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 INCREASED THIS MONTH.
-
CHANGE
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$3,636JULY 2023
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$3,675AUGUST 2023
A QUICK LOOK
Over the past month, the average rental price in Brooklyn has increased by 1.07%, from $3,636.44 to $3,675.45. The average rental price for a studio unit increased by 0.55%, from $2,846.48 to $2,862.23. The average rental price for a one-bedroom unit decreased by 0.56%, from $3,496.32 to $3,476.88. The average rental price for a two-bedroom unit increased by 2.64%, from $4,566.52 to $4,687.24.
This past month, the most expensive studio, one and two-bedroom units by average price were all seen in Dumbo; while the most affordable studio units were in Bay Ridge; one and two-bedroom units were in Borough Park / Sunset Park.
Out of the sixteen neighborhoods tracked by this report, twelve saw their average rental prices increase month-over-month. The remaining areas decreased this month.
- Bay Ridge: -0.85%
- Bed Stuy: +1.24%
- Boerum Hill: +0.83%
- Borough Park/Sunset Park: -1.57%
- Brooklyn Heights: +4.04%
- Bushwick: +0.35%
- Clinton Hill: +0.73%
- Cobble Hill: +1.63%
- Crown Heights: +3.82%
- Downtown Brooklyn: +2.08%
- Dumbo: -1.72%
- Fort Greene: +4.61%
- Greenpoint: +0.88%
- Park Slope: -1.08%
- PLG/Flatbush: +0.54%
- Williamsburg: +0.43%
Compared to this time last year, rental prices are up with studio and two-bedroom unit prices up by 2.61% and 1.48%, respectively. One-bedroom unit rental prices have slightly decreased by 0.04%. Overall, average rental pricing in Brooklyn has increased by 1.28% since last year.
NOTABLE TRENDS
| TYPE | MOST EXPENSIVE | LEAST EXPENSIVE |
|---|---|---|
| Studios | Dumbo $3,877 | Bay Ridge $1,665 |
| One bedrooms | Dumbo $4,951 | Borough Park/Sunset Park $2,087 |
| Two bedrooms | Dumbo $7,161 | Borough Park/Sunset Park $2,545 |
WHERE PRICES DECREASED
BAY RIDGE
Studios -5.2%
BOERUM HILL
One-Bedroom -2.3%
BOROUGH PARK/SUNSET PARK
One-Bedroom -6.8%
Two-Bedroom -1.0%
BROOKLYN HEIGHTS
Studios -0.6%
One-Bedroom -0.7%
BUSHWICK
Studios -5.1%
CLINTON HILL
Studios -2.2%
COBBLE HILL
Studio -1.5%
One-Bedroom -4.3%
DUMBO
Studios -3.6%
One-Bedroom -4.5%
DOWNTOWN BROOKLYN
One-Bedroom -0.6%
PARK SLOPE
One-Bedroom -3.6%
Two-Bedroom -2.1%
PLG/FLATBUSH
One-Bedroom -1.9%
WILLIAMSBURG
Studios -1.4%
WHERE PRICES INCREASED
BAY RIDGE
One-Bedroom 0.8%
Two-Bedroom 0.8%
BED STUY
Studios 0.0%
One-Bedroom 2.1%
Two-Bedroom 1.4%
BOERUM HILL
Studios 4.5%
Two-Bedroom 1.0%
BOROUGH PARK/SUNSET PARK
Studios 4.3%
BROOKLYN HEIGHTS
Two-Bedroom 9.7%
BUSHWICK
One-Bedroom 2.6%
Two-Bedroom 2.5%
CLINTON HILL
One-Bedroom 1.4%
Two-Bedroom 1.9%
COBBLE HILL
Two-Bedroom 8.0%
CROWN HEIGHTS
Studios 4.8%
One-Bedroom 7.3%
Two-Bedroom 0.3%
DUMBO
Two-Bedroom 1.4%
DOWNTOWN BROOKLYN
Studios 0.2%
Two-Bedroom 5.1%
FORT GREENE
Studios 9.7%
One-Bedroom 1.2%
Two-Bedroom 4.2%
GREENPOINT
Studios 0.1%
One-Bedroom 2.5%
Two-Bedroom 0.1%
PARK SLOPE
Studios 4.0%
PLG/FLATBUSH
Studios 2.2%
Two-Bedroom 1.5%
WILLIAMSBURG
One-Bedroom 0.3%
Two-Bedroom 1.8%
BROOKLYN AVERAGE PRICE
BROOKLYN AVERAGE PRICE
BROOKLYN AVERAGE PRICE
A QUICK LOOK
year over year PRICE CHANGE BY NEIGHBORHOOD
YEAR OVER YEAR Price change
AUGUST 2022 VS. AUGUST 2023
| TYPE | AUGUST 2022 | AUGUST 2023 | CHANGE |
|---|---|---|---|
| Studios | $2,789 | $2,862 | 2.61% |
| One bedrooms | $3,478 | $3,477 | 0.04% |
| Two bedrooms | $4,619 | $4,687 | 1.48% |
BROOKLYN PRICE TRENDS
BAY RIDGE PRICE TRENDS
THE AVERAGE RENTAL PRICE IN BAY RIDGE SLIGHTLY DECREASED BY JUST 0.85%.
BEDFORD-STUYVESANT PRICE TRENDS
OVERALL, THE AVERAGE RENTAL PRICE IN BEDFORD-STUYVESANT INCREASED BY 1.24% THIS MONTH.
BOERUM HILL PRICE TRENDS
THE AVERAGE RENTAL PRICE IN BOERUM HILL SLIGHTLY INCREASED BY JUST 0.83%.
BOROUGH/SUNSET PARK PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN BOROUGH PARK / SUNSET PARK DECREASED BY 1.57%.
BROOKLYN HEIGHTS PRICE TRENDS
THE AVERAGE RENTAL PRICE IN BROOKLYN HEIGHTS THIS PAST MONTH INCREASED BY 4.04%.
BUSHWICK PRICE TRENDS
THE AVERAGE RENTAL PRICE IN BUSHWICK SLIGHTLY INCREASED BY JUST 0.35% OVER THE PAST MONTH.
CLINTON HILL PRICE TRENDS
THE AVERAGE RENTAL PRICE IN CLINTON HILL SLIGHTLY INCREASED BY JUST 0.73% THIS PAST MONTH.
COBBLE HILL PRICE TRENDS
OVER THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN COBBLE HILL INCREASED BY 1.63%.
CROWN HEIGHTS PRICE TRENDS
CROWN HEIGHTS RENTS INCREASED THIS MONTH BY 3.82%.
DOWNTOWN BROOKLYN PRICE TRENDS
AVERAGE RENTS THIS MONTH IN DOWNTOWN BROOKLYN INCREASED BY 2.08%.
DUMBO PRICE TRENDS
MONTH-OVER-MONTH, RENTS IN DUMBO DECREASED BY 1.72%.
FORT GREENE PRICE TRENDS
THE AVERAGE RENTAL PRICE IN FORT GREENE INCREASED BY 4.61% THIS PAST MONTH.
GREENPOINT PRICE TRENDS
OVER THE PAST MONTH, AVERAGE RENTAL PRICE IN GREENPOINT SLIGHTLY INCREASED BY JUST 0.88%.
PARK SLOPE PRICE TRENDS
AVERAGE RENTS IN PARK SLOPE DECREASED BY 1.08% THIS PAST MONTH.
PLG/FLATBUSH PRICE TRENDS
THE AVERAGE RENTAL PRICE SLIGHTLY INCREASED BY JUST 0.54% OVER THE PAST MONTH.
WILLIAMSBURG PRICE TRENDS
THE AVERAGE RENTAL PRICE IN WILLIAMSBURG SLIGHTLY INCREASED BY JUST 0.43% THIS PAST MONTH.
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.
