BROOKLYN RENTAL MARKET REPORT

Brooklyn infographics

BROOKLYN RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN BROOKLYN HAS INCREASED THIS MONTH.

  • 1.57%
    CHANGE
  • $3,504
    JUNE 2022
  • $3,559
    JULY 2022

A QUICK LOOK

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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

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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

price_down_icon

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

price_up_icon

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
Bay Ridge
Bed Stuy
Boerum Hill
BOROUGH/SUNSET
Brooklyn Heights
Bushwick
8.85%
22.71%
18.29%
8.46%
23.01%
22.28%
Clinton Hill
Cobble Hill
Crown Heights
Downtown BK
Dumbo
36.33%
36.35%
25.27%
19.36%
14.48%
Fort Greene
Greenpoint
Park Slope
PLG/FLATBUSH
Williamsburg
27.45%
43.46%
33.10%
25.53%
31.36%

YEAR OVER YEAR Price change

JULY 2021 VS. JULY 2022

price changes
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

THE AVERAGE RENTAL PRICE THIS MONTH DECREASED BY 0.38%.

BROOKLYN

THE AVERAGE OVERALL RENTAL PRICE IN BED-STUY INCREASED BY 2.41% THIS MONTH.

BROOKLYN

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN BOERUM HILL INCREASED BY 3.86%.

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DUE TO HIGHER LEVELS OF INVENTORY COMPARED TO LAST MONTH, THE AVERAGE RENT IN BOROUGH PARK/SUNSET PARK DECREASED BY 7.46%.

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THE AVERAGE RENTAL PRICE IN BROOKLYN HEIGHTS THIS PAST MONTH DECREASED BY 2.89%.

BROOKLYN

THE AVERAGE RENTAL PRICE IN BUSHWICK INCREASED BY 1.37% OVER THE PAST MONTH.

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THE AVERAGE RENTAL PRICE IN CLINTON HILL THIS PAST MONTH INCREASED BY 3.49%.

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DUE TO LOW LEVELS OF INVENTORY IN COBBLE HILL AND HIGH-END RENTALS ENTERING THE MARKET, AVERAGE RENTAL PRICE INCREASED BY 10.06%.

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CROWN HEIGHTS RENTS INCREASED THIS MONTH BY 5.15%.

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AVERAGE RENTS THIS MONTH IN DOWNTOWN BROOKLYN INCREASED BY 1.77%.

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MONTH-OVER-MONTH, RENTS DECREASED BY 4.30%.

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THE AVERAGE RENTAL PRICE IN FORT GREENE DECREASED BY 3.92% OVER THE PAST MONTH.

BROOKLYN

AS MANY LUXURY WATERFRONT RENTALS ENTERED THE MARKET, RENTS IN GREENPOINT INCREASED BY 5.72% THIS MONTH.

BROOKLYN

AVERAGE RENTS IN PARK SLOPE INCREASED BY 4.86% THIS PAST MONTH.

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THE AVERAGE RENTAL PRICE DECREASED BY 1.24% OVER THE PAST MONTH.

BROOKLYN

THE AVERAGE RENTAL PRICE IN WILLIAMSBURG INCREASED BY 6.23% THIS PAST MONTH.

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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.

HTTP://WWW.MNS.COM/BROOKLYN_RENTAL_MARKET_REPORT

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