MNS is proud to present the addition of “Downtown Brooklyn” to its monthly rental report.
As a result of the high rental numbers found in Downtown Brooklyn, the overall rent has increased by 1.68% from the previous month. (However, rents would be down -0.21% if not for the addition of Downtown Brooklyn). All three units covered in the report, Studios (1.19%), 1 Bedroom (1.48%) and 2 Bedroom (2.11%) posted modest gains during the previous thirty days. In summary, the overall average increased to $2,564 during July from $2,521 during the month of June.
DUMBO: Studios within Dumbo experienced significant gains during the month of June – reaching a high of $2,900 for the year 2013. However, during the month of July, the average price of a studio regressed back to levels within the $2,600 - $2,700 range as accustomed to all year. After analyzing the inventory for these particular units, only a handful of studios were listed on the market during the month of June. As expensive as these studio units may seem, do not forget that the average studio in DUMBO was listed at $3,350 during October 2012.
Month to Month trends: As mentioned earlier, the addition of Downtown Brooklyn was a major facilitator in the overall growth of rental rates from the previous month. Overall growth in Bed Stuy resulted in 4.06% - representing an increase of $70.83. Both Park Slope (-3.11%) and Fort Greene (-3.41%) suffered the greatest losses during the previous 30 days. 2 Bedroom units saw the highest appreciation at 2.11% - especially in areas such as Downtown Brooklyn (7.05%) and Bed Stuy (5.12%).
*Rental Price Averages in North Williamsburg: Studios: $2,548 | 1 Bedrooms: $3,276 | 2 Bedrooms: $4,509
Year to Year trends: Surprisingly, studios are down -2.00% from 12 months ago – representing a monetary loss of -$39.18. However, both 1 Bedroom (2.87%) and 2 Bedroom (8.46%) units have generated noteworthy returns. Studios in Bed Stuy (21%) and Park Slope (17%), 1 Bedrooms in Bed Stuy (9%) and Crown Heights (10%), and 2 Bedrooms in Bay Ridge (13%), Boerum Hill (16%), Dumbo (24%) have produced the greatest returns over the previous year. However, Studios in Dumbo (-20%), PLG (-17) and Two Bedrooms in Brooklyn Heights (-7%) have suffered the greatest losses during the similar time frame
- Studios - Bed Stuy Up 6.72% ($91)
- One-bedrooms - Crown Heights: Up 4.84% ($86)
- Two-bedrooms - Downtown Brooklyn: Up 7.05% ($284)
|July '12||July '13||Change|
|Most Expensive||Least Expensive|
|Studios||Williamsburg $2,770||Prospect Lefferts Garden $1,055|
|One-bedrooms||Dumbo $3,641||Bay Ridge $1,400|
|Two-bedrooms||Dumbo $5,982||Bay Ridge $2,120|
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).
TABLE OF CONTENTS
- A Quick Look
- Mean Brooklyn Rental Prices
- Brooklyn Price Trends
- Neighborhood Price Trends
- The Report Explained
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