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 DECREASED THIS MONTH.
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CHANGE
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$2,547DECEMBER 2020
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$2,518JANUARY 2021
A QUICK LOOK
Over the last month, the average rental price in Brooklyn has fallen by 1.14%, from $2,547.27 to $2,518.35. The average rental price for a studio unit fell by 1.73%, from $2,033.46 to $1,998.20. The average rental price for a one-bedroom unit fell by 1.20%, from $2,460.47 to $2,430.99. The average rental price for a two-bedroom unit decreased by 0.70%, from $3,147.88 to $3,125.87. Compared to this time last year, rental prices are down across-the-board with studio, one-bedroom, and two-bedroom prices being down by 16.02%, 15.31%, and 15.53%, respectively. Overall, average rental pricing in Brooklyn is down 15.59% from this time last year.
This past month, the most expensive rental units by average price were observed in DUMBO. The most affordable studio and one-bedroom units could be found in Bay Ridge, while the most affordable two-bedroom units by were observed in Borough Park/Sunset Park.
Out of the sixteen neighborhoods tracked by this report, only four saw their overall average rental prices increase: Bedford-Stuyvesant (+0.6%), Borough Park/Sunset Park (+2.4%), Clinton Hill (+0.8%), and Crown Heights (+0.5%).
NOTABLE TRENDS
| TYPE | MOST EXPENSIVE | LEAST EXPENSIVE |
|---|---|---|
| Studios | Dumbo $2,608 | Bay Ridge $1,460 |
| One bedrooms | Dumbo $3,534 | Bay Ridge $1,692 |
| Two bedrooms | Dumbo $5,675 | Borough/Sunset Park $1,991 |
WHERE PRICES DECREASED
BAY RIDGE
Studios -0.1%
One-Bedroom -1.9%
Two-Bedroom -0.1%
BED STUY
One-Bedroom -0.3%
Two-Bedroom -0.5%
BOERUM HILL
Studios -2.7%
One-Bedroom -2.8%
Two-Bedroom -3.7%
BOROUGH PARK/SUNSET PARK
One-Bedroom -0.1%
Two-Bedroom -2.8%
BROOKLYN HEIGHTS
Studios -1.7%
Two-Bedroom -1.2%
BUSHWICK
Studios -0.5%
One-Bedroom -2.3%
CLINTON HILL
Studios -0.1%
COBBLE HILL
Studio -0.1%
Two-Bedroom -2.9%
DUMBO
Studios -13.7%
One-Bedroom -5.3%
DOWNTOWN BK
Studios -2.4%
One-Bedroom -1.3%
FORT GREENE
Studios -8.8%
One-Bedroom -5.8%
Two-Bedroom -2.8%
GREENPOINT
One-Bedroom -1.09%
Two-Bedroom -4.0%
PARK SLOPE
Two-Bedroom -2.5%
PLG/FLATBUSH
Studios -0.9%
One-Bedroom -2.8%
Two-Bedroom -1.8%
WILLIAMSBURG
Studios -1.6%
Two-Bedroom -1.4%
WHERE PRICES INCREASED
BED STUY
Studios 3.2%
BOROUGH PARK/SUNSET PARK
Studios 12.70%
BROOKLYN HEIGHTS
One-Bedroom 1.9%
BUSHWICK
Two-Bedroom 0.9%
CLINTON HILL
One-Bedroom 0.8%
Two-Bedroom 1.4%
COBBLE HILL
One-Bedroom 1.2%
CROWN HEIGHTS
Studios 0.2%
One-Bedroom 1.1%
Two-Bedroom 0.4%
DUMBO
Two-Bedroom 4.5%
DOWNTOWN BK
Two-Bedroom 1.5%
GREENPOINT
Studios 0.9%
PARK SLOPE
Studios 1.2%
One-Bedroom 1.7%
WILLIAMSBURG
One-Bedroom 0.7%
BROOKLYN AVERAGE PRICE
BROOKLYN AVERAGE PRICE
BROOKLYN AVERAGE PRICE
A QUICK LOOK
year over year PRICE CHANGE BY NEIGHBORHOOD
YEAR OVER YEAR Price change
JANUARY 2020 VS. JANUARY 2021
| TYPE | JANUARY 2020 | JANUARY 2021 | CHANGE |
|---|---|---|---|
| Studios | $2,379 | $1,998 | 16.0% |
| One bedrooms | $2,871 | $2,431 | 15.3% |
| Two bedrooms | $3,700 | $3,126 | 15.5% |
BROOKLYN PRICE TRENDS
BAY RIDGE PRICE TRENDS
THROUGH JANUARY, THE AVERAGE RENTAL PRICE IN BAY RIDGE DECREASED BY 0.69%.
BEDFORD-STUYVESANT PRICE TRENDS
REMAINING STABLE, THE AVERAGE RENTAL PRICE IN BEDFORD-STUYVESANT INCREASED BY JUST 0.59% THROUGH JANUARY.
BOERUM HILL PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN BOERUM HILL FELL BY 3.15%.
BOROUGH/SUNSET PARK PRICE TRENDS
THROUGH JANUARY, THE AVERAGE RENTAL PRICE IN BOROUGH PARK/SUNSET PARK INCREASED BY 2.41%.
BROOKLYN HEIGHTS PRICE TRENDS
FOLLOWING A SLIGHT INCREASE LAST MONTH, THE AVERAGE RENTAL PRICE IN BROOKLYN HEIGHTS EXPERIENCED A CORRECTION OF 0.43%.
BUSHWICK PRICE TRENDS
THROUGH JANUARY, THE AVERAGE RENTAL PRICE IN BUSHWICK DECREASED BY 0.60%.
CLINTON HILL PRICE TRENDS
FOLLOWING A SIZEABLE DROP LAST MONTH, THE AVERAGE RENTAL PRICE IN CLINTON HILL REBOUNDED BY 0.79% THROUGH JANUARY.
COBBLE HILL PRICE TRENDS
THROUGH JANUARY, THE AVERAGE RENTAL PRICE IN COBBLE HILL DECREASED BY 1.15%.
CROWN HEIGHTS PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN CROWN HEIGHTS INCREASED BY 0.53%.
DOWNTOWN BROOKLYN PRICE TRENDS
THE AVERAGE RENTAL PRICE IN DOWNTOWN BROOKLYN FELL BY 0.30% THROUGH JANUARY.
DUMBO PRICE TRENDS
THROUGH JANUARY, THE AVERAGE RENTAL PRICE IN DUMBO FELL BY 3.00%.
FORT GREENE PRICE TRENDS
BUILDING UPON THE TREND THAT EMERGED LAST MONTH, THE AVERAGE RENTAL PRICE IN FORT GREENE FELL BY AN ADDITIONAL 5.39% THROUGH JANUARY.
GREENPOINT PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN GREENPOINT FELL BY 1.60%.
PARK SLOPE PRICE TRENDS
STABILIZING FOLLOWING LAST MONTH’S DROP, THE AVERAGE RENTAL PRICE IN PARK SLOPE FELL BY JUST 0.16% THROUGH JANUARY.
PLG/FLATBUSH PRICE TRENDS
THROUGH JANUARY, THE AVERAGE RENTAL PRICE PROSPECT LEFFERTS GARDENS/FLATBUSH FELL BY 1.85%.
WILLIAMSBURG PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FELL BY 0.80%.
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.
