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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$3,479JANUARY 2023
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$3,475FEBRUARY 2023
A QUICK LOOK
Over the past month, the average rental price in Brooklyn has decreased by 0.11%, from $3,479.04 to $3,475.34. The average rental price for a studio unit decreased by 0.4%, from $2,708.72 to $2,698.00. The average rental price for a one-bedroom unit decreased by 1.1%, from $3,357.71 to $3,320.64. The average rental price for a two-bedroom unit increased by 0.84%, from $4,370.69 to $4,407.39.
This past month, the most expensive studio and one-bedroom units by average price were in Dumbo and the most expensive two-bedroom units were in Brooklyn Heights; while the most affordable studio and one-bedroom units were in Borough Park / Sunset Park and two-bedroom units were in Bay Ridge.
Out of the sixteen neighborhoods tracked by this report, six saw their average rental prices increase month-over-month. The remaining areas decreased this month.
- Bay Ridge: +3.11%
- Bed Stuy: -0.85%
- Boerum Hill: -1.45%
- Borough Park/Sunset Park: +3.49%
- Brooklyn Heights: +0.76%
- Bushwick: -0.22%
- Clinton Hill: +5.97%
- Cobble Hill: -2.89%
- Crown Heights: -2.68%
- Downtown Brooklyn: -3.19%
- Dumbo: +2.92%
- Fort Greene: -1.12%
- Greenpoint: -0.71%
- Park Slope: -1.47%
- PLG/Flatbush: +1.16%
- Williamsburg: -1.77%
Compared to this time last year, rental prices are up across-the-board with studio, one-bedroom and two-bedroom unit prices by 11.8%, 7.99%, and 16.09%, respectively. Overall, average rental pricing in Brooklyn has increased by 12.3% since last year.
NOTABLE TRENDS
| TYPE | MOST EXPENSIVE | LEAST EXPENSIVE |
|---|---|---|
| Studios | Dumbo $3,877 | Borough Park/Sunset Park $1,600 |
| One bedrooms | Dumbo $5,005 | Borough Park/Sunset Park $2,028 |
| Two bedrooms | Brooklyn Heights $6,790 | Bay Ridge $2,628 |
WHERE PRICES DECREASED
BED STUY
Two-Bedroom -4.8%
BOERUM HILL
Studios -0.9%
One-Bedroom -6.4%
BOROUGH PARK/SUNSET PARK
Studios -0.9%
BROOKLYN HEIGHTS
Studios -2.5%
One-Bedroom -8.4%
BUSHWICK
Studios -0.1%
Two-Bedroom -2.4%
COBBLE HILL
One-Bedroom -7.2%
Two-Bedroom -1.6%
CROWN HEIGHTS
Studios -7.7%
One-Bedroom -1.6%
DOWNTOWN BROOKLYN
Studios -1.7%
One-Bedroom -0.8%
Two-Bedroom -5.6%
FORT GREENE
One-Bedroom -2.9%
Two-Bedroom -0.5%
GREENPOINT
Studios -2.8%
Two-Bedroom -1.0%
PARK SLOPE
Studios -7.3%
One-Bedroom -0.6%
PLG/FLATBUSH
Two-Bedroom -2.8%
WILLIAMSBURG
One-Bedroom -4.8%
Two-Bedroom -1.9%
WHERE PRICES INCREASED
BAY RIDGE
Studios 3.9%
One-Bedroom 1.6%
Two-Bedroom 3.9%
BED STUY
Studios 2.6%
One-Bedroom 0.8%
BOERUM HILL
Two-Bedroom 1.9%
BOROUGH PARK/SUNSET PARK
One-Bedroom 3.1%
Two-Bedroom 6.7%
BROOKLYN HEIGHTS
Two-Bedroom 8.3%
BUSHWICK
One-Bedroom 2.2%
CLINTON HILL
Studios 2.4%
One-Bedroom 5.4%
Two-Bedroom 8.6%
COBBLE HILL
Studio 0.1%
CROWN HEIGHTS
Two-Bedroom 0.3%
DUMBO
Studios 3.9%
One-Bedroom 2.3%
Two-Bedroom 2.8%
FORT GREENE
Studios 0.5%
GREENPOINT
One-Bedroom 1.3%
PARK SLOPE
Two-Bedroom 1.3%
PLG/FLATBUSH
Studios 2.8%
One-Bedroom 4.6%
WILLIAMSBURG
Studios 2.1%
BROOKLYN AVERAGE PRICE
BROOKLYN AVERAGE PRICE
BROOKLYN AVERAGE PRICE
A QUICK LOOK
year over year PRICE CHANGE BY NEIGHBORHOOD
YEAR OVER YEAR Price change
FEBRUARY 2022 VS. FEBRUARY 2023
| TYPE | FEBRUARY 2022 | FEBRUARY 2023 | CHANGE |
|---|---|---|---|
| Studios | $2,413 | $2,698 | 11.82% |
| One bedrooms | $3,075 | $3,321 | 7.99% |
| Two bedrooms | $3,797 | $4,407 | 16.09% |
BROOKLYN PRICE TRENDS
BAY RIDGE PRICE TRENDS
THE AVERAGE RENTAL PRICE IN BAY RIDGE INCREASED BY 3.11%.
BEDFORD-STUYVESANT PRICE TRENDS
OVERALL, THE AVERAGE RENTAL PRICE IN BEDFORD-STUYVESANT SLIGHTLY DECREASED BY JUST 0.85% THIS MONTH.
BOERUM HILL PRICE TRENDS
THE AVERAGE RENTAL PRICE IN BOERUM HILL DECREASED BY 1.45%.
BOROUGH/SUNSET PARK PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN BOROUGH PARK/SUNSET PARK INCREASED BY 3.49%.
BROOKLYN HEIGHTS PRICE TRENDS
THE AVERAGE RENTAL PRICE IN BROOKLYN HEIGHTS THIS PAST MONTH SLIGHTLY INCREASED BY JUST 0.76%.
BUSHWICK PRICE TRENDS
THE AVERAGE RENTAL PRICE IN BUSHWICK SLIGHTLY DECREASED BY JUST 0.22% OVER THE PAST MONTH.
CLINTON HILL PRICE TRENDS
THE AVERAGE RENTAL PRICE IN CLINTON HILL INCREASED BY 5.97% THIS PAST MONTH.
COBBLE HILL PRICE TRENDS
OVER THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN COBBLE HILL DECREASED BY 2.89%.
CROWN HEIGHTS PRICE TRENDS
CROWN HEIGHTS RENTS DECREASED THIS MONTH BY 2.68%.
DOWNTOWN BROOKLYN PRICE TRENDS
AVERAGE RENTS THIS MONTH IN DOWNTOWN BROOKLYN DECREASED BY 3.19%.
DUMBO PRICE TRENDS
MONTH-OVER-MONTH, RENTS IN DUMBO INCREASED BY 2.92%.
FORT GREENE PRICE TRENDS
THE AVERAGE RENTAL PRICE IN FORT GREENE DECREASED BY 1.12% THIS PAST MONTH.
GREENPOINT PRICE TRENDS
OVER THE PAST MONTH, AVERAGE RENTAL PRICE IN GREENPOINT SLIGHTLY DECREASED BY JUST 0.71%.
PARK SLOPE PRICE TRENDS
AVERAGE RENTS IN PARK SLOPE DECREASED BY 1.47% THIS PAST MONTH.
PLG/FLATBUSH PRICE TRENDS
THE AVERAGE RENTAL PRICE INCREASED BY 1.16% OVER THE PAST MONTH.
WILLIAMSBURG PRICE TRENDS
THE AVERAGE RENTAL PRICE IN WILLIAMSBURG DECREASED BY 1.77% 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.
