BROOKLYN RENTAL MARKET REPORT

Brooklyn infographics

BROOKLYN RENTAL MARKET REPORT ARCHIVE

AVERAGE RENT

brooklyn

THE AVERAGE RENT IN BROOKLYN HAS INCREASED THIS MONTH.

  • 0.01%
    CHANGE
  • $3,046.05
    AUGUST 2019
  • $3,046.22
    SEPTEMBER 2019

A QUICK LOOK

brooklyn

Over the last month, the average rental price in Brooklyn increased by 0.01%, from $3,046.05 to $3,046.22. The average rental price for a studio decreased by 0.29%, from $2,358.88 to $2,352.04. The average rental price for a one-bedroom unit increased by 0.06%, from $2,903.59 to $2,905.46. The average rental price for a two-bedroom unit increased by 0.14%, from $3,875.68 to $3,881.15. Year-over-year, rental prices are up across-the-board, with studio, one-bedroom, and two-bedroom prices increasing by 3.38%, 7.54%, and 8.20%, respectively. Overall, this month was a stable month for rental pricing in Brooklyn. Out of fifteen tracked neighborhoods, five had their average rental prices fall: Boerum Hill (-1.20%), Brooklyn Heights (-2.74%), DUMBO (-2.63%), Downtown Brooklyn (-0.70%), and Park Slope (-1.02%). This past month, the most expensive rental units on the market could be found in DUMBO, while the most affordable units were in Bay Ridge.

NOTABLE TRENDS

TYPE MOST EXPENSIVE LEAST EXPENSIVE
Studios Dumbo $3,446 Bay Ridge $1,522
One bedrooms Dumbo $4,283 Bay Ridge $1,777
Two bedrooms Dumbo $6,067 Bay Ridge $2,375

WHERE PRICES DECREASED

price_down_icon

BAY RIDGE

Studios -0.8%

One Bedroom -1.0%

BED STUY

Studios -0.7%

BOERUM HILL

Studios -6.6%

BROOKLYN HEIGHTS

Studios -2.9%

Two Bedroom -5.4%

BUSHWICK

Studios -3.2%

CROWN HEIGHTS

Studios -2.1%

DUMBO

One Bedroom -1.7%

Two Bedroom -4.7%

DOWNTOWN BK

One Bedroom -2.2%

Two Bedroom -1.0%

FORT GREENE

Studios -0.8%

One Bedroom -2.8%

GREENPOINT

One Bedroom -0.6%

Two Bedroom -0.2%

PARK SLOPE

One Bedroom -2.6%

Two Bedroom -1.9%

PLG

Two Bedroom -0.1%

WILLIAMSBURG

Studios -1.8%

One Bedroom -0.2%

WHERE PRICES INCREASED

price_up_icon

BAY RIDGE

Two Bedroom 1.9%

BED STUY

One Bedroom 1.3%

Two Bedroom 1.4%

BOERUM HILL

One Bedroom 0.4%

Two Bedroom 0.8%

BROOKLYN HEIGHTS

One Bedroom 2.1%

BUSHWICK

One Bedroom 3.4%

Two Bedroom 2.2%

CLINTON HILL

Studios 5.1%

One Bedroom 2.8%

Two Bedroom 4.3%

COBBLE HILL

Studios 0.7%

One Bedroom 0.7%

Two Bedroom 0.1%

CROWN HEIGHTS

One Bedroom 3.4%

Two Bedroom 3.3%

DUMBO

Studios 0.0%

DOWNTOWN BK

Studios 1.8%

FORT GREENE

Two Bedroom 2.6%

GREENPOINT

Studios 2.6%

PARK SLOPE

Studios 2.6%

PLG

Studios 1.7%

One Bedroom 1.0%

WILLIAMSBURG

Two Bedroom 8.0%

BROOKLYN AVERAGE PRICE

BROOKLYN AVERAGE PRICE

BROOKLYN AVERAGE PRICE

A QUICK LOOK

year over year

CHANGE BY NEIGHBORHOOD

1.64% Bay Ridge 10.59% Clinton Hill 4.15% Fort Greene
1.74% Bed Stuy 5.99% Cobble Hill 23.45% Greenpoint
1.91% Boerum Hill 2.32% Crown Heights 1.47% Park Slope
13.38% Brooklyn Heights 6.26% Downtown BK 0.98% PLG
6.47% Bushwick 3.16% Dumbo 15.19% Williamsburg

YEAR OVER YEAR

price changes

BROOKLYN RENTS: SEPTEMBER 2018 VS. SEPTEMBER 2019

TYPE SEPTEMBER 2018 SEPTEMBER 2019 CHANGE
Studios $2,275 $2,352 3.4%
One bedrooms $2,702 $2,905 7.5%
Two bedrooms $3,587 $3,881 8.2%

BROOKLYN

BROOKLYN

BAY RIDGE

THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN BAY RIDGE INCREASED BY 0.24%.

BROOKLYN

BEDFORD-STUYVESANT

MARKING A THIRD MONTH OF GROWTH, THE AVERAGE RENTAL PRICE IN BEDFORD-STUYVESANT INCREASED BY 0.78% THROUGH SEPTEMBER.

BROOKLYN

BOERUM HILL

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN BOERUM HILL EXPERIENCED A CORRECTION OF 1.20%.

BROOKLYN

BROOKLYN HEIGHTS

FOLLOWING A LARGE PRICE JUMP LAST MONTH, THE AVERAGE RENTAL PRICE IN BROOKLYN HEIGHTS FELL BY 2.74% THROUGH SEPTEMBER.

BROOKLYN

BUSHWICK

THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN BUSHWICK INCREASED BY 0.98%.

BROOKLYN

CLINTON HILL

DUE TO THE ADDITION OF LUXURY UNITS FROM NEWER BUILDINGS IN THE AREA, THE AVERAGE RENTAL PRICE IN CLINTON HILL INCREASED BY 4.05% THIS PAST MONTH.

BROOKLYN

COBBLE HILL

REMAINING STABLE, THE AVERAGE RENTAL PRICE IN COBBLE HILL INCREASED BY 0.42% THIS PAST MONTH.

BROOKLYN

CROWN HEIGHTS

THROUGH SEPTEMBER, THE AVERAGE RENTAL PRICE IN CROWN HEIGHTS INCREASED BY 1.72%.

BROOKLYN

DOWNTOWN BROOKLYN

THROUGH SEPTEMBER, THE AVERAGE RENTAL PRICE IN DOWNTOWN BROOKLYN FELL BY 0.70%.

BROOKLYN

DUMBO

AFTER A LARGE INCREASE LAST MONTH, THE AVERAGE RENTAL PRICE IN DUMBO EXPERIENCED A CORRECTION OF 2.63% THROUGH SEPTEMBER.

BROOKLYN

FORT GREENE

FOLLOWING A CORRECTION LAST MONTH, THE AVERAGE RENTAL PRICE IN FORT GREENE REMAINED STABLE THROUGH SEPTEMBER, INCREASING BY JUST 0.03%.

BROOKLYN

GREENPOINT

THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN GREENPOINT INCREASED BY 0.40%.

BROOKLYN

PARK SLOPE

THROUGH SEPTEMBER, THE AVERAGE RENTAL PRICE IN PARK SLOPE DECREASED BY 1.02%.

BROOKLYN

PROSPECT LEFFERTS GARDEN

THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN PROSPECT LEFFERTS GARDENS INCREASED BY 0.78%.

BROOKLYN

WILLIAMSBURG

BUOYED BY A NUMBER OF HIGHER-PRICED TWO-BEDROOM UNITS ON THE MARKET, THE AVERAGE RENTAL PRICE IN WILLIAMSBURG INCREASED BY 2.48%.

BROOKLYN

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.

If you would like to republish this report on the web, please be sure to source it as the “Brooklyn Rental Market Report” with a link back to its original location.

HTTP://WWW.MNS.COM/BROOKLYN_RENTAL_MARKET_REPORT