Brooklyn Rental Market Report | MNS is Real Impact Real Estate



Rental Market Report

August 2015


Average rents throughout Brooklyn increased by 0.68% from $2,730.18 in July 2015 to $2,748.87 in August 2015.


Monthly average rent increased by 0.68% compared to the previous month, from $2,730.18 in July 2015 to $2,748.87 in August 2015. Annual average rent remained stable at 0.26%, moving from $2,741.66 in August 2014. The inventory levels have increased yet again, moving by 1.69% from 4086 rental units in July 2015 to 4155 rental units in August 2015. At the time the sample was taken, these following neighborhoods contained less than 15 listings units in sample size; Studios in Greenpoint, Bushwick, Cobble Hill, Dumbo, Boerum Hill and Bay Ridge. These extremely low sample sizes can cause drastic average price fluctuations in neighborhood average rent.
The largest percentage increase was seen in Studio units in Crown Heights, increasing by an immense 19.21%. One Bedroom and Two Bedroom unit averages in Crown Heights also experienced increases by 8.45% and 6.28%, respectively, with a substantial 10.46% increase in overall monthly average against the previous month. This noticeable growth was contributed to an influx of luxury rental units at 500 Sterling Place, 954 Bergen Street and 744 Classon Avenue. The largest percentage decrease was seen in One Bedroom units in Boerum Hill, where prices decreased by 6.38%. This was largely contributed to an increase in sample size for lower priced One Bedroom units.
The largest annual upward and downward shifts in rent prices were seen in Boerum Hill and Bushwick. Rent increased by 8.3% in Boerum Hill from an average rent of $2,785.03 in August 2014 to $3,017 in August 2015. Bushwick average rent fell drastically by 15.9% - from $2,485.62 in August 2014 to $2,090.42 in August 2015. It should be noted that Bushwick, along with Crown Heights and Park Slope, saw inventory levels increase from 2 to over 4 times the amount witnessed in August 2014. Such large increases in sample size can lead to price dilution, removing the sensitivity seen in lower sample sizes, while also illustrating growth as more renters flock to these areas.

Notable Trends

Building (Average Prices)
brooklyn quick look studios brooklyn quick look 1 bed brooklyn quick look 2 bed brooklyn quick year over year change
Brooklyn Rents: August 2014 vs. August 2015
Type August '14 August '15 Change
Studios $2,230 $2,173 -2.55%
One-bedrooms $2,653 $2,634 -0.75%
Two-bedrooms $3,342 $3,440 2.94%

A Quick Look

Where Prices Decreased (Monthly)

Bay Ridge
Studios -0.49%
Bed Stuy
Studios -4.26% Two-Bedroom -0.37%
Boerum Hill
Studios -1.23% One-Bedroom -6.38%
Brooklyn Heights
One-Bedroom -0.70%
Two-Bedroom -0.03%
Clinton Hill
Studios -1.40% One-Bedroom -0.66%
Cobble Hill
Studios -1.40% Two-Bedroom -2.02%
Two-Bedroom -2.65%
Downtown BK
Studios -3.28% Two-Bedroom -1.60%
Fort Greene
Studios -1.70% One-Bedroom -0.81%
Studios -2.61% One-Bedroom -4.61% Two-Bedroom -4.09%
Park Slope
One-Bedroom -0.32%
Studios -0.68%

Where Prices Increased (Monthly)

Bay Ridge
One-Bedroom 0.38% Two-Bedroom 0.75%
Bed Stuy
One-Bedroom 0.54%
Boerum Hill
Two-Bedroom 4.34%
Brooklyn Heights
Studios 3.22% Two-Bedroom 3.99%
Studios 3.04% One-Bedroom 2.58%
Clinton Hill
Two-Bedroom 2.74%
Cobble Hill
One-Bedroom 5.81%
Crown Heights
Studios 19.21% One-Bedroom 8.45% Two-Bedroom 6.28%
Studios 2.56% One-Bedroom 2.38%
Downtown BK
One-Bedroom 0.39%
Fort Greene
Two-Bedroom 1.79%
Park Slope
Studios 0.10% Two-Bedroom 1.78%
Studios 3.47% One-Bedroom 0.19% Two-Bedroom 9.72%
One-Bedroom 0.55% Two-Bedroom 1.89%

Neighborhood Price Trends

• Average rent for the neighborhood remained stable at 0.32%, with each unit class changing less than 1% since July 2015.

bay ridge studio apartment price trends bay ridge one bedroom price trends bay ridge two bedroom price trends

• A decrease of 4.26% in the price of Studio rental units led to a slight decrease of 1.09% in the monthly average, as One Bedroom rental unit’s increased by 0.54% and Two Bedroom rental unit’s decreased by 0.37%.

bedford-stuyvesant studio apartment price trends bedford-stuyvesant one bedroom price trends bedford-stuyvesant two bedroom price trends

• An increase in sample size for lower priced One Bedroom units led to a decrease of 6.38% in the unit average this month. Studio unit averages also declined by 1.23% with inventory in this class dropping by almost 50%; however, the Two Bedroom unit average increased by 4.34% led by an influx of higher priced units in the sample size.
• These changes combined resulted in a relatively stable overall monthly average change of -0.53% since the previous month. 21 and 1.09%, respectively.

boerum hill studio apartment price trends boerum hill one bedroom price trends boerum hill two bedroom apartment price trends

• Overall monthly average and annual rental prices increased by 2.32% and 5.7%, respectively.
• Studios and Two Bedroom unit averages grew by 3.22% and 3.99%, as One Bedroom unit averages fell by 0.70% since last month.

brooklyn heights studio apartment price trends brooklyn heights one bedroom price trends brooklyn heights two bedroom price trends

• Monthly increases of 3.04% and 2.58% in Studio and One Bedroom units were triggered by lower priced units leaving the market.
• Although the overall monthly average grew by almost 2%, Bushwick saw the largest yearly decrease. This was largely contributed to the sample size increasing over four-fold since August 2014, illustrating the substantial growth in the Bushwick market

bushwick studio apartment price trends bushwick one bedroom apartment price trends bushwick two bedroom apartment price trends

• Rent prices for Studio and One Bedroom units fell by 1.4% and 0.66%, respectively, as Two Bedroom unit rent prices increased by 2.74% since the previous month.
• As a result, the overall monthly average remained stable at 0.50%

clinton hill studio apartment price trends clinton hill one bedroom apartment price trends clinton hill two bedroom apartment price trends

• Studio and Two Bedroom unit averages decreased by 1.4% and 2.02%, respectively, as One Bedroom averages increased by 5.81%. It should be noted that Cobble Hill had the smallest amount of inventory in the borough this month.

cobble hill studio apartment trends cobble hill one bedroom apartment price trends cobble hill two bedroom apartment price trends

• Crown Heights saw the highest growth this month at 10.46%.
• This was led by an influx of higher priced luxury rental units from 3 buildings - 500 Sterling Place, 954 Bergen Street and 744 Classon Avenue
• Conversely, the neighborhood saw a large decrease in the annual average. Similar to Bushwick, inventory numbers increased 3-times since August 2014, and with increased numbers, dilution in prices is noticeable, however this also means that the neighborhood is growing and attracting more renters to the area.

crown heights studio apartment prices crown heights one bedroom apartment prices crown heights two bedroom apartment prices

• Rent prices for Studio and Two Bedroom units decreased by 3.28% and 1.60%, respectively, as average rent for One Bedroom units grew slightly by 0.39% since the previous month.
• Overall average rent declined by 1.43%, in line with seasonality changes

downtown brooklyn studio apartment price trends downtown brooklyn one bedroom apartment prices downtown brooklyn two bedroom apartment price trends

• This neighborhood remained stable with a 0.17% change since last month.
• While Studios increased by 2.56% and One Bedrooms by 2.38%, Two Bedroom units decreased by 2.65%, influenced by 2 penthouse listings exiting the market at 70 Washington Street.

dumbo studio apartment price trends dumbo one bedroom apartment prices dumbo two bedroom apartment price trends

• With movements under 2% in both directions for Studio and Two Bedroom average rent prices, the overall monthly average balanced out and remained unchanged since July 2015.

fort greene studio apartment prices fort greene one bedroom apartment price trends fort greene two bedroom apartment prices

• All unit classes dropped this month, led by a couple of higher priced luxury rental units in July’s sample departing the market.

greenpoint studio apartment prices greenpoint one bedroom apartment price trends greenpoint two bedroom apartment price trends

• This neighborhood remained relatively unchanged with overall monthly average rent increasing by only 0.67% since the previous month.
• Park Slope was also another neighborhood to see inventory levels increase substantially since August 2014. As such, the yearly change in rental prices saw a higher than normal decrease

park slope nyc studio apartment prices park slope one bedroom apartments park slope two bedroom apartment price trends

• Several listings at 393 Lefferts Avenue and a couple of other high priced luxury rental units entering the market created upward shifts in average rents. Studio, One Bedroom and Two Bedroom grew by 3.47%, 0.19% and 9.72% respectively.
• Overall average rent increased by 5.02% since the previous month, one of the highest movements amongst the other Brooklyn nabes.

prospect lefferts gardens studio apartment prices prospect lefferts gardens one bedroom apartment price trends prospect lefferts gardens two bedroom apartment prices

• This neighborhood remained stable this month with a slight increase of 0.69% since July 2015, while annual numbers saw a growth of 7% since August 2014.

williamsburg studio apartment price trends williamsburg one bedroom prices williamsburg two bedroom apartment price trends

The Report Explained

The Brooklyn Rental Market Report™ 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 efficiently and fairly adjust individual property rents in Brooklyn.

The Brooklyn Rental Market Report™ is based on a crosssection of data from available listings and 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 ( 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: 212.475.9000

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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