BROOKLYN YEAR END REPORT
BROOKLYN YEAR END REPORT ARCHIVE
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introduction
WE ARE PROUD TO PRESENT MNS’ TENTH ANNUAL YEAR END REPORT
MNS is proud to present our tenth annual Year End Report for Brooklyn, the summation of a year’s worth of data collected from our monthly Brooklyn Rental Market Reports. We hope you find this report useful in determining the rental trends in Brooklyn’s major neighborhoods, as well as the overall climate of the Brooklyn rental market.
Compared to last year, the average rental price in Brooklyn is down 4.80%, from $2,947 in 2019 to $2,806 this past year. The average rental price for a studio fell by 4.74%, from $2,316 to $2,206. The average rental price for a one-bedroom unit fell by 4.43%, from $2,830 to $2,704. The average rental price for a two-bedroom unit fell by 5.12%, from $3,696 to $3,506.
The greatest year-over-year change in studio pricing was observed in Borough Park/Sunset Park, where the average rental price fell by 12.92%, from $1,679 in 2019 to $1,462 this past year. Downtown Brooklyn was home to the largest year-over-year change in one-bedroom rental pricing, with the average rental price dropping 8.78% from $3,547 to $3,236. The greatest year-over-year change within two-bedroom pricing took place in Brooklyn Heights, where the average rental price fell by 7.16%, from $5,423 to $5,035.
NOTABLE TRENDS
Growth and Borough Trends
Downtown Brooklyn (-8.19%) experienced the greatest overall year-over-year price change with Brooklyn Heights (-7.18%) not far behind.
BROOKLYN RENTS: 2019 VS. 2020
| TYPE | 2019 | 2020 | CHANGE |
|---|---|---|---|
| Studios | $2,316 | $2,206 | 4.74% |
| One bedrooms | $2,830 | $2,704 | 4.43% |
| Two bedrooms | $3,696 | $3,506 | 5.12% |
COVID-19 SNAPSHOT, 6 MONTH ANALYSIS
IN ORDER TO BETTER ILLUSTRATE THE IMPACT OF COVID-19 ON THE BROOKLYN RENTAL MARKET, WE HAVE COMPILED AND ANALYZED DATA FROM THE SECOND HALVES OF OUR 2019 AND 2020 MONTHLY BROOKLYN RENTAL MARKET REPORTS. WE HOPE YOU FIND THIS INFORMATION USEFUL IN DETERMINING THE EFFECT COVID-19 HAS HAD ON THE BROOKLYN RENTAL MARKET.
Compared to last year, the average rental price in Brooklyn is down 11.70%, from $3,006 in 2019 to $2,655 this past year. The average rental price for a studio fell by 10.67%, from $2,352 to $2,101. The average rental price for a one-bedroom unit fell by 10.77%, from $2,863 to $2,555. The average rental price for a two-bedroom unit fell by 13.04%, from $3,804 to $3,308.
The greatest change in studio pricing was observed in Downtown Brooklyn, where the average rental price fell by 18.00%, from $2,866 in 2019 to $2,350 this past year. Brooklyn Heights was home to the greatest change in one-bedroom rental pricing, with average rental pricing dropping 19.09% from $3,556 to $2,877. The greatest change within two-bedroom pricing took place in Williamsburg, where the average rental price fell by 18.24%, from $4,076 to $3,332.
BROOKLYN RENTS: 2019 VS. 2020
| TYPE | 2019 | 2020 | CHANGE |
|---|---|---|---|
| Studios | $2,352 | $2,101 | 10.67% |
| One bedrooms | $2,863 | $2,555 | 10.77% |
| Two bedrooms | $3,804 | $3,308 | 13.04% |
MEAN RENTAL PRICES
2020 MEAN BROOKLYN RENTAL PRICES
-
$2,206
Studios
-
$2,704
One bedrooms
-
$3,506
Two bedrooms
BROOKLYN PRICE TRENDS
BAY RIDGE - Price changes of 2020*
*This figure represents the percentage change in pricing from 2019 to 2020 for each unit type.
| TYPE | |
|---|---|
| Studios | 2.3% |
| One bedrooms | 1.0% |
| Two bedrooms | 1.6% |
COVID-19 Snapshot
Price changes of 2nd half 2020**
**This figure represents the percentage change in pricing from the 2nd half of 2019 to 2nd half of 2020 for each unit type.
| 1.4% |
| 0.5% |
| 6.2% |
BEDFORD-STUYVESANT - Price changes of 2020*
*This figure represents the percentage change in pricing from 2019 to 2020 for each unit type.
| TYPE | |
|---|---|
| Studios | 1.1% |
| One bedrooms | 2.3% |
| Two bedrooms | 5.3% |
COVID-19 Snapshot
Price changes of 2nd half 2020**
**This figure represents the percentage change in pricing from the 2nd half of 2019 to 2nd half of 2020 for each unit type.
| 7.6% |
| 10.3% |
| 16.2% |
BOERUM HILL - Price changes of 2020*
*This figure represents the percentage change in pricing from 2019 to 2020 for each unit type.
| TYPE | |
|---|---|
| Studios | 4.9% |
| One bedrooms | 0.5% |
| Two bedrooms | 1.0% |
COVID-19 Snapshot
Price changes of 2nd half 2020**
**This figure represents the percentage change in pricing from the 2nd half of 2019 to 2nd half of 2020 for each unit type.
| 5.7% |
| 5.2% |
| 6.2% |
BOROUGH/SUNSET - Price changes of 2020*
*This figure represents the percentage change in pricing from 2019 to 2020 for each unit type.
| TYPE | |
|---|---|
| Studios | 12.9% |
| One bedrooms | 1.8% |
| Two bedrooms | 2.5% |
COVID-19 Snapshot
Price changes of 2nd half 2020**
**This figure represents the percentage change in pricing from the 2nd half of 2019 to 2nd half of 2020 for each unit type.
| 12.5% |
| 2.6% |
| 2.5% |
BROOKLYN HEIGHTS - Price changes of 2020*
*This figure represents the percentage change in pricing from 2019 to 2020 for each unit type.
| TYPE | |
|---|---|
| Studios | 8.5% |
| One bedrooms | 6.2% |
| Two bedrooms | 7.2% |
COVID-19 Snapshot
Price changes of 2nd half 2020**
**This figure represents the percentage change in pricing from the 2nd half of 2019 to 2nd half of 2020 for each unit type.
| 15.1% |
| 19.1% |
| 14.3% |
BUSHWICK - Price changes of 2020*
*This figure represents the percentage change in pricing from 2019 to 2020 for each unit type.
| TYPE | |
|---|---|
| Studios | 2.5% |
| One bedrooms | 3.9% |
| Two bedrooms | 2.5% |
COVID-19 Snapshot
Price changes of 2nd half 2020**
**This figure represents the percentage change in pricing from the 2nd half of 2019 to 2nd half of 2020 for each unit type.
| 8.4% |
| 11.1% |
| 11.5% |
CLINTON HILL - Price changes of 2020*
*This figure represents the percentage change in pricing from 2019 to 2020 for each unit type.
| TYPE | |
|---|---|
| Studios | 3.6% |
| One bedrooms | 4.0% |
| Two bedrooms | 4.4% |
COVID-19 Snapshot
Price changes of 2nd half 2020**
**This figure represents the percentage change in pricing from the 2nd half of 2019 to 2nd half of 2020 for each unit type.
| 10.1% |
| 8.4% |
| 10.0% |
COBBLE HILL - Price changes of 2020*
*This figure represents the percentage change in pricing from 2019 to 2020 for each unit type.
| TYPE | |
|---|---|
| Studios | 3.9% |
| One bedrooms | 1.3% |
| Two bedrooms | 0.2% |
COVID-19 Snapshot
Price changes of 2nd half 2020**
**This figure represents the percentage change in pricing from the 2nd half of 2019 to 2nd half of 2020 for each unit type.
| 9.8% |
| 7.7% |
| 11.8% |
CROWN HEIGHTS - Price changes of 2020*
*This figure represents the percentage change in pricing from 2019 to 2020 for each unit type.
| TYPE | |
|---|---|
| Studios | 3.0% |
| One bedrooms | 2.7% |
| Two bedrooms | 2.0% |
COVID-19 Snapshot
Price changes of 2nd half 2020**
**This figure represents the percentage change in pricing from the 2nd half of 2019 to 2nd half of 2020 for each unit type.
| 7.0% |
| 6.8% |
| 7.1% |
DOWNTOWN BROOKLYN - Price changes of 2020*
*This figure represents the percentage change in pricing from 2019 to 2020 for each unit type.
| TYPE | |
|---|---|
| Studios | 9.4% |
| One bedrooms | 8.8% |
| Two bedrooms | 7.0% |
COVID-19 Snapshot
Price changes of 2nd half 2020**
**This figure represents the percentage change in pricing from the 2nd half of 2019 to 2nd half of 2020 for each unit type.
| 18.0% |
| 17.0% |
| 16.7% |
DUMBO - Price changes of 2020*
*This figure represents the percentage change in pricing from 2019 to 2020 for each unit type.
| TYPE | |
|---|---|
| Studios | 4.9% |
| One bedrooms | 2.0% |
| Two bedrooms | 0.5% |
COVID-19 Snapshot
Price changes of 2nd half 2020**
**This figure represents the percentage change in pricing from the 2nd half of 2019 to 2nd half of 2020 for each unit type.
| 11.9% |
| 7.3% |
| 6.9% |
FORT GREENE - Price changes of 2020*
*This figure represents the percentage change in pricing from 2019 to 2020 for each unit type.
| TYPE | |
|---|---|
| Studios | 1.1% |
| One bedrooms | 2.3% |
| Two bedrooms | 5.3% |
COVID-19 Snapshot
Price changes of 2nd half 2020**
**This figure represents the percentage change in pricing from the 2nd half of 2019 to 2nd half of 2020 for each unit type.
| 7.6% |
| 10.3% |
| 16.2% |
GREENPOINT - Price changes of 2020*
*This figure represents the percentage change in pricing from 2019 to 2020 for each unit type.
| TYPE | |
|---|---|
| Studios | 2.4% |
| One bedrooms | 0.1% |
| Two bedrooms | 2.6% |
COVID-19 Snapshot
Price changes of 2nd half 2020**
**This figure represents the percentage change in pricing from the 2nd half of 2019 to 2nd half of 2020 for each unit type.
| 11.4% |
| 11.0% |
| 18.0% |
PARK SLOPE - Price changes of 2020*
*This figure represents the percentage change in pricing from 2019 to 2020 for each unit type.
| TYPE | |
|---|---|
| Studios | 7.2% |
| One bedrooms | 5.4% |
| Two bedrooms | 3.0% |
COVID-19 Snapshot
Price changes of 2nd half 2020**
**This figure represents the percentage change in pricing from the 2nd half of 2019 to 2nd half of 2020 for each unit type.
| 7.4% |
| 9.6% |
| 11.3% |
PROSPECT LEFFERTS GARDENS - Price changes of 2020*
*This figure represents the percentage change in pricing from 2019 to 2020 for each unit type.
| TYPE | |
|---|---|
| Studios | 0.6% |
| One bedrooms | 0.8% |
| Two bedrooms | 3.0% |
COVID-19 Snapshot
Price changes of 2nd half 2020**
**This figure represents the percentage change in pricing from the 2nd half of 2019 to 2nd half of 2020 for each unit type.
| 3.3% |
| 3.7% |
| 6.5% |
WILLIAMSBURG - Price changes of 2020*
*This figure represents the percentage change in pricing from 2019 to 2020 for each unit type.
| TYPE | |
|---|---|
| Studios | 2.4% |
| One bedrooms | 2.6% |
| Two bedrooms | 3.7% |
COVID-19 Snapshot
Price changes of 2nd half 2020**
**This figure represents the percentage change in pricing from the 2nd half of 2019 to 2nd half of 2020 for each unit type.
| 12.7% |
| 13.1% |
| 18.2% |
BROOKLYN PRICE TRENDS
Average prices over the year
THE REPORT EXPLAINED
THE BROOKLYN RENTAL MARKET REPORT IS THE ONLY REPORT THAT COMPARES FLUCTUATION IN THE CITY’S RENTAL DATA ON A MONTHLY BASIS. IT IS AN ESSENTIAL TOOL FOR POTENTIAL RENTERS SEEKING TRANSPARENCY IN THE NYC APARTMENT MARKET AND A BENCHMARK FOR LANDLORDS TO EFFICIENTLY AND FAIRLY ADJUST INDIVIDUAL PROPERTY RENTS IN BROOKLYN.
The Brooklyn Rental Market Report is based on data cross-sectioned from over 10,000 currently available listings priced under $10,000, with ultra-luxury property omitted to obtain a true monthly rental average. Our data is aggregated from the MNS proprietary database and sampled from a specific 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 at 718-222-0211
Note All market data is collected and compiled by MNS’ 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.
