BROOKLYN YEAR END REPORT

Brooklyn year end infographics

BROOKLYN YEAR END REPORT ARCHIVE

TABLE OF CONTENTS

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  1. Intro
  2. Notable Trends
  3. Mean Rental Prices
  4. Brooklyn Price Trends
  5. The Report Explained

introduction

WE ARE PROUD TO PRESENT MNS’ ELEVENTH ANNUAL YEAR END REPORT

Brooklyn

MNS is proud to present our eleventh 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 remained relatively stable, down 0.95%, from $2,806 in 2020 to $2,779 this past year. The average rental price for a studio increased by 0.02%, from $2,205.87 to $2,206.31. The average rental price for a one-bedroom unit fell by 0.73%, from $2,704 to $2,685. The average rental price for a two-bedroom unit fell by 1.72%, from $3,506 to $3,446.

It is important to note that these averages are for the entire calendar year, of which the effects of 2020’s shutdown from Covid-19 are averaged out amongst the period preceding the shutdown. As such, the proceeding page breaks out the 2nd half of the year to capture the true effects and trends of the market pre and post pandemic.

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 2020 AND 2021 MONTHLY RENTAL MARKET REPORTS.

Brooklyn

Compared to last year, the average rental price in Brooklyn for the July-December period is up 11.65%, from $2,655 in 2020 to $2,964 this past year. The average rental price for a studio increased by 11.28%, from $2,101 to $2,338. The average rental price for a one-bedroom unit increased by 11.88%, from $2,555 to $2,858. The average rental price for a two-bedroom unit increased by 11.70%, from $3,308 to $3,695. These cumulative changes show a full market recovery from the effect of the Covid-19 pandemic.

Neighborhoods where there is traditional a higher density of new construction units saw their average rents rebound the greatest. Downtown Brooklyn led this with an overall increase of 24.80%, when comparing this 6-month July-December period from 2020 to 2021. Not far behind was Greenpoint at 20.30%, Williamsburg at 19.51% and Fort Greene at 18.73%.

BROOKLYN RENTS: JUL-DEC 2020 VS. JUL-DEC 2021

TYPE JULY-DEC 2020 JULY-DEC 2021 CHANGE
Studios $2,101 $2,338 11.28%
One bedrooms $2,555 $2,858 11.88%
Two bedrooms $3,308 $3,695 11.70%

MEAN RENTAL PRICES

2021 MEAN BROOKLYN RENTAL PRICES

  • $2,206

    Studios

  • $2,685

    One bedrooms

  • $3,446

    Two bedrooms

brooklyn mean studio
brooklyn mean 1 bedroom
brooklyn mean 2 bedrooms

BROOKLYN PRICE TRENDS

price changes

Average prices over the year

BAY RIDGE
BED STUY
BOERUM HILL
BOROUGH/SUNSET
BROOKLYN HEIGHTS
BUSHWICK
$1,829
$2,248
$2,824
$1,800
$3,422
$2,436
CLINTON HILL
COBBLE HILL
CROWN HEIGHTS
DOWNTOWN BK
DUMBO
$2,699
$3,001
$2,153
$3,617
$4,287
FORT GREENE
GREENPOINT
PARK SLOPE
PLG/FLATBUSH
WILLIAMSBURG
$3,236
$3,070
$2,661
$2,045
$3,165

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.

HTTP://WWW.MNS.COM/BROOKLYN_YEAR_END_MARKET_REPORT_2021

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