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.
-
CHANGE
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$3,608APRIL 2023
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$3,625MAY 2023
A QUICK LOOK
Over the past month, the average rental price in Brooklyn has increased by 0.49%, from $3,607.74 to $3,625.44. The average rental price for a studio unit increased by 0.39%, from $2,837.28 to $2,848.41. The average rental price for a one-bedroom unit increased by 2.17%, from $3,379.94 to $3,453.14. The average rental price for a two-bedroom unit decreased by 0.68%, from $4,606.00 to $4,574.78.
This past month, the most expensive studio, one and two bedroom units by average price were all seen in Dumbo; while the most affordable studio, one and two-bedroom units were in Bay Ridge.
Out of the sixteen neighborhoods tracked by this report, ten saw their average rental prices increase month-over-month. The remaining areas decreased this month.
- Bay Ridge: +2.14%
- Bed Stuy: -1.50%
- Boerum Hill: +1.81%
- Borough Park/Sunset Park: +1.88%
- Brooklyn Heights: -6.97%
- Bushwick: -1.00%
- Clinton Hill: -1.90%
- Cobble Hill: +4.35%
- Crown Heights: -0.16%
- Downtown Brooklyn: -0.88%
- Dumbo: +1.28%
- Fort Greene: +1.19%
- Greenpoint: +2.83%
- Park Slope: +5.48%
- PLG/Flatbush: +2.16%
- Williamsburg: +0.01%
Compared to this time last year, rental prices are up across-the-board with studio, one-bedroom and two-bedroom unit prices by 5.82%, 5.99%, and 10.69%, respectively. Overall, average rental pricing in Brooklyn has increased by 7.1% since last year.
NOTABLE TRENDS
| TYPE | MOST EXPENSIVE | LEAST EXPENSIVE |
|---|---|---|
| Studios | Dumbo $4,156 | Bay Ridge $1,700 |
| One bedrooms | Dumbo $4,956 | Bay Ridge $2,069 |
| Two bedrooms | Dumbo $7,251 | Bay Ridge $2,537 |
WHERE PRICES DECREASED
BED STUY
Studios -4.1%
One-Bedroom -2.5%
BOERUM HILL
Studios -5.3%
BOROUGH PARK/SUNSET PARK
Two-Bedroom -5.6%
BROOKLYN HEIGHTS
Studios -3.7%
One-Bedroom -4.3%
Two-Bedroom -9.7%
BUSHWICK
Studios -3.4%
Two-Bedroom -0.1%
CLINTON HILL
Studios -1.6%
One-Bedroom -0.7%
Two-Bedroom -3.0%
CROWN HEIGHTS
Studios -5.7%
Two-Bedroom -0.9%
DOWNTOWN BROOKLYN
Two-Bedroom -3.0%
FORT GREENE
Studios -8.5%
GREENPOINT
Two-Bedroom -3.8%
PARK SLOPE
One-Bedroom -1.0%
PLG/FLATBUSH
Two-Bedroom -3.0%
WILLIAMSBURG
Two-Bedroom -1.9%
WHERE PRICES INCREASED
BAY RIDGE
Studios 2.1%
One-Bedroom 0.4%
Two-Bedroom 3.6%
BED STUY
Two-Bedroom 1.4%
BOERUM HILL
One-Bedroom 3.0%
Two-Bedroom 5.7%
BOROUGH PARK/SUNSET PARK
Studios 11.0%
One-Bedroom 4.4%
BUSHWICK
One-Bedroom 0.2%
COBBLE HILL
Studio 5.7%
One-Bedroom 8.2%
Two-Bedroom 1.2%
CROWN HEIGHTS
One-Bedroom 6.1%
DUMBO
Studios 2.0%
One-Bedroom 0.2%
Two-Bedroom 1.6%
DOWNTOWN BROOKLYN
Studios 0.9%
One-Bedroom 0.8%
FORT GREENE
One-Bedroom 6.7%
Two-Bedroom 3.6%
GREENPOINT
Studios 7.9%
One-Bedroom 7.5%
PARK SLOPE
Studios 9.5%
Two-Bedroom 8.3%
PLG/FLATBUSH
Studios 4.8%
One-Bedroom 6.2%
WILLIAMSBURG
Studios 1.0%
One-Bedroom 1.5%
BROOKLYN AVERAGE PRICE
BROOKLYN AVERAGE PRICE
BROOKLYN AVERAGE PRICE
A QUICK LOOK
year over year PRICE CHANGE BY NEIGHBORHOOD
YEAR OVER YEAR Price change
MAY 2022 VS. MAY 2023
| TYPE | MAY 2022 | MAY 2023 | CHANGE |
|---|---|---|---|
| Studios | $2,692 | $2,848 | 5.82% |
| One bedrooms | $3,258 | $3,453 | 5.99% |
| Two bedrooms | $4,133 | $4,575 | 10.69% |
BROOKLYN PRICE TRENDS
BAY RIDGE PRICE TRENDS
THE AVERAGE RENTAL PRICE IN BAY RIDGE INCREASED BY 2.14%.
BEDFORD-STUYVESANT PRICE TRENDS
OVERALL, THE AVERAGE RENTAL PRICE IN BEDFORD-STUYVESANT DECREASED BY 1.50% THIS MONTH.
BOERUM HILL PRICE TRENDS
THE AVERAGE RENTAL PRICE IN BOERUM HILL INCREASED BY 1.81%.
BOROUGH/SUNSET PARK PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN BOROUGH PARK/SUNSET PARK INCREASED BY 1.88%.
BROOKLYN HEIGHTS PRICE TRENDS
THE AVERAGE RENTAL PRICE IN BROOKLYN HEIGHTS THIS PAST MONTH DECREASED BY 6.97%.
BUSHWICK PRICE TRENDS
THE AVERAGE RENTAL PRICE IN BUSHWICK DECREASED BY 1.00% OVER THE PAST MONTH.
CLINTON HILL PRICE TRENDS
THE AVERAGE RENTAL PRICE IN CLINTON HILL DECREASED BY 1.90% THIS PAST MONTH.
COBBLE HILL PRICE TRENDS
OVER THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN COBBLE HILL INCREASED BY 4.35%.
CROWN HEIGHTS PRICE TRENDS
CROWN HEIGHTS RENTS SLIGHTLY DECREASED THIS MONTH BY JUST 0.16%.
DOWNTOWN BROOKLYN PRICE TRENDS
AVERAGE RENTS THIS MONTH IN DOWNTOWN BROOKLYN SLIGHTLY DECREASED BY JUST 0.88%.
DUMBO PRICE TRENDS
MONTH-OVER-MONTH, RENTS IN DUMBO INCREASED BY 1.28%.
FORT GREENE PRICE TRENDS
THE AVERAGE RENTAL PRICE IN FORT GREENE INCREASED BY 1.19% THIS PAST MONTH.
GREENPOINT PRICE TRENDS
OVER THE PAST MONTH, AVERAGE RENTAL PRICE IN GREENPOINT INCREASED BY 2.83%.
PARK SLOPE PRICE TRENDS
AVERAGE RENTS IN PARK SLOPE INCREASED BY 5.48% THIS PAST MONTH.
PLG/FLATBUSH PRICE TRENDS
THE AVERAGE RENTAL PRICE INCREASED BY 2.16% OVER THE PAST MONTH.
WILLIAMSBURG PRICE TRENDS
THE AVERAGE RENTAL PRICE IN WILLIAMSBURG SLIGHTLY INCREASED BY JUST 0.01% THIS PAST MONTH.
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.
