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BROOKLYN RENTAL MARKET REPORT

Brooklyn infographics

BROOKLYN RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN BROOKLYN HAS INCREASED THIS MONTH.

  • 0.1%
    CHANGE
  • $3,710
    APRIL 2024
  • $3,714
    MAY 2024

A QUICK LOOK

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Over the past month, the average rental price in Brooklyn has increased by 0.1%, from $3,710 to $3,714. The average rental price for a studio unit decreased by 0.31%, from $2,951 to $2,942. The average rental price for a one-bedroom unit decreased by 0.75%, from $3,607 to $3,580. The average rental price for a two-bedroom unit increased by 1.39%, from $4,477 to $4,540.

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. Most affordable one and two-bedroom units were seen in Borough Park / Sunset Park.

Out of the sixteen neighborhoods tracked by this report, eight saw their average rental prices increase month-over-month. The remaining areas decreased this month.

  • Bay Ridge: -0.43%
  • Bed Stuy: +2.61%
  • Boerum Hill: -0.9%
  • Borough Park/Sunset Park: -3.84%
  • Brooklyn Heights: -4.47%
  • Bushwick: +0.59%
  • Clinton Hill: -0.15%
  • Cobble Hill: -4.79%
  • Crown Heights: +4.09%
  • Downtown Brooklyn: -2.15%
  • Dumbo: +2.6%
  • Fort Greene: +3.46%
  • Greenpoint: -1.69%
  • Park Slope: +3.57%
  • PLG/Flatbush: +1.55%
  • Williamsburg: +3.66%

Compared to this time last year, rental prices are up with studio and one-bedroom units by 3.27% and 3.67%, respectively. Two-bedroom unit rental prices have decreased by 0.77%. Overall, average rental pricing in Brooklyn has increased by 2.43% since last year.

NOTABLE TRENDS

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TYPE MOST EXPENSIVE LEAST EXPENSIVE
Studios Dumbo $3,976 Bay Ridge $1,781
One bedrooms Dumbo $5,107 Borough Park/Sunset Park $2,083
Two bedrooms Dumbo $7,205 Borough Park/Sunset Park $2,613

WHERE PRICES DECREASED

price_down_icon

BAY RIDGE

Studios -3.2%

BED STUY

One-Bedroom -3.0%

BOERUM HILL

Studios -4.5%

One-Bedroom -1.0%

BOROUGH PARK/SUNSET PARK

Studios -9.1%

One-Bedroom -4.1%

BROOKLYN HEIGHTS

Studios -7.2%

One-Bedroom -1.9%

Two-Bedroom -4.8%

CLINTON HILL

Two-Bedroom -2.1%

COBBLE HILL

One-Bedroom -3.4%

Two-Bedroom -5.8%

DUMBO

Studios -0.3%

One-Bedroom -2.7%

DOWNTOWN BROOKLYN

Studios -0.7%

One-Bedroom -1.9%

Two-Bedroom -3.1%

FORT GREENE

One-Bedroom -1.5%

GREENPOINT

Studios -3.4%

One-Bedroom -0.7%

Two-Bedroom -1.4%

PLG/FLATBUSH

Two-Bedroom -2.8%

WHERE PRICES INCREASED

price_up_icon

BAY RIDGE

One-Bedroom 1.3%

Two-Bedroom 0.1%

BED STUY

Studios 4.7%

Two-Bedroom 6.1%

BOERUM HILL

Two-Bedroom 1.8%

BOROUGH PARK/SUNSET PARK

Two-Bedroom 0.8%

BUSHWICK

Studios 1.5%

One-Bedroom 0.3%

Two-Bedroom 0.2%

CLINTON HILL

Studios 0.5%

One-Bedroom 1.9%

COBBLE HILL

Studio 1.2%

CROWN HEIGHTS

Studios 4.3%

One-Bedroom 3.4%

Two-Bedroom 4.5%

DUMBO

Two-Bedroom 8.5%

FORT GREENE

Studios 3.8%

Two-Bedroom 7.5%

PARK SLOPE

Studios 0.6%

One-Bedroom 0.7%

Two-Bedroom 8.1%

PLG/FLATBUSH

Studios 7.2%

One-Bedroom 2.2%

WILLIAMSBURG

Studios 2.4%

One-Bedroom 0.9%

Two-Bedroom 7.0%

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
5.41%
8.35%
5.51%
0.54%
10.54%
7.23%
Clinton Hill
Cobble Hill
Crown Heights
Downtown BK
Dumbo
2.29%
3.81%
7.35%
0.43%
0.46%
Fort Greene
Greenpoint
Park Slope
PLG/FLATBUSH
Williamsburg
0.27%
0.53%
0.14%
4.28%
5.22%

YEAR OVER YEAR Price change

MAY 2023 VS. MAY 2024

price changes
TYPE MAY 2023 MAY 2024 CHANGE
Studios $2,848 $2,942 3.27%
One bedrooms $3,453 $3,580 3.67%
Two bedrooms $4,575 $4,540 0.77%
BROOKLYN

THE AVERAGE RENTAL PRICE IN BAY RIDGE SLGIHTLY DECREASED BY JUST 0.43%.

BROOKLYN

OVERALL, THE AVERAGE RENTAL PRICE IN BEDFORD-STUYVESANT INCREASED BY 2.61% THIS MONTH.

BROOKLYN

THE AVERAGE RENTAL PRICE IN BOERUM HILL SLIGHTLY DECREASED BY JUST 0.90%.

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OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN BOROUGH PARK / SUNSET PARK DECREASED BY 3.84%.

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THE AVERAGE RENTAL PRICE IN BROOKLYN HEIGHTS THIS PAST MONTH DECREASED BY 4.47%.

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THE AVERAGE RENTAL PRICE IN BUSHWICK SLIGHTLY INCREASED BY JUST 0.59% OVER THE PAST MONTH.

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THE AVERAGE RENTAL PRICE IN CLINTON HILL SLIGHTLY DECREASED BY JUST 0.15% THIS PAST MONTH.

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OVER THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN COBBLE HILL DECREASED BY 4.79%.

BROOKLYN

CROWN HEIGHTS RENTS INCREASED THIS MONTH BY 4.09%.

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AVERAGE RENTS THIS MONTH IN DOWNTOWN BROOKLYN DECREASED BY 2.15%.

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MONTH-OVER-MONTH, RENTS IN DUMBO INCREASED BY 2.60%.

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THE AVERAGE RENTAL PRICE IN FORT GREENE INCREASED BY 3.46% THIS PAST MONTH.

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OVER THE PAST MONTH, AVERAGE RENTAL PRICE IN GREENPOINT DECREASED BY 1.69%.

BROOKLYN

AVERAGE RENTS IN PARK SLOPE INCREASED BY 3.57% THIS PAST MONTH.

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THE AVERAGE RENTAL PRICE IN PLG / FLATBUSH INCREASED BY 1.55% OVER THE PAST MONTH.

BROOKLYN

THE AVERAGE RENTAL PRICE IN WILLIAMSBURG INCREASED BY 3.66% THIS PAST MONTH.

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

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