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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$2,654MAY 2021
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$2,760JUNE 2021
A QUICK LOOK
Over the past month, the average rental price in Brooklyn has increased by 3.98%, from $2,654.45 to $2,760.18. The average rental price for a studio unit increased by 4.65%, from $2,117.40 to $2,215.80. The average rental price for a one-bedroom unit increased by 3.18%, from $2,562.99 to $2,644.49. The average rental price for a two-bedroom unit increased by 4.18%, from $3,282.95 to $3,420.24 Compared to this time last year, rental prices are down across-the-board with studio, one-bedroom, and two-bedroom prices down by 1.44%, 4.26%, and 3.64%, respectively. Overall, average rental pricing in Brooklyn is down 3.26% 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 and one-bedroom units were seen in Bay Ridge, while the most affordable 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 (+0.8%), Bedford-Stuyvesant (+1.9%), Boerum Hill (+8.8%), Borough/Sunset Park (+0.8%), Brooklyn Heights (+2.3%), Bushwick (+2.0%), Clinton Hill (+0.1%), Cobble Hill (+7.1%), Crown Heights (2.7%), Downtown Brooklyn (+4.3%), DUMBO (+6.2%), Fort Greene (+5.6%), Greenpoint (+5.6%), Park Slope (+0.6%), Prospect Lefferts Gardens (+0.7%), and Williamsburg (8.5%). Overall, there has been a general easing of offered concessions alongside an increase in the proportion of luxury availabilities in certain neighborhoods.
NOTABLE TRENDS
| TYPE | MOST EXPENSIVE | LEAST EXPENSIVE |
|---|---|---|
| Studios | Dumbo $3,001 | Bay Ridge $1,521 |
| One bedrooms | Dumbo $4,022 | Bay Ridge $1,701 |
| Two bedrooms | Dumbo $6,381 | Borough/Sunset Park $2,039 |
WHERE PRICES DECREASED
BAY RIDGE
One-Bedroom -0.5%
BOROUGH PARK/SUNSET PARK
Two-Bedroom -2.0%
BROOKLYN HEIGHTS
Two-Bedroom -2.7%
BUSHWICK
Two-Bedroom -0.2%
CLINTON HILL
One-Bedroom -2.1%
DUMBO
Studios -0.05%
PARK SLOPE
Two-Bedroom -0.6%
WHERE PRICES INCREASED
BAY RIDGE
Studios 1.0%
Two-Bedroom 1.8%
BED STUY
Studios 1.8%
One-Bedroom 2.4%
Two-Bedroom 1.5%
BOERUM HILL
Studios 9.1%
One-Bedroom 5.9%
Two-Bedroom 10.8%
BOROUGH PARK/SUNSET PARK
Studios 3.7%
One-Bedroom 1.4%
BROOKLYN HEIGHTS
Studios 10.4%
One-Bedroom 4.7%
BUSHWICK
Studios 1.3%
One-Bedroom 5.2%
CLINTON HILL
Studios 1.3%
Two-Bedroom 1.2%
COBBLE HILL
Studio 1.3%
One-Bedroom 6.9%
Two-Bedroom 8.0%
CROWN HEIGHTS
Studios 4.8%
One-Bedroom 1.3%
Two-Bedroom 2.3%
DUMBO
One-Bedroom 4.8%
Two-Bedroom 10.3%
DOWNTOWN BK
Studios 10.3%
One-Bedroom 0.7%
Two-Bedroom 3.7%
FORT GREENE
Studios 5.1%
One-Bedroom 7.3%
Two-Bedroom 4.7%
GREENPOINT
Studios 9.4%
One-Bedroom 4.8%
Two-Bedroom 3.5%
PARK SLOPE
Studios 2.0%
One-Bedroom 1.0%
PLG/FLATBUSH
Studios 0.7%
One-Bedroom 0.7%
Two-Bedroom 0.6%
WILLIAMSBURG
Studios 5.4%
One-Bedroom 2.7%
Two-Bedroom 16.62%
BROOKLYN AVERAGE PRICE
BROOKLYN AVERAGE PRICE
BROOKLYN AVERAGE PRICE
A QUICK LOOK
year over year PRICE CHANGE BY NEIGHBORHOOD
YEAR OVER YEAR Price change
JUNE 2020 VS. JUNE 2021
| TYPE | JUNE 2020 | JUNE 2021 | CHANGE |
|---|---|---|---|
| Studios | $2,248 | $2,216 | 1.4% |
| One bedrooms | $2,762 | $2,644 | 4.3% |
| Two bedrooms | $3,550 | $3,420 | 3.6% |
BROOKLYN PRICE TRENDS
BAY RIDGE PRICE TRENDS
THROUGH JUNE, THE AVERAGE RENTAL PRICE IN BAY RIDGE INCREASED BY 0.84%.
BEDFORD-STUYVESANT PRICE TRENDS
THE AVERAGE OVERALL RENTAL PRICE IN BEDFORD-STUYVESANT INCREASED BY 1.89% THROUGH JUNE.
BOERUM HILL PRICE TRENDS
THANKS TO A SIGNIFICANT INCREASE IN THE PROPORTION OF LUXURY RENTAL AVAILABILITIES IN THE AREA, THE AVERAGE RENTAL PRICE IN BOERUM HILL INCREASED BY 8.81%.
BOROUGH/SUNSET PARK PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN BOROUGH PARK/SUNSET PARK INCREASED BY 0.77%.
BROOKLYN HEIGHTS PRICE TRENDS
THROUGH JUNE, THE AVERAGE RENTAL PRICE IN BROOKLYN HEIGHTS INCREASED BY 2.28%.
BUSHWICK PRICE TRENDS
THROUGH JUNE, THE AVERAGE RENTAL PRICE IN BUSHWICK INCREASED BY 2.04%.
CLINTON HILL PRICE TRENDS
THE AVERAGE RENTAL PRICE IN CLINTON HILL INCREASED BY JUST 0.09% OVER THE PAST MONTH.
COBBLE HILL PRICE TRENDS
THROUGH JUNE, THE AVERAGE RENTAL PRICE IN COBBLE HILL INCREASED BY 7.13%.
CROWN HEIGHTS PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN CROWN HEIGHTS INCREASED BY 2.68%.
DOWNTOWN BROOKLYN PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN DOWNTOWN BROOKLYN INCREASED BY 4.32%.
DUMBO PRICE TRENDS
THROUGH JUNE, THE AVERAGE RENTAL PRICE IN DUMBO INCREASED BY 6.16%.
FORT GREENE PRICE TRENDS
THROUGH JUNE, THE AVERAGE RENTAL PRICE IN FORT GREENE INCREASED BY 5.64%.
GREENPOINT PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN GREENPOINT INCREASED BY 5.59%.
PARK SLOPE PRICE TRENDS
REMAINING STABLE, THE AVERAGE RENTAL PRICE IN PARK SLOPE INCREASED BY JUST 0.60% THROUGH JUNE.
PLG/FLATBUSH PRICE TRENDS
THROUGH JUNE, THE AVERAGE RENTAL PRICE PROSPECT LEFFERTS GARDENS/FLATBUSH INCREASED BY 0.67%.
WILLIAMSBURG PRICE TRENDS
THE AVERAGE RENTAL PRICE IN WILLIAMSBURG INCREASED BY 8.52% THROUGH JUNE. THIS LARGE INCREASE IS THE RESULT OF A GENERAL EASING OF OFFERED CONCESSIONS ALONGSIDE AN INCREASE IN THE PROPORTION OF LUXURY AVAILABILITY IN THE AREA.
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.
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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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