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Brooklyn
Rental Market Report

June 2014

Introduction

Average rents throughout Brooklyn increased 6.82% from $2,566 in June 2013 to $2,741 in June 2014.

A QUICK LOOK

Overall rents rose less than 1% in the past month from $2,717 in May to $2,741 in June. This is to be expected as the initial wave of summer move-ins subsides and the rental market begins to normalize. Several new development buildings entered the market in Brooklyn this month including 316 Bergen Street, 339 Greene Avenue, and 1560 Fulton Street.

> Average rents rose 6.8% from this time last year from $2,566 to $2,741. Most notably, Studio units in both Bay Ridge and Bedford Stuyvesant rose approximately 42% compared to May of 2013. This continued rising trend in these two neighborhoods can be attributed to new development buildings and conversion buildings entering the market. As mentioned last month, new building developers are turning their focus away from the saturated markets close to Williamsburg and Downtown Brooklyn in favor of neighborhoods further into the heart of Brooklyn.

Crown Heights again saw the highest increase in pricing this year relative to the rest of Brooklyn. Studio units increased 36.87%, One-Bedroom units increased 19.59%, and Two-Bedroom units increased 13.57% compared to last month. Several new development, converted, and renovated buildings listed a large number of units this past month including 764 Saint John’s Place, 341 Eastern Parkway, and 836 Bergen Street. It is well known that Brooklyn is rapidly gentrifying and Crown Heights is currently at the forefront of that movement.

Following the rapid frenzy of rental units being listed and leased last month, the Brooklyn rental market seems to have calmed down a bit.

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: June 2013 vs. June 2014
  June '13 June '14 Change
Studios $1,937 $2,240 15.6%
One-bedrooms $2,458 $2,538 5.1%
Two-bedrooms $3,303 $3,400 2.9%

A Quick Look

Where Prices Decreased (Monthly)

Bay Ridge
Studios -0.2%, One-Bedroom -6.1%
Bed Stuy
One-Bedroom -0.9%
Boerum Hill
Studios -5.5%, One-Bedroom -3.7%
Brooklyn Heights
Studios -2.9%, One-Bedroom -4.6%
Bushwick
One-Bedroom -7.8%, Two-Bedroom -0.3%
Clinton Hill
Two-Bedroom -2.8%
Cobble Hill
One-Bedroom -6.7%, Two-Bedroom -1.1%
Crown Heights
Two-Bedroom -2.7%
Downtown BK
One-Bedroom -0.4%
Fort Greene
One-Bedroom -1.0%, Two-Bedroom -4.6%
Greenpoint
Studios -1.9%, One-Bedroom -2.3%, Two-Bedroom -0.2%
Park Slope
One-Bedroom -0.7%

Where Prices Increased (Monthly)

Bay Ridge
Two-Bedroom 4.2%
Bed Stuy
Studios 2.1%, Two-Bedroom 3.3%
Boerum Hill
Two-Bedroom 3.5%
Brooklyn Heights
Two-Bedroom 0.2%
Bushwick
Studios 6.6%
Clinton Hill
Studios 3.8%, One-Bedroom 0.3%
Cobble Hill
Studios 17.4%
Crown Heights
Studios 1.1%, One-Bedroom 7.1%
Dumbo
Studios 5.5%, One-Bedroom 0.4%, Two-Bedroom 3.6%
Downtown BK
Studios 1.6%, Two-Bedroom 6.4%
Fort Greene
Studios 6.8%
Park Slope
Studios 6.0%, Two-Bedroom 4.8%
PLG
Studios 20.0%, One-Bedroom 2.5%, Two-Bedroom 2.0%
Williamsburg
Studios 1.9%, One-Bedroom 0.6%, Two-Bedroom 0.4%

Neighborhood Price Trends

• Bay Ridge prices stayed the same compared to May 2014 but Studio units saw an increase of 43% compared to June 2013.

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

• Bay Ridge prices stayed the same compared to May 2014 but Studio units saw an increase of 43% compared to June 2013.

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

• Rents for Boerum Hill stayed the same as last month, decreasing only 1.33% from $2,904 to $2,865.

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

• Rents for Brooklyn Heights remained stable since the past month, dropping only 2% from $3,355 to $3,289.

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

• One Bedroom units in Bushwick fell 7.8% since May 2014, dropping from $2,130 to $1,964. month.

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

• Average rents in Clinton Hill only fell 0.13% from $2,605 to $2,602.

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

• Pricing for Cobble Hill Studios rose 17.5% from $1,958 to $2,300 and One Bedrooms fell 6.7% from $3,051 to $2,847.

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

• Rents for One Bedroom units rose 7% from $1,985 to $2,125 from last month.

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

• Two bedroom units in Downtown Brooklyn rose 6.41% from $3,999 to $4,256 compared to May of 2014.

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

• Rents for Studio and Two Bedroom units in DUMBO rose 5.52% from $2,933 to $3,095 and 3.64% from $5,321 to $5,515 respectively from last month.

dumbo studio apartment price trends dumbo one bedroom apartment prices

• Studios in Fort Green rose an average of 6.8% compared to last month from $2,380 to $2,542 and Two Bedroom units fell 4.6% from $3,824 to $3,648.

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

• Pricing for units in Greenpoint remained stable from last month, decreasing only 1.39% from $2,923 to $2,882.

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

• Rents for Two Bedroom apartments in Park Slope rose 4.8% from $3,237 to $3,392 compared to last month.

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

• Overall rents in Prospect-Lefferts Gardens rose 6.43% from $1,751 to $1,864, the highest overall neighborhood shift in pricing in all of Brooklyn this month.

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

• Apartment pricing remained stable compared to last month in Williamsburg, rising less than 1% in all unit types.

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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