Over the last month, rents have decreased from $2,816.75 to $2,815.05, a decrease of $1.70 or 0.06%.
Over the last month, rents have decreased from $2,816.75 to $2,815.05, a decrease of $1.70 or 0.06%. The largest change in
studio prices this month occurred in Crown Heights, where an average $407.92 increase constituted a 21.0% change. The largest
change in one bedroom prices occurred in Crown Heights as well, where prices increased an average of 10.6%, or $215.15.
Inventories decreased by 21% since last month, and high end rental units entered the market, causing these large movements.
Changes in two bedroom prices were far less severe, the greatest being a 3.7% decrease in Cobble Hill prices that amounted to
As Williamsburg and Bed-Stuy did last month, they again constituted the largest portions of the borough’s total units (the total was down 1.4% from 4,304 to 4,243), at 20.4% and 14.8%, respectively. The largest changes in inventory this month occurred in Boerum Hill, where inventory increased by 38%, followed by Crown Heights, where inventory decreased 21%. Neighborhoods with small inventories experience large percentage jumps, as averages of small sample sizes are bound to be more sensitive to additional data points.
Not including the 10.5% average price increase in Crown Heights this month, which caused in large part by the aforementioned studio and one bedroom price hikes, all average price changes this month were between +1.5% and -2.8%. Bay Ridge prices increased by 1.5%, and would have been even more stable had studio inventory not decreased from 5 to 3 units. PLG prices fell 2.8% mostly because of a 4.3% decrease in one bedroom prices despite a small increase in inventory.
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, PLG; and two bedrooms in Dumbo. One bedroom sample sizes all exceeded 20 units.
|Type||Most Expensive||Least Expensive|
|Studio:||Dumbo $3,173||Bay Ridge $1,448|
|One-Bedrooms||Dumbo $4,415||Bay Ridge $1,815|
|Two-Bedrooms||Dumbo $5,742||Bay Ridge $2,326|
|Type||September 2015||September 2016||Change|
- Bed Stuy
- Studios -2.9% One-Bedroom -2.1% Two-Bedroom -2.5%
- Boerum Hill
- One-Bedroom -0.3% Two-Bedroom -1.3%
- Brooklyn Heights
- Studios -0.4% Two-Bedroom -0.7%
- Clinton Hill
- Two-Bedroom -2.7%
- Cobble Hill
- One-Bedroom -4.5% Two-Bedroom -3.7%
- Studios -3.7%
- Downtown BK
- One-Bedroom -0.4% Two-Bedroom -1.7%
- Fort Greene
- One-Bedroom -1.2% Two-Bedroom -1.8%
- One-Bedroom -0.9% Two-Bedroom -0.4%
- Park Slope
- Studios -1.5% Two-Bedroom -1.0%
- Studios -0.4% One-Bedroom -4.3% Two-Bedroom -3.1%
- Studios -6.5% One-Bedroom -0.3% Two-Bedroom -0.5%
- Bay Ridge
- Boerum Hill
- Studios 0.0%
- Brooklyn Heights
- One-Bedroom 0.8%
- Clinton Hill
- Studios 0.9% One-Bedroom 3.3%
- Cobble Hill
- Studios 4.7%
- Crown Heights
- Studios 21.0% One-Bedroom 10.6% Two-Bedroom 2.3%
- One-Bedroom 2.3% Two-Bedroom 1.5%
- Downtown BK
- Studios 1.9%
- Fort Greene
- Studios 0.8%
- Studios 2.1%
- Park Slope
- One-Bedroom 2.0%
• Although prices fell across all unit sizes last month, they all increased this month. Studio prices increased by 2.8%, one bedroom prices increased by 1.4%, and two bedroom prices increased by 0.9%; an average monthly increase of 1.5%. This is a dollar increase of $28.30. Over the last year, prices have also increased. Studios increased the most, by 9.4%, followed by the one bedroom price increase of 5.7%. Last was the two bedroom price increase of 1.6%, making the average increase 4.9%
• Over the last year, prices in Bed-Stuy have increased an average of 8.8%, the largest increase being in the price of studio apartments which has increased 23.1%, due to a spur of new residential developments and conversions in the area. Over the last month, however, prices have decreased across all apartment sizes. Studio prices decreased by 2.9%, one bedroom prices decreased by 2.1%, and two bedroom prices decreased by 2.5%.
• Price changes in Boerum Hill were minimal this month, with studio prices increasing by only 0.02%, one bedroom prices decreasing by 0.3%, and two bedroom prices decreasing by 1.3%. The average dollar drop was $19.18 this last month. Over the last year, prices have decreased an average of 3.1%, with the largest change being the 7.9% decrease in the price of two bedroom units.
• Over the last month, prices have increased by 0.3%, or $8.73. Over the last year, prices have decreased by 0.8%. The largest change this month was the 2.1% increase in studio prices. One and two bedroom prices increased and decreased by 1.6%, respectively.
• Bushwick prices have remained relatively stable this month, decreasing an average of 0.1%. Studio prices decreased 0.4%, one bedroom prices increased 0.8%, and two bedroom prices decreased 0.7%. Annual comparisons, however, do not reflect such stability. In fact, prices have increased in Bushwick by 7.9% over the last year. The largest change has been in the price of studios, which has increased 17.4%. One bedroom units follow at a 4.6% increase, and two bedroom prices changed the least, but still increased by 3.6%. This is due in part to the neighborhood being perceived as an affordable alternative to Williamsburg.
• The largest change in Clinton Hill this month was a 3.3% increase in the price of one bedroom units (up 6.1% over the last twelve months). Second was a 2.7% decrease in two bedroom prices (5.9% decrease over the last twelve months). The smallest change was in the price of studios, which increased by 0.9% this month (0.5% decrease over the last twelve months.) These changes equate to a monthly average increase of $4.97 and yearly average decrease of $18.
• Studio prices in Cobble Hill have increased by 4.7%, one bedroom prices have decreased by nearly the same amount at 4.5%, and two bedroom prices have decreased by 3.7%. This equates to a monthly decrease of $62.09. Over the last year prices have increased by 9.3%, and all apartment sizes experienced increases ranging from 6.1% (one bedroom price change) to 18.8% (studio price change).
• Yearly price changes in Crown Heights have been dramatic. Studio prices have increased by 36.2%, one bedroom prices have increased by 13.0%, and two bedroom prices have increased by 5.3%. Over the last month, prices have also changed drastically. Over the last month, studio prices increased by 21.0%- the largest studio price change of the month in the entire borough. The one bedroom price increase of 10.6% was also the largest price change of that unit size. Two bedroom prices increased by 2.3%, which was not the largest two bedroom price change of the month. This growth is due to a flurry of new development in the neighborhood.
• Price changes in Downtown Brookyln over the last year have been relatively stable, averaging a 1.4% increase. Studio prices increased 2.2%, one bedroom prices decreased 0.8%, and two bedroom prices increased 2.6%. Over the last month, changes have also been stable, averaging a 0.3% decrease. Studio prices have increased by 1.9%, one bedroom prices have decreased by 0.4%, and two bedroom prices have decreased by 1.7%.
• Price changes this month averaged a 0.5% increase, with studio prices decreasing by 3.7%, one bedroom prices increasing by 2.3%, and two bedroom prices increasing by 1.5%. Over the last year, prices have increased an average of 4.4%, with studio prices increasing by 0.6%, one bedroom prices increasing by 7.1%, and two bedroom prices increasing by 4.6%.
• Fort Greene price changes over the last month were minimal, averaging -0.9%. The largest change this month was the 1.8% decrease in two bedroom prices, which equals a $71.63 dollar decrease. Over the last year, price changes have been more substantial, with all unit sizes increasing between 4% and 8% in price (average increase of 5.9%).
• Over the last year, studio and one bedroom prices in Greenpoint have dropped by 3.9% and 0.9%, respectively. Two bedroom prices were the only ones to increase, and did so by only 0.3%. Price drops were common over the last month as well. One bedroom prices fell by 0.9% and two bedroom prices fell by 0.4%- studio prices were the only ones to increase, and did so by 2.1%.
• Prices dropped an average of 0.1% this month in Park Slope. Studio prices fell by 1.5%, one bedroom prices increased by 2.0%, and two bedroom prices fell by 1.0%. Dollar amount change averaged -$3.90. Over the last year, the average price drop was 0.6%, which is a dollar amount change of -$16.
• Prices in PLG decreased an average of 2.8% this month, and increased an average of 12.7% this year. Large yearly changes can be seen in the prices of all unit sizes. Studio prices have increased 22.0%, one bedroom prices have increased 12.3%, and two bedrooms have increased 7.4%. This growth is due to new inventory on the market, combined with the newly launched high-end rental at 646 Flatbush Avenue.
• Over the last month, all unit size prices decreased. Studio prices fell 0.4%, one bedroom prices fell 4.3%, and two bedroom prices fell 3.1%.
• Williamsburg prices decreased across all unit sizes this month. The largest change was a 6.5% decrease in the price of studios, followed by a 0.5% decrease in the price of two bedrooms. The smallest change in Williamsburg this month was a 0.3% decrease in one bedroom prices. Over the last year, prices have also fallen across all unit sizes by an average of 11.8%, largely due to 1 North 4th Place, a newly constructed building with rentals launched in 2015 and leased up in early 2016.
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.
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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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