Since this time last year average rents throughout Brooklyn increased 4.08% from $2,528 to $2,631.
Average rents throughout the borough posted moderate gains from the previous month, increasing 0.06% to $2,631. Notably on a year-over-year basis
average rents increased 4.08% since February 2013 climbing to $2,631 from $2,528. In this time average pricing for Studios increased from $1,923 to
$2,030 (+5.5%); One-Bedrooms from $2,475 to $2,527 (+2.1%); Two-Bedrooms from $3,185 to $3,335 (+4.7%).
Most notably rents in Bed-Stuy jumped 7.2% since February 2013. An uptick in pricing was led by increased demand for larger units alongside limited inventory. In Bed-Stuy average prices for One-Bedrooms jumped 7.2% to $1,752 from $1,634 in 2013. Similarly, rents for Two-Bedrooms increased 4.7% from $2,024 to $2,120. On the same note rentals in Williamsburg have offered great returns since February 2013. Average prices in the neighborhood increased 4.0% from $3,231 to $3,359. With several more residential projects in the pipeline this trend can be expected to continue.
On a month to month basis several unit types throughout the borough experienced noticeable changes. Average rents for Two-Bedrooms in Brooklyn Heights increased by 5.3% from $4,478 in January to $4,715 in February. While inventory remained level (February, 38; January, 40) the number of available Two-Bedrooms priced above $3,750 jumped from 15 to 23 in that time. On a similar note, average rents in Fort Greene increased for the sixth consecutive month from $2,942 in January to $2,994 in February due to an increase in the number of newly developed units that have recently come to market in this area.
On a year-over-year basis it is important to note that low inventory coupled with New Development projects throughout Brooklyn, contributed to large price increases for Studios and Two-Bedrooms in the following areas: Bay Ridge, Cobble Hill, Crown Heights, Dumbo and Fort Greene.
|Most Expensive||Least Expensive|
|Studios||DUMBO $2,913||Prospect Lefferts Gardens $1,175|
|One-Bedrooms||DUMBO $3,925||Prospect Lefferts Gardens $1,500|
|Two-Bedrooms||DUMBO $5,204||Bed Stuy $2,120|
|February '13||February '14||Change|
- Bay Ridge
- One-Bedroom -3.5%, Two-Bedroom -1.5%
- Bed Stuy
- One-Bedroom -1.3%
- Boerum Hill
- One-Bedroom -3.4%
- Studios -1.8%, Two-Bedroom -4.8%
- Crown Heights
- One-Bedroom -1.4%
- One-Bedroom -0.4%
- Downtown BK
- Studios -1.4%, One-Bedroom -0.1%
- One-Bedroom -0.7%, Two-Bedroom -0.6%
- Park Slope
- Studios -0.8%, One-Bedroom -2.5%
- Studios -4.0%
- One-Bedroom -2.1%, Two-Bedroom -1.0%
- Bay Ridge
- Studios 1.1%
- Bed Stuy
- Studios 0.7%, Two-Bedroom 1.7%
- Boerum Hill
- Studios 0.8%, Two-Bedroom 4.8%
- Brooklyn Heights
- Studios 1.8%, One-Bedroom 3.6%, Two-Bedroom 5.3%
- One-Bedroom 4.1%
- Clinton Hill
- Studios 2.1%, One-Bedroom 1.3%, Two-Bedroom 3.2%
- Cobble Hill
- Studios 3.0%, One-Bedroom 6.9%, Two-Bedroom 0.7%
- Crown Heights
- Studios 1.6%, Two-Bedroom 4.0%
- Studios 4.6%, Two-Bedroom 3.4%
- Downtown BK
- Two-Bedroom 4.3%
- Fort Greene
- Studios 2.1%, One-Bedroom 3.3%, Two-Bedroom 0.4%
- Studios 0.0%
- Park Slope
- Two-Bedroom 2.5%
- Two-Bedroom 6.5%, One-Bedroom 4.7%
- Studios 0.9%
• After reaching a 13-month high in January, average rents for One-Bedrooms in Bay Ridge leveled to $1,625, down 3.5% from $1,685.
• Average rents in Bed-Stuy increased 7.2% since February 2013 from $1,715 to $1,840.
• Rents for Two-Bedrooms in Boerum Hill increased 4.8% since the previous month from $3,519 to $3,688. Available Two-Bedrooms dropped from 24 in January to 10 February as several lower-priced Two-Bedroom units came off the market this month.
• Rents for Two-Bedrooms in Brooklyn Heights increased 5.3% since the previous month from $4,478 to $4,715. Two-Bedroom units priced over $5,000 increased from 6 in January to 10 in February.
• Average rents for Two-Bedrooms dropped 4.8% from $2,283 in January to $2,173 in February. The number of available Two-Bedrooms dropped from 79 in January to 58 in February as several lower-priced Two-Bedroom units came off the market this month. month.
• Average prices for each unit type in Clinton Hill increased from the previous month: Studios (+2.1%, from $1,844 to $1,883); One- Bedroom (+1.3%, from $2,330 to $2,360); Two-Bedrooms (+3.2%, from $3,145 to $3,245). previous month from $2,264 to $2,330.
• Average rents for One-Bedrooms in Cobble Hill increased 6.9% from the previous month from $2,625 to $2,805. The number of One- Bedrooms listed above $2,800 more than doubled from 5 in January to 12 in February.
• Average rents in Crown Heights increased 8.1% since February 2013 from $1,776 to $1,910. Increased demand for larger units has
driven this trend.
• Average prices for Two-Bedrooms increased 11.8% since this time last year from $2,180 to $2,439.
• Average prices for Two-Bedrooms in Downtown Brooklyn jumped from $3,913 in January to $4,081 in February. The number of available Two-Bedrooms priced above $3,750 jumped from 15 in January to 23.
• The number of available Two-Bedrooms remained the fixed at 18 units. A slight jump in prices (+3.4% from $5,033 to $5,204) was due in part to the number units coming to market listed above $6,000, which increased from 1 in January to 4 in February.
• After reaching a 13-month low in December, rents for One-Bedrooms in Fort Greene rebounded for the second consecutive month climbing to $2,765.
• Average rents in Greenpoint increased 5.0% from $2,754 in February 2013 to $2,891 in February 2014.
• After reaching a 13-month high in October 2013 of $2,295, rents for Studios in Park Slope decreased for the fourth consecutive month to $1,847.
• After decreasing for the previous five consecutive months, rents for One-Bedrooms in Prospect-Lefferts Gardens rebounded in February, climbing to $1,500.
• Overall rents in Williamsburg increased 4.0% since this time last year from $3,231 in February 2013 to $3,359 in February 2014.
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
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.