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Brooklyn
Rental Market Report

December 2015

Introduction

Average rents throughout Brooklyn increased by 0.02% from $2,711.25 in November 2015 to $2,711.87 in December 2015.

A QUICK LOOK

Brooklyn remained stable this month, with a slight movement of 0.02% from $2,711.25 in November 2015 to $2,711.87 in December 2015. The annual average rent saw an overall increase of 1.7%, from $2,666.88 in December 2014. Similar to the previous month, overall inventory declined by 1.61%, from 3350 rental units in November 2015 to 3296 rental units in December 2015.
At the time the sample was taken, the following neighborhoods consisted of less than 20 units in the sample; Studios: Bay Ridge, Bedford-Stuyvesant, Boerum Hill, Bushwick, Clinton Hill, Crown Heights, Cobble Hill, DUMBO, Greenpoint, Park Slope and Prospect Lefferts Garden; One Bedroom and Two Bedrooms: DUMBO.
The overall average price movements of all the analyzed Brooklyn neighborhoods remained relatively stable this month with shifts between +/- 1.35%. The largest increase was seen in the Studio sector in Bedford-Stuyvesant where rents grew by 6.38%, largely driven by higher priced luxury Studio units at 377 Jefferson Avenue. The largest decrease occurred in the One Bedroom sector of Cobble Hill at 3.66%, resulting from an influx of lower priced rental units entering the market. In comparison to December 2014, Williamsburg and Fort Greene average rents saw the largest growths at 8.37% and 8.38%, respectively, indicating the continued strength of these submarkets.

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 2014 vs. December 2015
Type December '14 December '15 Change
Studios $2,136 2,156 0.92%
One-bedrooms $2,552 $2,586 1.34%
Two-bedrooms $3,313 $3,394 2.45%

A Quick Look

Where Prices Decreased (Monthly)

Bay Ridge
Studios -2.99% Two-Bedroom -0.19%
Bed Stuy
One-Bedroom -1.75% Two-Bedroom -0.77%
Boerum Hill
One-Bedroom -1.64%
Brooklyn Heights
One-Bedroom -2.06% Two-Bedroom -0.67%
Clinton Hill
One-Bedroom -1.25%
Cobble Hill
Studios -2.95% One-Bedroom -3.66%
Crown Heights
Studios -1.14% One-Bedroom -1.72% Two-Bedroom -0.20%
Dumbo
Two-Bedroom -1.47%
Downtown BK
Studios -2.49% One-Bedroom -0.28%
Fort Greene
Studios -1.48% One-Bedroom -0.56%
Greenpoint
Studios -1.81% One-Bedroom -2.28%
Park Slope
Studios -2.66%
PLG
One-Bedroom -1.14%
Williamsburg
One-Bedroom -0.16% Two-Bedroom -1.62%

Where Prices Increased (Monthly)

Bay Ridge
One-Bedroom 0.00%
Bed Stuy
Studios 6.38%
Boerum Hill
Studios 1.84% Two-Bedroom 0.67%
Brooklyn Heights
Studios 1.13%
Bushwick
Studios 0.33% One-Bedroom 0.34% Two-Bedroom 0.58%
Clinton Hill
Studios 1.19% Two-Bedroom -0.00%
Cobble Hill
Two-Bedroom 2.31%
Dumbo
Studios 2.90% One-Bedroom 4.17%
Downtown BK
Two-Bedroom 0.18%
Fort Greene
Two-Bedroom 3.99%
Greenpoint
Two-Bedroom 3.10%
Park Slope
One-Bedroom 2.15% Two-Bedroom 1.28%
PLG
Studios 1.94% Two-Bedroom 0.03%
Williamsburg
Studios 1.15%

Neighborhood Price Trends

• The monthly average rent decreased slightly by 0.87% since the previous month as the annual average rent grew by 3.4% since December 2014.

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

• The 6.38% increase in the Studio sector was mainly the result of higher priced luxury rental units from 377 Jefferson Avenue entering the market.
• Overall, the monthly average rent remained stable moving 0.69% since last month, as the annual average rent grew moderately by 3.3%.

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

• This neighborhood remained stable this month as the average rent moved by 0.26%.

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

• One Bedroom and Two Bedroom unit average rents declined by 2.06% and 0.67% respectively, as the Studio average grew slightly by 1.13%, balancing out the overall monthly average with a -0.68% movement since last month.

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

• Monthly average rents remained stable this month, with Studio, One Bedroom and Two Bedroom units increasing by 0.33%, 0.34% and 0.58% respectively.

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

• The overall monthly average rent remained stable this month, moving by only -0.10%.

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

• Studio and One Bedroom average rent fell by 2.95% and 3.66% respectively, as Two Bedrooms increased by 2.31%.

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

• Crown Heights saw slight decreases in rent across all unit classes this month; Studios decreased by 1.14%, One Bedroom’s by 1.72% and Two Bedrooms by 0.20%.
• Conversely, the annual average grew substantially by 5.8% since December 2014 indicating a strong growth in the area.

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

• Although the studio Sector experienced a decrease of 2.49% since the previous month, One and Two Bedrooms units remained stable with a -0.28% and 0.18% movement, respectively.

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

• Studio and One Bedroom average rents grew by 2.9% and 4.17%, respectively, since last month, as Two Bedrooms decreased by 1.47%.
• It should also be noted that DUMBO had the lowest inventory of all other Brooklyn neighborhoods this month.

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

• The overall monthly average rent remained stable this month with a slight increase of 1.01%, as the annual average rent grew immensely by 8.38% since December 2014 – the largest growth in the borough.

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

• The overall monthly average rent remained stable this month with a slight movement of -0.08%.

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

• The monthly Studio average rent decreased by 2.66%, as One Bedroom and Two Bedroom average rents increased by 2.15% and 1.28%, respectively.

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

• Prospect Lefferts Garden saw noticeable growth since December 2014, with Studio average rent increasing by 3.48%, One Bedroom’s by 4.06% and Two Bedroom’s by 4.39%, with an overall increase of 4.0%.

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

• The average monthly rent remained stable with a -0.36% change.
• However, from an annual perspective, Williamsburg saw a large increase of 8.37%, illustrating the continued growth in the area.

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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