BROOKLYN RENTAL MARKET REPORT

Brooklyn infographics

BROOKLYN RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN BROOKLYN HAS INCREASED THIS MONTH.

  • 1.86%
    CHANGE
  • $2,926
    AUGUST 2021
  • $2,980
    SEPTEMBER 2021

A QUICK LOOK

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Over the past month, the average rental price in Brooklyn has increased by 1.86%, from $2,926.02 to $2,980.46. The average rental price for a studio unit increased by 1.78%, from $2,307.01 to $2,348.16. The average rental price for a one-bedroom unit increased by 2.64%, from $2,790.69 to $2,864.44. The average rental price for a two-bedroom unit increased by 1.32%, from $3,680.37 to $3,728.77. Compared to this time last year, rental prices are up across-the-board with studio, one-bedroom, and two-bedroom prices up by 11.48%, 12.46%, and 13.07%, respectively. Overall, average rental pricing in Brooklyn is up 12.45% from this time last year.

This past month, the most expensive studio units were in Brooklyn Heights, while the most expensive one and two-bedroom units were in DUMBO. The most affordable studio units were in Bay Ridge, while the most affordable one and two-bedroom units were in Borough Park/Sunset Park.

Out of the sixteen neighborhoods tracked by this report, all sixteen saw their average rental price increase month-over-month: Bay Ridge (+2.57%), Bedford-Stuyvesant (+1.46%), Boerum Hill (+3.67%), Borough/Sunset Park (+1.01%), Brooklyn Heights (+1.72%), Bushwick (+1.83%), Clinton Hill (+0.15%), Cobble Hill (+4.52%), Crown Heights (+2.37%), Downtown Brooklyn (+0.01%), DUMBO (+1.40%), Fort Greene (+0.27%), Greenpoint (+2.43%), Park Slope (+4.29%), Prospect Lefferts Gardens (+1.02%), and Williamsburg (1.77%).

NOTABLE TRENDS

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TYPE MOST EXPENSIVE LEAST EXPENSIVE
Studios Downtown BK $3,099 Bay Ridge $1,507
One bedrooms Dumbo $4,245 Bay Ridge $1,750
Two bedrooms Dumbo $6,213 Borough/Sunset Park $2,202

WHERE PRICES DECREASED

price_down_icon

BED STUY

Studios -0.7%

BOERUM HILL

One-Bedroom -0.7%

BOROUGH PARK/SUNSET PARK

Studios -0.2%

CLINTON HILL

Studios -1.3%

Two-Bedroom -0.2%

COBBLE HILL

Studio -1.3%

DUMBO

Two-Bedroom -1.8%

DOWNTOWN BK

Two-Bedroom -2.2%

FORT GREENE

Studios -1.9%

Two-Bedroom -3.2%

GREENPOINT

One-Bedroom -3.8%

PLG/FLATBUSH

Studios -0.1%

WILLIAMSBURG

Studios -1.4%

WHERE PRICES INCREASED

price_up_icon

BAY RIDGE

Studios 2.2%

One-Bedroom 1.9%

Two-Bedroom 3.3%

BED STUY

One-Bedroom 3.7%

Two-Bedroom 1.2%

BOERUM HILL

Studios 7.4%

Two-Bedroom 4.8%

BOROUGH PARK/SUNSET PARK

One-Bedroom 0.5%

Two-Bedroom 2.3%

BROOKLYN HEIGHTS

Studios 1.8%

One-Bedroom 3.8%

Two-Bedroom 0.4%

BUSHWICK

Studios 1.3%

One-Bedroom 0.6%

Two-Bedroom 3.4%

CLINTON HILL

One-Bedroom 1.7%

COBBLE HILL

One-Bedroom 8.8%

Two-Bedroom 4.3%

CROWN HEIGHTS

Studios 0.8%

One-Bedroom 1.8%

Two-Bedroom 4.0%

DUMBO

Studios 7.0%

One-Bedroom 2.4%

DOWNTOWN BK

Studios 1.1%

One-Bedroom 2.3%

FORT GREENE

One-Bedroom 6.8%

GREENPOINT

Studios 7.7%

Two-Bedroom 4.1%

PARK SLOPE

Studios 3.4%

One-Bedroom 4.3%

Two-Bedroom 4.9%

PLG/FLATBUSH

One-Bedroom 1.5%

Two-Bedroom 1.4%

WILLIAMSBURG

One-Bedroom 4.8%

Two-Bedroom 1.5%

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
0.92%
8.13%
2.67%
5.11%
12.23%
15.39%
Clinton Hill
Cobble Hill
Crown Heights
Downtown BK
Dumbo
4.79%
24.87%
5.86%
26.60%
8.58%
Fort Greene
Greenpoint
Park Slope
PLG/FLATBUSH
Williamsburg
19.51%
22.27%
9.80%
2.12%
18.70%

YEAR OVER YEAR Price change

SEPTEMBER 2020 VS. SEPTEMBER 2021

price changes
TYPE SEPTEMBER 2020 SEPTEMBER 2021 CHANGE
Studios $2,106 $2,348 11.48%
One bedrooms $2,547 $2,864 12.46%
Two bedrooms $3,298 $3,729 13.07%
BROOKLYN

THROUGH SEPTEMBER, THE AVERAGE RENTAL PRICE IN BAY RIDGE INCREASED BY 2.57%.

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THE AVERAGE OVERALL RENTAL PRICE IN BEDFORD-STUYVESANT INCREASED BY 1.46% THROUGH SEPTEMBER.

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THROUGH SEPTEMBER, THE AVERAGE RENTAL PRICE IN BOERUM HILL INCREASED BY 3.67%.

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OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN BOROUGH PARK/SUNSET PARK INCREASED BY 1.01%.

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

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THROUGH SEPTEMBER, THE AVERAGE RENTAL PRICE IN BUSHWICK INCREASED BY 1.83%.

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THE AVERAGE RENTAL PRICE IN CLINTON HILL INCREASED BY 0.15% OVER THE PAST MONTH.

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THROUGH SEPTEMBER, THE AVERAGE RENTAL PRICE IN COBBLE HILL INCREASED BY 4.52%.

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OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN CROWN HEIGHTS INCREASED BY 2.36%.

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OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN DOWNTOWN BROOKLYN INCREASED BY 0.01%.

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THROUGH SEPTEMBER, THE AVERAGE RENTAL PRICE IN DUMBO INCREASED BY 1.40%.

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THROUGH SEPTEMBER, THE AVERAGE RENTAL PRICE IN FORT GREENE INCREASED BY 0.27%.

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OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN GREENPOINT INCREASED BY 2.43%.

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THROUGH SEPTEMBER, THE AVERAGE RENTAL PRICE IN PARK SLOPE INCREASED BY 4.29%.

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OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE PROSPECT LEFFERTS GARDENS/FLATBUSH INCREASED BY 1.02%.

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THE AVERAGE RENTAL PRICE IN WILLIAMSBURG INCREASED BY 1.77% THROUGH SEPTEMBER.

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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.

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