BROOKLYN RENTAL MARKET REPORT

Brooklyn infographics

BROOKLYN RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN BROOKLYN HAS DECREASED THIS MONTH.

  • 0.11%
    CHANGE
  • $3,479
    JANUARY 2023
  • $3,475
    FEBRUARY 2023

A QUICK LOOK

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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

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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

price_down_icon

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

price_up_icon

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
Bay Ridge
Bed Stuy
Boerum Hill
BOROUGH/SUNSET
Brooklyn Heights
Bushwick
10.77%
9.21%
17.79%
12.70%
14.32%
6.99%
Clinton Hill
Cobble Hill
Crown Heights
Downtown BK
Dumbo
19.60%
14.44%
20.58%
6.86%
5.79%
Fort Greene
Greenpoint
Park Slope
PLG/FLATBUSH
Williamsburg
3.40%
18.61%
12.92%
13.77%
14.89%

YEAR OVER YEAR Price change

FEBRUARY 2022 VS. FEBRUARY 2023

price changes
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

THE AVERAGE RENTAL PRICE IN BAY RIDGE INCREASED BY 3.11%.

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OVERALL, THE AVERAGE RENTAL PRICE IN BEDFORD-STUYVESANT SLIGHTLY DECREASED BY JUST 0.85% THIS MONTH.

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THE AVERAGE RENTAL PRICE IN BOERUM HILL DECREASED BY 1.45%.

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OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN BOROUGH PARK/SUNSET PARK INCREASED BY 3.49%.

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THE AVERAGE RENTAL PRICE IN BROOKLYN HEIGHTS THIS PAST MONTH SLIGHTLY INCREASED BY JUST 0.76%.

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THE AVERAGE RENTAL PRICE IN BUSHWICK SLIGHTLY DECREASED BY JUST 0.22% OVER THE PAST MONTH.

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THE AVERAGE RENTAL PRICE IN CLINTON HILL INCREASED BY 5.97% THIS PAST MONTH.

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OVER THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN COBBLE HILL DECREASED BY 2.89%.

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CROWN HEIGHTS RENTS DECREASED THIS MONTH BY 2.68%.

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AVERAGE RENTS THIS MONTH IN DOWNTOWN BROOKLYN DECREASED BY 3.19%.

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MONTH-OVER-MONTH, RENTS IN DUMBO INCREASED BY 2.92%.

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THE AVERAGE RENTAL PRICE IN FORT GREENE DECREASED BY 1.12% THIS PAST MONTH.

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OVER THE PAST MONTH, AVERAGE RENTAL PRICE IN GREENPOINT SLIGHTLY DECREASED BY JUST 0.71%.

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AVERAGE RENTS IN PARK SLOPE DECREASED BY 1.47% THIS PAST MONTH.

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THE AVERAGE RENTAL PRICE INCREASED BY 1.16% OVER THE PAST MONTH.

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THE AVERAGE RENTAL PRICE IN WILLIAMSBURG DECREASED BY 1.77% THIS PAST MONTH.

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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.

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