BROOKLYN RENTAL MARKET REPORT
BROOKLYN RENTAL MARKET REPORT ARCHIVE
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TABLE OF CONTENTS
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introduction
THE AVERAGE RENT IN BROOKLYN HAS INCREASED THIS MONTH.
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CHANGE
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$2,843JULY 2021
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$2,926AUGUST 2021
A QUICK LOOK
Over the past month, the average rental price in Brooklyn has increased by 2.93%, from $2,842.78 to $2,926.02. The average rental price for a studio unit increased by 2.26%, from $2,256.04 to $2,307.01. The average rental price for a one-bedroom unit increased by 2.86%, from $2,713.05 to $2,790.69. The average rental price for a two-bedroom unit increased by 3.40%, from $3,559.25 to $3,680.37. Compared to this time last year, rental prices are up across-the-board with studio, one-bedroom, and two-bedroom prices up by 6.87%, 6.30%, and 7.97%, respectively. Overall, average rental pricing in Brooklyn is up 7.14% from this time last year.
This past month, the most expensive studio units were in Brooklyn Heights, while the most expensive one and two-bedroom units were in DUMBO. The most affordable studio units and one-bedroom units were seen in Bay Ridge, while the most affordable two-bedroom units were in Borough Park/Sunset Park.
Out of the sixteen neighborhoods tracked by this report, thirteen saw their average rental price increase month-over-month: Bedford-Stuyvesant (+1.9%), Borough/Sunset Park (+0.2%), Brooklyn Heights (+4.7%), Bushwick (+5.4%), Clinton Hill (+4.4%), Cobble Hill (+5.7%), Crown Heights (+2.7%), Downtown Brooklyn (+3.8%), Fort Greene (+2.8%), Greenpoint (+3.6%), Park Slope (+4.9%), Prospect Lefferts Gardens (+2.3%), and Williamsburg (7.0%).
NOTABLE TRENDS
| TYPE | MOST EXPENSIVE | LEAST EXPENSIVE |
|---|---|---|
| Studios | Downtown BK $3,066 | Bay Ridge $1,474 |
| One bedrooms | Dumbo $4,144 | Bay Ridge $1,718 |
| Two bedrooms | Dumbo $6,327 | Borough/Sunset Park $2,153 |
WHERE PRICES DECREASED
BAY RIDGE
Studios -5.6%
BOERUM HILL
Studios -1.1%
Two-Bedroom -7.2%
BOROUGH PARK/SUNSET PARK
Studios -1.7%
One-Bedroom -1.4%
BROOKLYN HEIGHTS
One-Bedroom -2.7%
DUMBO
Studios -8.4%
FORT GREENE
One-Bedroom -2.4%
GREENPOINT
Two-Bedroom -1.8%
WHERE PRICES INCREASED
BAY RIDGE
One-Bedroom 1.1%
Two-Bedroom 2.3%
BED STUY
Studios 2.5%
One-Bedroom 0.3%
Two-Bedroom 2.9%
BOERUM HILL
One-Bedroom 3.2%
BOROUGH PARK/SUNSET PARK
Two-Bedroom 3.0%
BROOKLYN HEIGHTS
Studios 5.6%
Two-Bedroom 9.4%
BUSHWICK
Studios 4.8%
One-Bedroom 4.7%
Two-Bedroom 6.5%
CLINTON HILL
Studios 2.3%
One-Bedroom 2.0%
Two-Bedroom 7.7%
COBBLE HILL
Studio 2.3%
One-Bedroom 8.5%
Two-Bedroom 6.2%
CROWN HEIGHTS
Studios 6.6%
One-Bedroom 0.3%
Two-Bedroom 1.8%
DUMBO
One-Bedroom 1.9%
Two-Bedroom 1.3%
DOWNTOWN BK
Studios 7.0%
One-Bedroom 2.0%
Two-Bedroom 3.2%
FORT GREENE
Studios 3.3%
Two-Bedroom 6.5%
GREENPOINT
Studios 5.9%
One-Bedroom 8.5%
PARK SLOPE
Studios 5.2%
One-Bedroom 4.1%
Two-Bedroom 5.4%
PLG/FLATBUSH
Studios 2.9%
One-Bedroom 3.1%
Two-Bedroom 1.2%
WILLIAMSBURG
Studios 4.3%
One-Bedroom 10.9%
Two-Bedroom 5.8%
BROOKLYN AVERAGE PRICE
BROOKLYN AVERAGE PRICE
BROOKLYN AVERAGE PRICE
A QUICK LOOK
year over year PRICE CHANGE BY NEIGHBORHOOD
YEAR OVER YEAR Price change
AUGUST 2020 VS. AUGUST 2021
| TYPE | AUGUST 2020 | AUGUST 2021 | CHANGE |
|---|---|---|---|
| Studios | $2,159 | $2,307 | 6.87% |
| One bedrooms | $2,625 | $2,791 | 6.30% |
| Two bedrooms | $3,409 | $3,680 | 7.97% |
BROOKLYN PRICE TRENDS
BAY RIDGE PRICE TRENDS
THROUGH AUGUST, THE AVERAGE RENTAL PRICE IN BAY RIDGE DECREASED BY 0.32%.
BEDFORD-STUYVESANT PRICE TRENDS
THE AVERAGE OVERALL RENTAL PRICE IN BEDFORD-STUYVESANT INCREASED BY 1.93% THROUGH AUGUST.
BOERUM HILL PRICE TRENDS
THROUGH AUGUST, THE AVERAGE RENTAL PRICE IN BOERUM HILL DECREASED BY 2.52%.
BOROUGH/SUNSET PARK PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN BOROUGH PARK/SUNSET PARK INCREASED BY 0.19%.
BROOKLYN HEIGHTS PRICE TRENDS
THROUGH AUGUST, THE AVERAGE RENTAL PRICE IN BROOKLYN HEIGHTS INCREASED BY 4.72%.
BUSHWICK PRICE TRENDS
THROUGH AUGUST, THE AVERAGE RENTAL PRICE IN BUSHWICK INCREASED BY 5.41%.
CLINTON HILL PRICE TRENDS
THE AVERAGE RENTAL PRICE IN CLINTON HILL INCREASED BY 4.36% OVER THE PAST MONTH.
COBBLE HILL PRICE TRENDS
THROUGH AUGUST, THE AVERAGE RENTAL PRICE IN COBBLE HILL INCREASED BY 5.68%.
CROWN HEIGHTS PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN CROWN HEIGHTS INCREASED BY 2.66%.
DOWNTOWN BROOKLYN PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN DOWNTOWN BROOKLYN INCREASED BY 3.78%.
DUMBO PRICE TRENDS
THROUGH AUGUST, THE AVERAGE RENTAL PRICE IN DUMBO FELL BY 0.76%.
FORT GREENE PRICE TRENDS
THROUGH AUGUST, THE AVERAGE RENTAL PRICE IN FORT GREENE INCREASED BY 2.77%.
GREENPOINT PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN GREENPOINT INCREASED BY 3.64%.
PARK SLOPE PRICE TRENDS
THROUGH AUGUST, THE AVERAGE RENTAL PRICE IN PARK SLOPE INCREASED BY 4.91%.
PLG/FLATBUSH PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE PROSPECT LEFFERTS GARDENS/FLATBUSH INCREASED BY 2.30%.
WILLIAMSBURG PRICE TRENDS
THE AVERAGE RENTAL PRICE IN WILLIAMSBURG INCREASED BY 6.97% THROUGH AUGUST.
THE REPORT EXPLAINED
THE BROOKLYN RENTAL MARKET REPORTTM 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 EFFCIENTLY AND FAIRLY ADJUST INDIVIDUAL PROPERTY RENTS IN BROOKLYN.
The Brooklyn Rental Market Report TM is based on a cross-section of data from available listings and priced under $10,000, with ultraluxury property omitted to obtain a true monthly rental average. Our data is aggregated from the MNS proprietary database and sampled from a specifc 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: 718-222-0211
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.
