BROOKLYN RENTAL MARKET REPORT

Brooklyn infographics

BROOKLYN RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN BROOKLYN HAS INCREASED THIS MONTH.

  • 0.68%
    CHANGE
  • $2,522
    FEBRUARY 2021
  • $2,540
    MARCH 2021

A QUICK LOOK

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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

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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

price_down_icon

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

price_up_icon

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
Bay Ridge
Bed Stuy
Boerum Hill
BOROUGH/SUNSET
Brooklyn Heights
Bushwick
4.67%
9.69%
21.26%
2.06%
19.13%
9.31%
Clinton Hill
Cobble Hill
Crown Heights
Downtown BK
Dumbo
14.19%
18.27%
11.64%
17.07%
18.85%
Fort Greene
Greenpoint
Park Slope
PLG/FLATBUSH
Williamsburg
24.64%
20.76%
12.46%
5.56%
23.12%

YEAR OVER YEAR Price change

MARCH 2020 VS. MARCH 2021

price changes
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

THROUGH MARCH, THE AVERAGE RENTAL PRICE IN BAY RIDGE INCREASED BY 0.61%.

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THANKS TO STRONG STUDIO PRICE GROWTH, THE AVERAGE OVERALL RENTAL PRICE IN BEDFORD-STUYVESANT INCREASED BY 2.26% THROUGH MARCH.

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FOLLOWING A SLIGHT DROP LAST MONTH, THE AVERAGE RENTAL PRICE BOERUM HILL REBOUNDED BY 3.58% THROUGH MARCH.

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THROUGH MARCH, THE AVERAGE RENTAL PRICE IN BOROUGH PARK/SUNSET PARK INCREASED BY 2.57%.

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OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN BROOKLYN HEIGHTS INCREASED BY 3.46%.

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THROUGH MARCH, THE AVERAGE RENTAL PRICE IN BUSHWICK INCREASED BY 2.10%.

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REMAINING STABLE, THE AVERAGE RENTAL PRICE IN CLINTON HILL FELL BY JUST 0.17% OVER THE PAST MONTH.

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THROUGH MARCH, THE AVERAGE RENTAL PRICE IN COBBLE HILL INCREASED BY 2.60%.

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OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN CROWN HEIGHTS DECREASED BY 0.29%.

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THE AVERAGE RENTAL PRICE IN DOWNTOWN BROOKLYN DECREASED BY 1.52% THROUGH MARCH.

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THROUGH MARCH, THE AVERAGE RENTAL PRICE IN DUMBO DECREASED BY 1.45%.

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THROUGH MARCH, THE AVERAGE RENTAL PRICE IN FORT GREENE INCREASED BY 1.36%.

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ADJUSTING TO THE INFLUX OF INVENTORY FROM LAST MONTH, THE AVERAGE RENTAL PRICE IN GREENPOINT FELL BY 3.25% THROUGH MARCH.

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OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN PARK SLOPE INCREASED BY JUST 0.22%.

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THROUGH MARCH, THE AVERAGE RENTAL PRICE PROSPECT LEFFERTS GARDENS/FLATBUSH INCREASED BY 1.15%.

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ONCE AGAIN, WILLIAMSBURG RENTAL PRICING REMAINED STABLE. THIS TIME, THE AVERAGE PRICE RENTAL PRICE INCREASED BY JUST 0.15%.

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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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