BROOKLYN RENTAL MARKET REPORT

Brooklyn infographics

BROOKLYN RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN BROOKLYN HAS DECREASED THIS MONTH.

  • 0.78%
    CHANGE
  • $3,613
    SEPTEMBER 2022
  • $3,584
    OCTOBER 2022

A QUICK LOOK

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Over the past month, the average rental price in Brooklyn has decreased by 0.78%, from $3,612.72 to $3,584.45. The average rental price for a studio unit decreased by 0.32%, from $2,823.95 to $2,814.78. The average rental price for a one-bedroom unit increased by 0.06%, from $3,458.93 to $3,461.07. The average rental price for a two-bedroom unit decreased by 1.71%, from $4,555.27 to $4,477.51.

This past month, the most expensive studio one and two-bedroom units by average price were in Dumbo, while the most affordable studios and one-bedroom units were in Bay Ridge and two-bedroom units were in Borough/Sunset.

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

  • Bay Ridge: -3.82%
  • Bed Stuy: -1.67%
  • Boerum Hill: -1.78%
  • Borough/Sunset: -0.55%
  • Brooklyn Heights: -0.69%
  • Bushwick: +0.05%
  • Clinton Hill: +1.01%
  • Cobble Hill: -2.4%
  • Crown Heights: +1.4%
  • Downtown BK: -2.51%
  • Dumbo: -1.55%
  • Fort Greene: -0.94%
  • Greenpoint: -0.57%
  • Park Slope: +1.69%
  • PLG/Flatbush: -0.81%
  • Williamsburg: +0.87%

Compared to this time last year, rental prices are up across-the-board with studio, one-bedroom and two-bedroom unit prices by 18.26%, 19.65%, and 19.89%, respectively. Overall, average rental pricing in Brooklyn has increased by 19.38% since last year.

NOTABLE TRENDS

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TYPE MOST EXPENSIVE LEAST EXPENSIVE
Studios Dumbo $3,990 Bay Ridge $1,585
One bedrooms Dumbo $4,987 Bay Ridge $1,941
Two bedrooms Dumbo $6,605 Borough/Sunset Park $2,482

WHERE PRICES DECREASED

price_down_icon

BAY RIDGE

Studios -5.4%

One-Bedroom -3.9%

Two-Bedroom -2.8%

BED STUY

Studios -6.8%

Two-Bedroom -0.3%

BOERUM HILL

Studios -3.5%

One-Bedroom -1.3%

Two-Bedroom -1.1%

BOROUGH PARK/SUNSET PARK

One-Bedroom -0.5%

Two-Bedroom -3.8%

BROOKLYN HEIGHTS

Two-Bedroom -4.5%

BUSHWICK

Studios -2.2%

One-Bedroom -0.6%

COBBLE HILL

Studio -6.1%

Two-Bedroom -6.5%

CROWN HEIGHTS

One-Bedroom -5.2%

DUMBO

One-Bedroom -2.6%

Two-Bedroom -2.3%

DOWNTOWN BK

One-Bedroom -2.1%

Two-Bedroom -4.3%

FORT GREENE

Two-Bedroom -5.6%

GREENPOINT

Studios -1.1%

Two-Bedroom -1.5%

PARK SLOPE

Studios -0.5%

PLG/FLATBUSH

Studios -3.7%

One-Bedroom -0.3%

WILLIAMSBURG

Studios -0.6%

One-Bedroom -0.4%

WHERE PRICES INCREASED

price_up_icon

BED STUY

One-Bedroom 1.4%

BOROUGH PARK/SUNSET PARK

Studios 4.4%

BROOKLYN HEIGHTS

Studios 5.0%

One-Bedroom 1.5%

BUSHWICK

Two-Bedroom 2.5%

CLINTON HILL

Studios 2.4%

One-Bedroom 0.7%

Two-Bedroom 0.5%

COBBLE HILL

One-Bedroom 5.6%

CROWN HEIGHTS

Studios 11.3%

Two-Bedroom 0.2%

DUMBO

Studios 1.1%

DOWNTOWN BK

Studios 0.4%

FORT GREENE

Studios 0.6%

One-Bedroom 4.5%

GREENPOINT

One-Bedroom 1.1%

PARK SLOPE

One-Bedroom 0.1%

Two-Bedroom 4.2%

PLG/FLATBUSH

Two-Bedroom 0.8%

WILLIAMSBURG

Two-Bedroom 3.0%

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
6.00%
14.72%
23.36%
15.39%
21.80%
13.50%
Clinton Hill
Cobble Hill
Crown Heights
Downtown BK
Dumbo
31.57%
18.98%
19.32%
16.11%
13.64%
Fort Greene
Greenpoint
Park Slope
PLG/FLATBUSH
Williamsburg
20.12%
32.10%
20.60%
17.22%
19.49%

YEAR OVER YEAR Price change

OCTOBER 2021 VS. OCTOBER 2022

price changes
TYPE OCTOBER 2021 OCTOBER 2022 CHANGE
Studios $2,380 $2,815 18.26%
One bedrooms $2,893 $3,461 19.65%
Two bedrooms $3,735 $4,478 19.89%
BROOKLYN

THE AVERAGE RENTAL PRICE IN BAY RIDGE DECREASED BY 3.82%.

BROOKLYN

OVERALL, THE AVERAGE RENTAL PRICE IN BEDFORD-STUYVESANT DECREASED BY 1.67% THIS MONTH.

BROOKLYN

THE AVERAGE RENTAL PRICE IN BOERUM HILL DECREASED BY 1.78%.

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OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN BOROUGH PARK/SUNSET PARK SLIGHTLY DECREASED BY JUST 0.55%.

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THE AVERAGE RENTAL PRICE IN BROOKLYN HEIGHTS THIS PAST MONTH SLIGHTLY DECREASED BY JUST 0.69%.

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THE AVERAGE RENTAL PRICE IN BUSHWICK SLIGHTLY INCREASED BY JUST 0.05% OVER THE PAST MONTH.

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THE AVERAGE RENTAL PRICE IN CLINTON HILL INCREASED BY 1.01% THIS PAST MONTH.

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OVER THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN COBBLE HILL DECREASED BY 2.4%.

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CROWN HEIGHTS RENTS INCREASED THIS MONTH BY 1.4%.

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AVERAGE RENTS THIS MONTH IN DOWNTOWN BROOKLYN DECREASED BY 2.51%.

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MONTH-OVER-MONTH, RENTS IN DUMBO DECREASED BY 1.55%.

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THE AVERAGE RENTAL PRICE IN FORT GREENE SLIGHTLY DECREASED BY JUST 0.94% THIS PAST MONTH.

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OVER THE PAST MONTH, AVERAGE RENTAL PRICE IN GREENPOINT SLIGHTLY DECREASED BY JUST 0.57%.

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AVERAGE RENTS IN PARK SLOPE INCREASED BY 1.69% THIS PAST MONTH.

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THE AVERAGE RENTAL PRICE DECREASED BY JUST 0.81% OVER THE PAST MONTH.

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THE AVERAGE RENTAL PRICE IN WILLIAMSBURG SLIGHTLY INCREASED BY JUST 0.87% 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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