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.
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CHANGE
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$2,522FEBRUARY 2021
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$2,540MARCH 2021
A QUICK LOOK
Over the past month, the average rental price in Brooklyn has increased by 0.68%, from $2,522.38 to $2,539.60. The average rental price for a studio unit improved by 0.78%, from $2,014.45 to $2,030.15. The average rental price for a one-bedroom unit increased by 1.12%, from $2,450.57 to $2,478.12. The average rental price for a two-bedroom unit increased by 0.27%, from $3,102.12 to $3,110.55. Compared to this time last year, rental prices are down across-the-board with studio, one-bedroom, and two-bedroom prices being down by 12.69%, 15.32%, and 18.70%, respectively. Overall, average rental pricing in Brooklyn is down 16.07% from this time last year.
This past month, the most expensive rental units by average price were observed in DUMBO. The most affordable studio units could be found in Bay Ridge, while the most affordable one and two-bedroom units by were observed in Borough Park/Sunset Park.
Out of the sixteen neighborhoods tracked by this report, eleven neighborhoods experienced price increases: Bay Ridge (+0.6%), Bedford-Stuyvesant (+2.3%), Boerum Hill (+3.6%), Borough Park/Sunset Park (+2.6%), Brooklyn Heights (+3.5%), Bushwick (+2.1%), Cobble Hill (+2.6%), Fort Greene (+1.4%), Park Slope (+0.2%), Prospect Lefferts Garden/Flatbush (+1.2%), and Williamsburg (+0.2%).
NOTABLE TRENDS
| TYPE | MOST EXPENSIVE | LEAST EXPENSIVE |
|---|---|---|
| Studios | Dumbo $2,698 | Bay Ridge $1,500 |
| One bedrooms | Dumbo $3,658 | Borough/Sunset Park $1,678 |
| Two bedrooms | Dumbo $5,468 | Borough/Sunset Park $2,020 |
WHERE PRICES DECREASED
BAY RIDGE
One-Bedroom -1.9%
BOERUM HILL
One-Bedroom -0.3%
BROOKLYN HEIGHTS
Studios -2.3%
CLINTON HILL
Studios -0.5%
Two-Bedroom -1.6%
COBBLE HILL
Studio -0.5%
CROWN HEIGHTS
One-Bedroom -0.4%
Two-Bedroom -1.4%
DUMBO
Two-Bedroom -5.5%
DOWNTOWN BK
One-Bedroom -0.7%
Two-Bedroom -3.8%
FORT GREENE
Two-Bedroom -2.3%
GREENPOINT
Studios -8.3%
One-Bedroom -1.1%
Two-Bedroom -0.9%
PARK SLOPE
Two-Bedroom -1.1%
PLG/FLATBUSH
Studios -4.3%
WILLIAMSBURG
One-Bedroom -1.0%
Two-Bedroom -0.7%
WHERE PRICES INCREASED
BAY RIDGE
Studios 1.6%
Two-Bedroom 1.9%
BED STUY
Studios 5.9%
One-Bedroom 0.4%
Two-Bedroom 1.1%
BOERUM HILL
Studios 2.3%
Two-Bedroom 7.4%
BOROUGH PARK/SUNSET PARK
Studios 5.4%
One-Bedroom 0.5%
Two-Bedroom 2.2%
BROOKLYN HEIGHTS
One-Bedroom 2.0%
Two-Bedroom 7.3%
BUSHWICK
Studios 5.0%
One-Bedroom 0.5%
Two-Bedroom 1.2%
CLINTON HILL
One-Bedroom 1.9%
COBBLE HILL
One-Bedroom 3.4%
Two-Bedroom 3.6%
CROWN HEIGHTS
Studios 1.3%
DUMBO
Studios 1.7%
One-Bedroom 2.7%
DOWNTOWN BK
Studios 1.7%
FORT GREENE
Studios 2.7%
One-Bedroom 5.1%
PARK SLOPE
Studios 0.9%
One-Bedroom 1.3%
PLG/FLATBUSH
One-Bedroom 4.6%
Two-Bedroom 2.5%
WILLIAMSBURG
Studios 2.5%
BROOKLYN AVERAGE PRICE
BROOKLYN AVERAGE PRICE
BROOKLYN AVERAGE PRICE
A QUICK LOOK
year over year PRICE CHANGE BY NEIGHBORHOOD
YEAR OVER YEAR Price change
MARCH 2020 VS. MARCH 2021
| TYPE | MARCH 2020 | MARCH 2021 | CHANGE |
|---|---|---|---|
| Studios | $2,325 | $2,030 | 12.7% |
| One bedrooms | $2,927 | $2,478 | 15.3% |
| Two bedrooms | $3,826 | $3,111 | 18.7% |
BROOKLYN PRICE TRENDS
BAY RIDGE PRICE TRENDS
THROUGH MARCH, THE AVERAGE RENTAL PRICE IN BAY RIDGE INCREASED BY 0.61%.
BEDFORD-STUYVESANT PRICE TRENDS
THANKS TO STRONG STUDIO PRICE GROWTH, THE AVERAGE OVERALL RENTAL PRICE IN BEDFORD-STUYVESANT INCREASED BY 2.26% THROUGH MARCH.
BOERUM HILL PRICE TRENDS
FOLLOWING A SLIGHT DROP LAST MONTH, THE AVERAGE RENTAL PRICE BOERUM HILL REBOUNDED BY 3.58% THROUGH MARCH.
BOROUGH/SUNSET PARK PRICE TRENDS
THROUGH MARCH, THE AVERAGE RENTAL PRICE IN BOROUGH PARK/SUNSET PARK INCREASED BY 2.57%.
BROOKLYN HEIGHTS PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN BROOKLYN HEIGHTS INCREASED BY 3.46%.
BUSHWICK PRICE TRENDS
THROUGH MARCH, THE AVERAGE RENTAL PRICE IN BUSHWICK INCREASED BY 2.10%.
CLINTON HILL PRICE TRENDS
REMAINING STABLE, THE AVERAGE RENTAL PRICE IN CLINTON HILL FELL BY JUST 0.17% OVER THE PAST MONTH.
COBBLE HILL PRICE TRENDS
THROUGH MARCH, THE AVERAGE RENTAL PRICE IN COBBLE HILL INCREASED BY 2.60%.
CROWN HEIGHTS PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN CROWN HEIGHTS DECREASED BY 0.29%.
DOWNTOWN BROOKLYN PRICE TRENDS
THE AVERAGE RENTAL PRICE IN DOWNTOWN BROOKLYN DECREASED BY 1.52% THROUGH MARCH.
DUMBO PRICE TRENDS
THROUGH MARCH, THE AVERAGE RENTAL PRICE IN DUMBO DECREASED BY 1.45%.
FORT GREENE PRICE TRENDS
THROUGH MARCH, THE AVERAGE RENTAL PRICE IN FORT GREENE INCREASED BY 1.36%.
GREENPOINT PRICE TRENDS
ADJUSTING TO THE INFLUX OF INVENTORY FROM LAST MONTH, THE AVERAGE RENTAL PRICE IN GREENPOINT FELL BY 3.25% THROUGH MARCH.
PARK SLOPE PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN PARK SLOPE INCREASED BY JUST 0.22%.
PLG/FLATBUSH PRICE TRENDS
THROUGH MARCH, THE AVERAGE RENTAL PRICE PROSPECT LEFFERTS GARDENS/FLATBUSH INCREASED BY 1.15%.
WILLIAMSBURG PRICE TRENDS
ONCE AGAIN, WILLIAMSBURG RENTAL PRICING REMAINED STABLE. THIS TIME, THE AVERAGE PRICE RENTAL PRICE INCREASED BY JUST 0.15%.
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.
