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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$3,504JUNE 2022
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$3,559JULY 2022
A QUICK LOOK
Over the past month, the average rental price in Brooklyn has increased by 1.57%, from $3,504.15 to $3,559.13. The average rental price for a studio unit increased by 0.34% from $2,741.63 to $2,750.82. The average rental price for a one-bedroom unit increased by 1.20%, from $3,349.17 to $3,389.25. The average rental price for a two-bedroom unit increased by 2.62%, from $4,421.65 to $4,537.31.
This past month, the most expensive studio units were in Williamsburg; one and two-bedroom units were in DUMBO, while the most affordable studio and one-bedroom units were in Bay Ridge, and two-bedroom units were in Borough Park/Sunset Park.
Out of the sixteen neighborhoods tracked by this report, 10 saw their average rental price increase month-over-month: Bedford-Stuyvesant (+2.41%), Boerum Hill (+3.86%), Bushwick (+1.37%), Clinton Hill (+3.49%), Cobble Hill (+10.06%), Crown Heights (+5.15%), Downtown Brooklyn (+1.77%), Greenpoint (+5.72%), Park Slope (+4.86%), and Williamsburg (+6.23%).
Compared to this time last year, rental prices are up across-the-board with studio, one-bedroom, and two-bedroom prices up by 21.93%, 24.92% and 27.48%, respectively. Overall, average rental pricing in Brooklyn has increased by 25.20% since last year.
NOTABLE TRENDS
| TYPE | MOST EXPENSIVE | LEAST EXPENSIVE |
|---|---|---|
| Studios | Williamsburg $3,772 | Bay Ridge $1,614 |
| One bedrooms | Dumbo $4,975 | Bay Ridge $1,863 |
| Two bedrooms | Dumbo $6,625 | Borough/Sunset Park $2,313 |
WHERE PRICES DECREASED
BAY RIDGE
One-Bedroom -3.3%
Two-Bedroom -0.8%
BED STUY
One-Bedroom -0.5%
BOROUGH PARK/SUNSET PARK
Studios -13.4%
One-Bedroom -0.4%
Two-Bedroom -8.7%
BROOKLYN HEIGHTS
One-Bedroom -8.7%
Two-Bedroom -3.9%
CLINTON HILL
Studios -7.0%
One-Bedroom -2.3%
CROWN HEIGHTS
Studios -4.4%
DUMBO
Studios -8.6%
Two-Bedroom -6.1%
FORT GREENE
One-Bedroom -7.0%
Two-Bedroom -4.2%
PARK SLOPE
One-Bedroom -1.2%
PLG/FLATBUSH
Studios -5.4%
One-Bedroom -3.4%
WHERE PRICES INCREASED
BAY RIDGE
Studios 3.9%
BED STUY
Studios 2.7%
Two-Bedroom 4.8%
BOERUM HILL
Studios 6.6%
One-Bedroom 2.1%
Two-Bedroom 3.7%
BROOKLYN HEIGHTS
Studios 6.7%
BUSHWICK
Studios 0.6%
One-Bedroom 1.2%
Two-Bedroom 2.1%
CLINTON HILL
Two-Bedroom 14.5%
COBBLE HILL
Studio 9.1%
One-Bedroom 17.7%
Two-Bedroom 5.8%
CROWN HEIGHTS
One-Bedroom 7.6%
Two-Bedroom 10.1%
DUMBO
One-Bedroom 1.9%
DOWNTOWN BK
Studios 0.0%
One-Bedroom 1.5%
Two-Bedroom 3.0%
FORT GREENE
Studios 0.4%
GREENPOINT
Studios 1.4%
One-Bedroom 4.4%
Two-Bedroom 10.0%
PARK SLOPE
Studios 2.9%
Two-Bedroom 10.6%
PLG/FLATBUSH
Two-Bedroom 3.4%
WILLIAMSBURG
Studios 7.1%
One-Bedroom 9.0%
Two-Bedroom 3.4%
BROOKLYN AVERAGE PRICE
BROOKLYN AVERAGE PRICE
BROOKLYN AVERAGE PRICE
A QUICK LOOK
year over year PRICE CHANGE BY NEIGHBORHOOD
YEAR OVER YEAR Price change
JULY 2021 VS. JULY 2022
| TYPE | JULY 2021 | JULY 2022 | CHANGE |
|---|---|---|---|
| Studios | $2,256 | $2,751 | 21.93% |
| One bedrooms | $2,713 | $3,389 | 24.92% |
| Two bedrooms | $3,559 | $4,537 | 27.48% |
BROOKLYN PRICE TRENDS
BAY RIDGE PRICE TRENDS
THE AVERAGE RENTAL PRICE THIS MONTH DECREASED BY 0.38%.
BEDFORD-STUYVESANT PRICE TRENDS
THE AVERAGE OVERALL RENTAL PRICE IN BED-STUY INCREASED BY 2.41% THIS MONTH.
BOERUM HILL PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN BOERUM HILL INCREASED BY 3.86%.
BOROUGH/SUNSET PARK PRICE TRENDS
DUE TO HIGHER LEVELS OF INVENTORY COMPARED TO LAST MONTH, THE AVERAGE RENT IN BOROUGH PARK/SUNSET PARK DECREASED BY 7.46%.
BROOKLYN HEIGHTS PRICE TRENDS
THE AVERAGE RENTAL PRICE IN BROOKLYN HEIGHTS THIS PAST MONTH DECREASED BY 2.89%.
BUSHWICK PRICE TRENDS
THE AVERAGE RENTAL PRICE IN BUSHWICK INCREASED BY 1.37% OVER THE PAST MONTH.
CLINTON HILL PRICE TRENDS
THE AVERAGE RENTAL PRICE IN CLINTON HILL THIS PAST MONTH INCREASED BY 3.49%.
COBBLE HILL PRICE TRENDS
DUE TO LOW LEVELS OF INVENTORY IN COBBLE HILL AND HIGH-END RENTALS ENTERING THE MARKET, AVERAGE RENTAL PRICE INCREASED BY 10.06%.
CROWN HEIGHTS PRICE TRENDS
CROWN HEIGHTS RENTS INCREASED THIS MONTH BY 5.15%.
DOWNTOWN BROOKLYN PRICE TRENDS
AVERAGE RENTS THIS MONTH IN DOWNTOWN BROOKLYN INCREASED BY 1.77%.
DUMBO PRICE TRENDS
MONTH-OVER-MONTH, RENTS DECREASED BY 4.30%.
FORT GREENE PRICE TRENDS
THE AVERAGE RENTAL PRICE IN FORT GREENE DECREASED BY 3.92% OVER THE PAST MONTH.
GREENPOINT PRICE TRENDS
AS MANY LUXURY WATERFRONT RENTALS ENTERED THE MARKET, RENTS IN GREENPOINT INCREASED BY 5.72% THIS MONTH.
PARK SLOPE PRICE TRENDS
AVERAGE RENTS IN PARK SLOPE INCREASED BY 4.86% THIS PAST MONTH.
PLG/FLATBUSH PRICE TRENDS
THE AVERAGE RENTAL PRICE DECREASED BY 1.24% OVER THE PAST MONTH.
WILLIAMSBURG PRICE TRENDS
THE AVERAGE RENTAL PRICE IN WILLIAMSBURG INCREASED BY 6.23% 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.
