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Brooklyn
Rental Market Report

December 2014

Introduction

Average rents throughout Brooklyn increased from $2,587.23 in December 2013 to $2,666.88 in December 2014.

A QUICK LOOK

Rent prices in Brooklyn decreased slightly to $2,666.88 in December 2014, from $2,677.19 (0.39%) in November 2014, however since December 2013, a 3.08% increase was observed with prices increasing from $2,587.23. Listing inventory increased substantially by 9% from 2,879 unit listings in November 2014 to 3,148 in December 2014.

The largest percentage increase in rent prices (among material sample sizes) was seen in Studio units in Downtown Brooklyn at 10.57%. The largest percentage decreases were seen in Studio units in Bay Ridge and Greenpoint, at 11.94% and 12.88%, respectively.

The largest annual upward and downward shifts in rent prices (among material sample sizes) were seen in Boerum Hill and Williamsburg. Average rent increased 15.7% in Boerum Hill from $2,667.65 in December 2013 to $3,088 in December 2014. Average rent decreased by 7.4% in Williamsburg from $3,461.62 in December 2013 to $3,204.51 in December 2014.

Despite slight downturns in monthly overall average rents, the overall Brooklyn market continues to show a steady increase on an annual basis. Some monthly observations include an addition of 122 rental units to the Bedford Stuyvesant market since November 2014, with an average monthly rental price increase of 1.5%. Park slope remained stable and experienced a slight gradual growth of 1.68% with 50 units added to December’s inventory. Williamsburg continues to experience slight increases, with the monthly average rent increasing 2.42%. However, more notably is the decline of 7.4% in rent prices compared to December 2013. Nevertheless, coupled with high inventory numbers, Williamsburg demand continues to hold and still performs relatively well in terms of unit pricing, despite a slight decline in the monthly and yearly overall averages

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: December 2013 vs. December 2014
  December '13 December '14 Change
Studios $2,041 $2,136 4.7%
One-bedrooms $2,484 $2,552 2.7%
Two-bedrooms $3,237 $3,313 2.3%

A Quick Look

Where Prices Decreased (Monthly)

Bay Ridge
Studios -11.94%, One-Bedroom -0.56%, Two-Bedroom -3.32%
Bed Stuy
Two-Bedroom -0.64%
Boerum Hill
Studios -1.27%, Two-Bedroom -0.46%
Brooklyn Heights
One-Bedroom -3.04%, Two-Bedroom -1.44%
Bushwick
Studios -5.78%, Two-Bedroom -2.06%
Clinton Hill
Studios -2.52%, One-Bedroom -0.64%, Two-Bedroom -1.09%
Cobble Hill
One-Bedroom -2.50%, Two-Bedroom -4.17%
Crown Heights
Studios -0.38%, One-Bedroom -1.94%, Two-Bedroom -1.58%
Dumbo
Studios -2.54%
Fort Greene
Studios -4.77%, One-Bedroom -1.59%
Greenpoint
Studios -12.88%, One-Bedroom -4.21%
PLG
Studios -1.40%, One-Bedroom -1.17%

Where Prices Increased (Monthly)

Bed Stuy
Studios 4.58%, One-Bedroom 1.40%
Boerum Hill
One-Bedroom 1.14%
Brooklyn Heights
Studios 0.22%
Bushwick
One-Bedroom 1.02%
Cobble Hill
Studios 0.90%
Dumbo
One-Bedroom 2.53%, Two-Bedroom 0.64%
Downtown BK
Studios 10.57%, One-Bedroom 1.90%, Two-Bedroom 3.38%
Fort Greene
Two-Bedroom 3.86%
Greenpoint
Two-Bedroom 1.19%
Park Slope
Studios 2.89%, One-Bedroom 0.58%, Two-Bedroom 1.81%
PLG
Two-Bedroom 3.15%
Williamsburg
Studios 0.28%, One-Bedroom 0.19%, Two-Bedroom 5.73%

Neighborhood Price Trends

• Average rent prices fell by 4.87% this month, largely driven by an 11.94% decrease in studio rental prices. However overall average annual rent increased by 2.6%.

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

• Average monthly rent increased slightly by 1.5%, as the overall annual rent increased by 4.9%.

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

• The abnormally high growth of 42.63% in annual average rent of studios led to a substantial increase of 15.7% in overall annual rental prices from December 2013 to December 2014. As a result, Boerum Hill led the highest yearly change amongst all of the Brooklyn neighborhoods. However, the immense growth can be viewed as artificial due to a significantly small sample size of studio apartments.

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

• Average annual rent for 1 bedroom apartments decreased a substantial 6.51%, however the overall average change amongst all unit sizes remained relatively stable with average annual rents decreasing by 2.2%.

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

• Studio rent in this neighborhood decreased by 5.78%, with an overall monthly average decrease of 2.24%.

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

• The most notable change in this neighborhood was a 10.21% increase in 1 bedroom apartments since December 2013, however overall annual growth remained stable at 1.8%.

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

• 2 Bedroom apartments experienced a 4.17% drop this month, however, annual average rents witnessed a 7.4% growth led by a 11.89% and 16.39% increase in studio and 1 bedroom apartments, respectively.

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

• Overall annual average rent increased by 4.8% as annual average rent for studio apartments increased a noticeable 9.52%.

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

• Overall monthly average rent increased by 4.67% this month, as yearly average rents increased by 10.1% , continuing the growth trend of last month.

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

• Although the overall monthly average increased slightly by 0.49%, overall annual average rental prices increased by 5.7%, largely driven by a 12.32% growth in 2 bedroom apartment prices.

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

• A fall of 4.77% in average monthly prices for studios and 1.59% for 1 bedrooms was offset by a 3.86% increase in 2 bedroom apartment prices, with an overall average change of -0.32% for the month.

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

• Studio prices decreased a significant 12.88% this month, attributed to higher priced units coming off the market, lower priced units entering the market, and a small sample of studio inventory.

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

• Slight increases of 1.68% and 0.6% in monthly and annual average rents, respectively, imply a stable rental market for Park Slope.

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

• One of the largest growths in average rental prices was witnessed in PLG with a 9.5% increase since December 2013.

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

• Monthly averages remained stable with a 2.42% growth in rental prices since November 2014, however annual prices dropped 7.4% since December 2013, suggesting a maturing market.

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).

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