Average rents throughout Brooklyn increased by 1.84% from $2,723.46 in March 2016 to $2,773.70 in April 2016.
The monthly average rent in Brooklyn increased by 1.84% from $2,723.46 in March 2016 to $2,773.70 in April 2016. Similarly, rents
increased by 1.82% since April 2015, from $2,724.14. From an inventory standpoint, we saw a 10.12% increase since last month;
from 3,430 to 3,777 units on the market.
At the time the sample was taken, these following neighborhoods consisted of less than 20 units in the sample size; Studios in Bay Ridge, Boerum Hill, Bushwick, Clinton Hill, Cobble Hill, Crown Heights, Dumbo, Greenpoint and Prospect Lefferts Gardens.
The largest average growth this month was seen in Cobble Hill, which increased by 6.76% since March 2016. This was the result of changes in levels and types of inventory – lower/higher priced units leaving/entering the market. The largest increase on a unit type level was seen in Studios in Bushwick, however this is the result of a very small sample of units on the market – the ratio of Studios to One Bedrooms & Two Bedrooms, combined, is 1:78.
The largest increase since last year was seen in Bay Ridge this month, at 10.6%, followed by BedStuy at 8.6% and Crown Heights at 8.4%. As January 2015 saw the opening of the 509 unit rental building at 1 N 4th Pl, Williamsburg saw the largest decrease in rents since last year, the result of the initial lease up almost being complete. Being one of its kind, 1 N 4th set records in all unit classes amongst other rentals in the area, so naturally as 1 N 4th product inventory reduces, the average prices for the area follow suit.
|Type||Most Expensive||Least Expensive|
|Studios||DUMBO $3,169||PLG $1,457|
|One-Bedrooms||DUMBO $4,258||PLG $1,6628|
|Two-Bedrooms||DUMBO $5,492||PLG $2,267|
|Type||April '15||April '16||Change|
- Boerum Hill
- Studios -1.52%
- One-Bedroom -0.46% Two-Bedroom -4.52%
- Clinton Hill
- Studios -3.01%
- Crown Heights
- Two-Bedroom -1.79%
- Two-Bedroom -1.11%
- Downtown BK
- Studios -1.31% One-Bedroom -0.47% Two-Bedroom -2.65%
- Fort Greene
- Studios -4.72%
- Park Slope
- Studios -2.40% One-Bedroom -1.18% Two-Bedroom -1.46%
- Studios -3.06% One-Bedroom -3.25%
- Studios -2.30% Two-Bedroom -5.44%
- Bay Ridge
- Studios 7.39% One-Bedroom 0.14% Two-Bedroom 5.30%
- Bed Stuy
- Studios 6.87% One-Bedroom 5.44% Two-Bedroom 2.73%
- Boerum Hill
- One-Bedroom 4.30% Two-Bedroom 8.06%
- Brooklyn Heights
- Studios 5.61% One-Bedroom 8.18% Two-Bedroom 5.96%
- Studios 11.61%
- Clinton Hill
- One-Bedroom 3.51% Two-Bedroom 1.25%
- Cobble Hill
- Studios 4.58% One-Bedroom 3.09% Two-Bedroom 10.94%
- Crown Heights
- Studios 0.01% One-Bedroom 2.24%
- Studios 4.36% One-Bedroom 7.88%
- Fort Greene
- One-Bedroom 0.50% Two-Bedroom 0.86%
- Studios 2.13% One-Bedroom 6.62% Two-Bedroom 2.88%
- Two-Bedroom 0.39%
- One-Bedroom 0.90%
• Monthly average rent increased by 4.19% this month; Studios by 7.39%, One bedrooms by 0.14% and Two bedrooms by 5.30% as several listings along
Shore Road entered the market.
• Annually, Bay Ridge saw the largest growth since 2015, increasing by 10.6%
• All unit classes increased this month, with an overall average movement of 4.76%.
• Since 2015, average rents have increased by 8.6%, the second largest growth in the borough, indicative of a growing demand in the area.
• The reverse of last month, Boerum Hill’s Two Bedroom unit average rent saw the largest increase this month compared to the other analyzed neighborhoods, at 8.06%. Given it was the largest decrease last month, the spike is indicative of market correction from higher/lower priced units entering/leaving the market.
• Brooklyn Heights came in second this month for the greatest average rental growth, with an overall increase of 6.55%. This is the result of several higher priced units at 360 Furman st and 29 Willow st entering the market.
• Studios in Bushwick increased the most compared to the other Brooklyn nabes this month, increasing by 11.61%, the result of a sample size of only 3
higher priced units.
• Annually, average rents increased by 4.70%.
• With Studio rents decreasing by 3.01%, One Bedrooms increasing by 3.51% and Two Bedrooms by 1.25%, overall average rents remained stable, moving by 0.90%.
• Cobble Hill Two Bedroom units increased the greatest this month, moving by 10.94%, while Studios increased by 4.58% and One Bedrooms by
3.09%, resulting in an overall average price movement of 6.76% - the largest in the borough.
• These price movements were predominantly the result of typical changes in inventory
• Although monthly rents remained relatively unchanged this month, annual rents increased by 8.39%.
• All unit classes saw increases in average rent this month, with an overall increase of 1.55%
• One Bedroom rents increased by 7.88% this month, as Studio rents increased by 4.36% and Two Bedrooms decreased by 1.11%.
• DUMBO also recorded the lowest sample size this month, with only 76 units on the market.
• Fort Greene rents remained stable this month, moving by only -0.68%, while rents increased by 5.46% since April 2015.
• All unit classes saw increases in rent this month – Studios by 2.13%, One Bedrooms by 6.62% and Two Bedrooms by 2.88%.
• While the average rent decreased by 1.70% since last month, since last year, rents increased by 4.56%.
• As January 2015 saw the opening of the 509 unit rental building at 1 N 4th Pl, Williamsburg saw the largest decrease in rents since last year, the
result of the initial lease up almost being complete.
• Being one of its kind, 1 N 4th set records in all unit classes amongst other rentals in the area, so naturally as 1 N 4th product inventory diminishes, the average prices for the area follow suit.
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
Determine if it's better to rent or to buy by filling in a few numbers and percentages.
Check out samples of leases and riders you will find throughout the Manhattan rental market.
A list of maps and transit options available in New York City and beyond.
Print out our moving checklist so you can be sure to have all your ducks in a row before you move.
Know the pertinent steps to buying an apartment in Manhattan. The guidance you receive can make or break your deal. Know before you go.
We know real estate terms and abbreviations can get confusing, so we’ve put together a list of terms and definitions for you.