BROOKLYN RENTAL MARKET REPORT
BROOKLYN RENTAL MARKET REPORT ARCHIVE
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TABLE OF CONTENTS
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introduction
THE AVERAGE RENT IN BROOKLYN HAS DECREASED THIS MONTH.
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CHANGE
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$2,600NOVEMBER 2020
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$2,547DECEMBER 2020
A QUICK LOOK
Over the last month, the average rental price in Brooklyn has fallen by 2.02%, from $2,599.77 to $2,547.27. The average rental price for a studio unit fell by 1.31%, from $2,060.51 to $2,033.46. The average rental price for a one-bedroom unit fell by 1.31%, from $2,493.16 to $2,460.47. The average rental price for a two-bedroom unit decreased by 3.01%, from $3,245.62 to $3,147.88. Compared to this time last year, rental prices are down across-the-board with studio, one-bedroom, and two-bedroom prices decreasing by 11.51%, 13.26%, and 15.46%, respectively. Overall, average rental pricing in Brooklyn is down 13.73% from this time last year.
This past month, the most expensive rental units by average price were observed in DUMBO. The most affordable studio and one-bedroom units could be found in Bay Ridge, while the most affordable two-bedroom units by were observed in Borough Park/Sunset Park.
Out of the sixteen neighborhoods tracked by this report, only two saw their overall average rental prices increase: Bushwick (+4.0%) and Greenpoint (+0.3%).
NOTABLE TRENDS
| TYPE | MOST EXPENSIVE | LEAST EXPENSIVE |
|---|---|---|
| Studios | Dumbo $3,021 | Bay Ridge $1,462 |
| One bedrooms | Dumbo $3,733 | Bay Ridge $1,726 |
| Two bedrooms | Dumbo $5,428 | Borough/Sunset Park $2,049 |
WHERE PRICES DECREASED
BAY RIDGE
Studios -3.0%
Two-Bedroom -3.7%
BED STUY
Studios -1.7%
One-Bedroom -2.5%
Two-Bedroom -2.6%
BOERUM HILL
Studios -6.8%
One-Bedroom -3.8%
Two-Bedroom -5.8%
BOROUGH PARK/SUNSET PARK
Studios -2.21%
Two-Bedroom -3.2%
BROOKLYN HEIGHTS
Studios -2.9%
One-Bedroom -1.2%
Two-Bedroom -1.7%
CLINTON HILL
Studios -1.9%
One-Bedroom -4.1%
Two-Bedroom -2.7%
COBBLE HILL
Studio -1.9%
One-Bedroom -0.3%
Two-Bedroom -0.2%
CROWN HEIGHTS
Studios -0.1%
One-Bedroom -3.6%
Two-Bedroom -2.5%
DUMBO
Studios -1.0%
One-Bedroom -3.5%
Two-Bedroom -8.9%
DOWNTOWN BK
Studios -1.3%
Two-Bedroom -1.7%
FORT GREENE
One-Bedroom -1.7%
Two-Bedroom -6.2%
GREENPOINT
One-Bedroom -0.37%
Two-Bedroom -1.2%
PARK SLOPE
Studios -3.5%
One-Bedroom -0.5%
Two-Bedroom -2.1%
PLG/FLATBUSH
Studios -0.6%
One-Bedroom -1.1%
WILLIAMSBURG
Studios -2.7%
One-Bedroom -1.6%
Two-Bedroom -2.6%
WHERE PRICES INCREASED
BAY RIDGE
One-Bedroom 0.3%
BOROUGH PARK/SUNSET PARK
One-Bedroom 0.3%
BUSHWICK
Studios 4.1%
One-Bedroom 4.8%
Two-Bedroom 3.2%
DOWNTOWN BK
One-Bedroom 0.4%
FORT GREENE
Studios 1.0%
GREENPOINT
Studios 3.1%
PLG/FLATBUSH
Two-Bedroom 1.1%
BROOKLYN AVERAGE PRICE
BROOKLYN AVERAGE PRICE
BROOKLYN AVERAGE PRICE
A QUICK LOOK
year over year PRICE CHANGE BY NEIGHBORHOOD
YEAR OVER YEAR Price change
DECEMBER 2019 VS. DECEMBER 2020
| TYPE | DECEMBER 2019 | DECEMBER 2020 | CHANGE |
|---|---|---|---|
| Studios | $2,298 | $2,033 | 11.5% |
| One bedrooms | $2,837 | $2,460 | 13.3% |
| Two bedrooms | $3,723 | $3,148 | 15.4% |
BROOKLYN PRICE TRENDS
BAY RIDGE PRICE TRENDS
FOLLOWING A SLIGHT INCREASE LAST MONTH, THE AVERAGE RENTAL PRICE IN BAY RIDGE FELL BY 2.21% THROUGH DECEMBER.
BEDFORD-STUYVESANT PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN BEDFORD-STUYVESANT FELL BY 2.31%.
BOERUM HILL PRICE TRENDS
THROUGH DECEMBER, THE AVERAGE RENTAL PRICE IN BOERUM HILL FELL BY 5.44%.
BOROUGH/SUNSET PARK PRICE TRENDS
AFTER A SLIGHT CORRECTION LAST MONTH, THE AVERAGE RENTAL PRICE IN BOROUGH PARK/SUNSET PARK FELL BY AN ADDITIONAL 1.77% THROUGH DECEMBER.
BROOKLYN HEIGHTS PRICE TRENDS
THE AVERAGE RENTAL PRICE IN BROOKLYN HEIGHTS FELL BY 1.80% THROUGH DECEMBER.
BUSHWICK PRICE TRENDS
THANKS TO A SIGNIFICANT INFLUX OF LUXURY INVENTORY IN THE AREA, THE AVERAGE RENTAL PRICE IN BUSHWICK INCREASED BY 3.98% THROUGH DECEMBER. A CORRECTION CAN BE EXPECTED ONCE THE MARKET ADJUSTS TO THE CURRENT INVENTORY.
CLINTON HILL PRICE TRENDS
FOLLOWING A STABLE NOVEMBER, THE AVERAGE RENTAL PRICE IN CLINTON HILL FELL BY 2.95% THROUGH DECEMBER.
COBBLE HILL PRICE TRENDS
THROUGH DECEMBER, THE AVERAGE RENTAL PRICE IN COBBLE HILL INCREASED BY 0.70%.
CROWN HEIGHTS PRICE TRENDS
OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN CROWN HEIGHTS FELL BY 2.20%.
DOWNTOWN BROOKLYN PRICE TRENDS
THE AVERAGE RENTAL PRICE IN DOWNTOWN BROOKLYN FELL BY 0.94% THROUGH DECEMBER.
DUMBO PRICE TRENDS
FOLLOWING AN INCREASE LAST MONTH, THE AVERAGE RENTAL PRICE IN DUMBO EXPERIENCED A CORRECTION OF 5.40% THROUGH DECEMBER.
FORT GREENE PRICE TRENDS
AFTER REMAINING VIRTUALLY UNCHANGED THROUGH NOVEMBER, THE AVERAGE RENTAL PRICE IN FORT GREENE EXPERIENCED A CORRECTION OF 2.90% IN DECEMBER.
GREENPOINT PRICE TRENDS
REMAINING RELATIVELY STABLE, THE AVERAGE RENTAL PRICE IN GREENPOINT INCREASED BY JUST 0.31% THROUGH DECEMBER.
PARK SLOPE PRICE TRENDS
THROUGH DECEMBER, THE AVERAGE RENTAL PRICE IN PARK SLOPE FELL BY 1.94%.
PLG/FLATBUSH PRICE TRENDS
THROUGH DECEMBER, THE AVERAGE RENTAL PRICE PROSPECT LEFFERTS GARDENS/FLATBUSH REMAINED STABLE, FALLING BY JUST 0.12%.
WILLIAMSBURG PRICE TRENDS
THROUGH DECEMBER, THE AVERAGE RENTAL PRICE IN WILLIAMSBURG FELL BY 2.32%.
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.
Contact Us Now: 718-222-0211
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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