Brooklyn Rental Market Report | MNS is Real Impact Real Estate

REPORTS

GUIDES

Brooklyn
Rental Market Report

May 2015

Introduction

Average rents throughout Brooklyn decreased by 0.13% from $2,724.14 in April 2015 to $2,720.73 May 2015.

A QUICK LOOK

Average rent prices in Brooklyn decreased by 0.13% since last month - from $2,724.14 in April 2015 to $2,720.73 in May 2015. Rent prices increased 0.14% since this month of last year- from $ 2,716.82 in May 2014 to $ 2,720.73 in May 2015. The inventory hiked up significantly by 19.54% since last year, from 3019 rental units in April 2015 to 3609 rental units in May 2015.
116 listings entered Brooklyn’s rental market in Crown Heights- more than any other neighborhood. However, Williamsburg still has the highest inventory.
The average monthly rent in Brooklyn market decreased slightly by 0.13% at the beginning of Spring rental season. The largest percentage increase was in the Cobble Hill two bedroom sector, with an increase of 10.39%, due to high priced listings back on market. Brooklyn Heights two bedrooms rent averages suffered a 8.91% decrease since previous month. The largest percentage increases in rent prices were seen studio units in Downtown Brooklyn and two bedroom units in Bay Ridge and Cobble Hill. At the time the sample was taken, these following neighborhood contained less than 15 units in sample size; studios in Bay Ridge, Boerum Hill, Bushwick, Clinton Hill, Cobble Hill, Crown Heights, Dumbo and PLG. Drastic price fluctuations are caused by relatively low sample size in other Brooklyn neighborhoods.

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: May 2014 vs. May 2015
Type May '14 May '15 Change
Studios $2,164 $2,135 1.3%
One-bedrooms $2,624 $2,615 0.4%
Two-bedrooms $3,362 $3,412 1.5%

A Quick Look

Where Prices Decreased (Monthly)

Bay Ridge
Studios -3.08% One-Bedroom -0.23% Two-Bedroom -7.50%
Bed Stuy
Studios -3.42%,
Boerum Hill
One-Bedroom -5.44%
Brooklyn Heights
One-Bedroom -0.82% Two-Bedroom -8.91%
Bushwick
Studios -7.89%
Clinton Hill
Studios -1.24% One-Bedroom -2.61% Two-Bedroom -5.83%
Cobble Hill
One-Bedroom -3.30%
Crown Heights
Studios -3.29% Two-Bedroom -5.64%
Dumbo
Two-Bedroom -2.65%
Downtown BK
One-Bedroom -0.31%
Fort Greene
Studios -1.60% One-Bedroom -2.89%
Park Slope
Studios -1.50% One-Bedroom -2.55%
PLG
Studios -3.33% One-Bedroom -1.45%
Williamsburg
Studios -2.95% One-Bedroom -2.33% Two-Bedroom -5.87%

Where Prices Increased (Monthly)

Bed Stuy
One-Bedroom 0.24% Two-Bedroom 1.02%
Boerum Hill
Studios 6.39% Two-Bedroom 2.50%
Brooklyn Heights
Studios 4.70%
Bushwick
One-Bedroom 3.42% Two-Bedroom 3.45%
Cobble Hill
Studios 0.95% Two-Bedroom 10.39%
Crown Heights
One-Bedroom 1.62%
Dumbo
Studios 3.09% One-Bedroom 2.91%
Downtown BK
Studios 8.72% Two-Bedroom 4.26%
Fort Greene
Two-Bedroom 3.14%
Greenpoint
Studios 5.51% One-Bedroom 0.99% Two-Bedroom 0.74%
Park Slope
Two-Bedroom 0.22%
PLG
Two-Bedroom 0.25%

Neighborhood Price Trends

• The average neighborhood rent increased 3.95%
• Two bedroom average rents increased significantly - 7.5% since previous month; this increase namely due to the high priced luxury rental listing at 69-17 Shore Road that entered the market.

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

• The average neighborhood rent decreased 0.48% since last month.
• Price for studios decreased by 3.42% since last month and decreased by a staggering 18.19% since May 2014.

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

• The monthly average rent slightly increased 1.03% since last month.
• Studio averages in May 2015 experienced a 6.39% increase caused by a couple of high end luxury listings Lofts from 233 Schermerhorn Street.
• One bedroom averages declined by 5.44%.
• It should be noted that this neighborhood consistently has a relatively low sample size compared to other areas, especially in studio units.

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

• The monthly average rent decreased 3.37%.
• Two high priced ($6,500 and $6,700) two bedroom listings at 75 Clinton Street left the market, causing a decrease of 8.91% in two bedroom average rent since previous rent.

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

• Average studio price dropped by 7.89% since previous month.
• However, one bedroom and two bedroom rent averages increased 3.42% and 3.45% respectively.
• It should be noted that this neighborhood consistently has a relatively low sample size compared to other areas, especially in studio units.

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

• Rent prices for studio units, one bedroom and two bedroom units fell by 1.24%, 2.61% and 5.83% respectively since previous month. Overall average rent decreased by 3.54%.
• 310 Lafayette Avenue duplex exited the rental market since last month, causing a noticeable decrease 5.83% in two bedroom unit average month.

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

• The average rent for two bedroom units increased significantly (10.39%). This increase is due to 3 low rent listings from Hick Street that since exited the market.
• It should be noted that this neighborhood consistently has a relatively low sample size compared to other areas, especially in studio units.

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

• An influx of low-priced rental listings entered the market this month, causing the average rents for studio & two bedroom units to decrease 3.29% and 5.64% respectively since last month.
• Overall, the average rent decreased 2.72% since last month, and was likely caused by a significant increase in inventory in Crown Heights

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

• Average rent for studios increased 8.72% as the monthly average grew by 3.9% since previous month.
• Downtown Brooklyn inventory increased by 49%, from 238 rental units in April 2015 to 354 rental units in May 2015.
• Average rents increased due to an influx of new high priced units from 100 Willoughby Street in studio unit type categories

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

• Studio and one bedroom units rent increased by 3.09% and 2.91% respectively since last month - lead to an overall increase in monthly average by 0.50% since April 2015.

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

• This neighborhood remains stable with slight increase of 0.06% in monthly average rent, with an increase of 3.14% in two bedroom units.

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

• Overall monthly average increased by 2.11% as average rent for studios increased by 5.51% since last month.

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

• Overall monthly average declined slightly by 1.11% since previous month, as the annual average rent increased by 3.4%.

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

• This neighborhood remains stable with a slight decrease of 1.26% since previous month.

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

• All unit average rents experienced a decrease since last month – 2.95% decrease in studio units, 2.33% decrease in one bedroom units and 5.87% decrease in two bedroom units. This led to a decrease in overall monthly average rent of 3.96%.

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 (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).

Brooklyn rental
market report archive

Tools

  • 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.