After declining in November and December 2013, average rents in Brooklyn increased 1.62% in January to $2,587 from $2,629.
Each unit type rebounded with positive gains since December: Studio (+1.37%), One-Bedroom (+1.25%), Two-Bedroom (+0.92%). Similarly, since this time last year rents across Brooklyn rose 4.02%.
After declining in November and December 2013, average rents in Brooklyn increased 1.62% in January to $2,587 from $2,629 in December. Each unit
type rebounded with positive gains since December: Studio (+1.37%), One-Bedroom (+1.25%), Two-Bedroom (+0.92%). Similarly, since this time last year
rents across Brooklyn rose 4.02%.
Several neighborhoods throughout the borough experienced marked increases in January. Overall rents in Bushwick increased 1.76% since the previous month. This upturn was led by consistent demand for Two-Bedrooms throughout the neighborhood, pushing prices up 5.6% from $2,283 to $2,160 since last month. After reaching a 13-month high in September pricing for One-Bedrooms in Cobble Hill dropped for three consecutive months. This trend was reversed in January as pricing for this unit rose 7.1% to $2,625, the largest month over month increase of any unit type in Brooklyn. On a similar note, Two-Bedrooms in Crown Heights rebounded in January after decreasing in price for the past four consecutive months. Rents for this unit increased 5.3% since December to $2,345, up from $2,227. While listing inventory remained fixed from the previous month, a number of Two-Bedrooms from newer developments on Bergen Street caused for a rebound in pricing in this neighborhood.
The largest month-over-month gain by volume was in Downtown Brooklyn as each unit type offered positive returns throughout January. Pricing for Studios (+2.0%), One-Bedrooms (+4.5%) and Two-Bedrooms (+2.3%) each increased since the previous month. Lastly, each unit type in Fort Greene offered positive returns throughout January as pricing for Studios (+5.6%), One-Bedrooms (+2.1%) and Two-Bedrooms (+1.8%) increased since the previous month. This marks the fifth consecutive month that overall rents in Fort Greene increased. Availability for each unit type in this neighborhood has consistently decreased and caused prices to rise each month.
On a year-over-year basis it is important to note that low inventory coupled with a number of higher priced, oversized units, which came to market during January 2013, contributed to inflated prices in the following neighborhoods: Boerum Hill, Brooklyn Heights, Clinton Hill, DUMBO, Park Slope (Two- Bedrooms) and Fort Greene, Prospect-Lefferts Gardens (One-Bedrooms). Consequently year-over-year fluctuations in these areas will be higher than normal for these particular unit types.
|Most Expensive||Least Expensive|
|Studios||DUMBO $2,783||Prospect Lefferts Gardens $1,223|
|One-Bedrooms||DUMBO $3,939||Prospect Lefferts Gardens $1,433|
|Two-Bedrooms||DUMBO $5,033||Bed Stuy $2,083|
|January '13||January '14||Change|
- Bed Stuy
- Studios -2.1%, One-Bedroom -0.3%, Two-Bedroom -1.5%
- Boerum Hill
- Studios -1.0%, One-Bedroom -1.2%
- Brooklyn Heights One-Bedroom -4.0%, Two-Bedroom -1.7%
- Studios -1.7%
- Clinton Hill
- Studios -5.8%
- Cobble Hill
- Studios -0.6%
- Crown Heights
- One-Bedroom -0.6%
- Studios -8.6%, Two-Bedroom -2.3%
- Studios -3.5%
- Park Slope
- Studios -3.2%, Two-Bedroom -5.4%
- Studios -4.1%, One-Bedroom -2.3%
- Studios -2.2%, One-Bedroom -4.3%, Two-Bedroom -0.2%
- Bay Ridge
- One-Bedroom 8.8%, Two-Bedroom 2.9%
- Boerum Hill
- Two-Bedroom 1.9%
- Brooklyn Heights
- Studios 1.9%
- One-Bedroom 0.8%, Two-Bedroom5.6%
- Clinton Hill
- One-Bedroom 2.9%, Two-Bedroom 2.5%
- Cobble Hill
- One-Bedroom 7.1%, Two-Bedroom1.5%
- Crown Heights
- Studios 5.9%, Two-Bedroom 5.3%
- One-Bedroom 2.9%
- Downtown BK
- Studios 2.0%, One-Bedroom 4.5%, Two-Bedroom 2.3%
- Fort Greene
- Studios 5.6%, One-Bedroom 2.1%, Two-Bedroom 1.8%
- One-Bedroom 3.5%, Two-Bedroom 1.9%
- Park Slope
- One-Bedroom 1.1%
- Two-Bedroom 7.6%
• Strong demand for One-Bedrooms throughout January resulted in an 8.8% price increase from $1,549 in December to $1,685 in January.
• The number of tracked rental units in Bed-Stuy remained level from the previous month at 237.
• After declining for the previous two months, rents for Two-Bedrooms in Boerum hill increased slightly to $3,519 from $3,453, up 1.9%.
• After remaining level from September through December, pricing for One-Bedrooms dipped slightly to $3,005 from $3,130.
• Continued demand for Two-Bedrooms alongside limited inventory pushed pricing from $2,283 to $2,161, up 5.6% since the previous month.
• After dropping in December demand picked up for One-Bedrooms in Clinton Hill which caused prices to increase 2.9% from the previous month from $2,264 to $2,330.
• After reaching a 13-month high in September pricing for One-Bedrooms in Cobble Hill dropped for three consecutive months. This trend was reversed in January as pricing for this unit rose 7.1% to $2,625, the largest month over month increase of any unit type in Brooklyn.
• Overall rents in Crown Heights jumped 3.5% from the previous month from $1,815 to 1,879, the largest neighborhood increase in Brooklyn.
• Each unit type offered positive returns throughout January as pricing for Studios (+2.0%), One-Bedrooms (+4.5%) and Two-Bedrooms (+2.3%) increased since the previous month.
• Rents for One-Bedrooms in DUMBO increased for the second consecutive month, up 2.9% since the previous month from $3,826 to $3,939. Increased demand for One-Bedrooms coupled with a limited availability in DUMBO has consistently made this unit type the highest priced One-Bedroom in Brooklyn.
• Each unit type offered positive returns throughout January as pricing for Studios (+5.6%), One-Bedrooms (+2.1%) and Two-Bedrooms (+1.8%) increased since the previous month.
• A number of over-sized, higher-priced One-Bedrooms came on the market in January, resulting in a 3.5% price increase from $2,640 to $2,959.
• As available listing inventory remained level from the previous month, pricing continued to rise for the second straight month from $2,635 to $2,664.
• Listing inventory remained low in Prospect-Lefferts Gardens from the previous month.
• Following the largest relative neighborhood increase in December, overall pricing in Williamsburg dipped slightly in January from $3,461 to $3,389.
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 (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: 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 (http://www.mns.com/brooklyn_rental_market_report).
TABLE OF CONTENTS
- A Quick Look
- Mean Brooklyn Rental Prices
- Brooklyn Price Trends
- Neighborhood Price Trends
- The Report Explained
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