REPORTS

GUIDES

Brooklyn
Rental Market Report

March 2014

Introduction

Overall rents remained level across the borough in March rising only 0.28% to $2,637, up from $2,629 in February. This marks the second straight month overall rental pricing in Brooklyn changed less than one percent. It can be expected that incoming rental inventory throughout Brooklyn in the coming months will have an upward effect on pricing.

Notably, since this time last year jumped pricing in Brooklyn has risen 6.39% from $2,478 in March 2013 to $2,637 this month. By dollar volume, this trend has been led by a growing demand and low inventory of Two-Bedroom units in many Brooklyn neighborhoods. This unit increased 5.92% to an average price of $3,335 in March. Furthermore, Two-Bedrooms in the following neighborhoods increased by ten percent or more: Bay Ridge (+10%), Bushwick (+10%), PLG (+11%), Williamsburg (+15%), and Crown Heights (16%). As price per square foot in rental properties throughout Brooklyn continue to rise, it can be expected that Two-Bedroom units will continue to reach higher price points.

Overall rents in Bed-Stuy increased the most in March relative to the rest of the Brooklyn neighborhoods. Each unit type increased in price led by One- Bedrooms which increased 5.0% since the previous month, from $1,752 to $1,841. This comes as demand for units off Jefferson, Greene and DeKalb Avenues continued to rise.

As the first quarter of 2014 comes to an end and the spring rental season begins, inventory throughout Brooklyn can be expected to rise slightly and with it overall pricing

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: March 2013 vs. March 2014
  March '13 March '14 Change
Studios $1,862 $2,030 9.0%
One-bedrooms $2,424 $2,544 4.9%
Two-bedrooms $3,148 $3,335 5.9%

A Quick Look

Where Prices Decreased

Bay Ridge
Studios -2.0%, One-Bedroom -2.4%, Two-Bedroom -0.9%
Brooklyn Heights
Two-Bedroom -0.8%
Bushwick
Studios -3.5%, One-Bedroom -3.7%
Clinton Hill
Two-Bedroom -2.7%
Cobble Hill
Studios -3.4%
Crown Heights
Studios -1.6%, Two-Bedroom -0.3%
Downtown BK
Studios -1.0%, Two-Bedroom -1.2%
Fort Greene
Studios -4.9%, Two-Bedroom -0.2%
Greenpoint
Studios -0.8%, One-Bedroom -2.9%
Park Slope
One-Bedroom -3.3%, Two-Bedroom -2.1%
Williamsburg
One-Bedroom -1.9%

Where Prices Increased

Bed Stuy
Studios 0.2%, One-Bedroom 5.0%, Two-Bedroom 3.1%
Boerum Hill
Studios 2.9%, One-Bedroom 1.6%, Two-Bedroom 0.2%
Brooklyn Heights
Studios 2.2%, One-Bedroom 1.8%
Bushwick
Two-Bedroom 0.5%
Clinton Hill
Studios 2.2%, One-Bedroom 0.8%
Cobble Hill
One-Bedroom 0.2%, Two-Bedroom 0.1%
Crown Heights
One-Bedroom 9.6%
Dumbo
Studios 2.1%, One-Bedroom 0.2%, Two-Bedroom 1.5%
Downtown BK
One-Bedroom 0.8%
Fort Greene
One-Bedroom 2.8%
Greenpoint
Two-Bedroom 0.8%
Park Slope
Studios 4.4%
PLG
Studios 3.2%, Two-Bedroom 0.5%, One-Bedroom 8.1%
Williamsburg
Studios 0.7%, Two-Bedroom 1.7%

Neighborhood Price Trends

• After reaching a 13-month high in January of $1,685 pricing for One-Bedrooms dipped for the second consecutive month to $1,587 in March.

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

• After four consecutive months of decline, pricing for One-Bedrooms in Bed-Stuy rebound in March reaching $1,841.

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

• After three consecutive months of decline, pricing for One-Bedrooms in Boerum Hill increased to $2,479.

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

• Rents for Studios in Brooklyn Heights reached $2,275, increasing for the third consecutive month.

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

• Overall rents dropped 2.6% from the previous month from $1,977 from $2,020. month.

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

• After reaching a 13-month high in February of $3,245 rents for Two-Bedrooms in Clinton Hill dipped to $3,157 (-2.7%). previous month from $2,264 to $2,330.

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

• Since this time last year overall rents in Cobble Hill increased 7.8% from $2,628 to $2,883.

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

Rents for Two-Bedrooms in Crown Heights remained level this month at $2,431, but have increased 9.2% since December from $2,227.

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

• After increasing for the past three months, rents for Two-Bedrooms dipped in March to $4,034.

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

Rents for One-Bedrooms in DUMBO increased 11% since this time last year from $3,543 to $3,934.

dumbo studio apartment price trends dumbo one bedroom apartment prices

Pricing for One-Bedrooms in Fort Greene reached a 13-month high in March, reaching $2,841, up 8.4% from $2,621 in December.

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

• Rents for Two-Bedrooms in Greenpoint increased 9% to $3,181 since this time last year, up from $2,925.

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

• Rents for One-Bedrooms in Park Slope increased 8% since this time last year from $2,319 to $2,512.

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

• Overall rents in Prospect-Lefferts Gardens jumped 7.1% since this time last year from $1,588 to $1,700.

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

• Since this time last year overall rents in Williamsburg increased 7.4% from $3,137 to $3,369.

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

  • image description

    Rent vs. Buy Calculator

    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.