADDITION TO AN UPTICK IN OFFERED CONCESSIONS, THE AVERAGE OVERALL RENTAL PRICE IN GREENPOINT FELL BY 4.41% MONTH-OVER-MONTH.
PARK SLOPE PRICE TRENDS
OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN PARK SLOPE FELL BY 2.84%.
PLG/FLATBUSH PRICE TRENDS
FOLLOWING A SLIGHT INCREASE LAST MONTH, THE AVERAGE RENTAL PRICE IN PROSPECT LEFFERTS GARDENS/FLATBUSH EXPERIENCED A CORRECTION OF 1.78% THROUGH SEPTEMBER.
WILLIAMSBURG PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN WILLIAMSBURG FELL BY 2.85%.
THE REPORT EXPLAINED
THE BROOKLYN RENTAL MARKET REPORTTM COMPARES FLUCTUATION IN THE BOROUGH’S RENTAL DATA ON A MONTHLY BASIS. IT IS AN ESSENTIAL TOOL FOR POTENTIAL RENTERS SEEKING TRANSPARENCY IN THE BROOKLYN APARTMENT MARKET AND A BENCHMARK FOR LANDLORDS TO EFFCIENTLY AND FAIRLY ADJUST INDIVIDUAL PROPERTY RENTS IN BROOKLYN.
The Brooklyn Rental Market Report TM is based on a cross-section of data from available listings and priced under $10,000, with ultraluxury property omitted to obtain a true monthly rental average. Our data is aggregated from the MNS proprietary database and sampled from a specifc mid-month point to record current rental rates offered by landlords during that particular month. It is then combined with information from the REBNY Real Estate Listings Source (RLS), OnLine Residential (OLR.com) and R.O.L.E.X. (Real Plus).
Author: MNS has been helping Brooklyn landlords and renters navigate the rental market since 1999. From large companies to individuals, MNS tailors services to meet your needs. Contact us today to see how we can help.
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Note: All market data is collected and compiled by MNS’s marketing department. The information presented here is intended for instructive purposes only and has been gathered from sources deemed reliable, though it may be subject to errors, omissions, changes or withdrawal without notice.
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