BROOKLYN RENTAL MARKET REPORT

Brooklyn infographics

BROOKLYN RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN BROOKLYN HAS DECREASED THIS MONTH.

  • 1.14%
    CHANGE
  • $2,547
    DECEMBER 2020
  • $2,518
    JANUARY 2021

A QUICK LOOK

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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

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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

price_down_icon

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

price_up_icon

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
Bay Ridge
Bed Stuy
Boerum Hill
BOROUGH/SUNSET
Brooklyn Heights
Bushwick
4.74%
13.57%
20.29%
5.57%
20.62%
12.00%
Clinton Hill
Cobble Hill
Crown Heights
Downtown BK
Dumbo
11.80%
18.75%
11.16%
15.88%
13.65%
Fort Greene
Greenpoint
Park Slope
PLG/FLATBUSH
Williamsburg
21.13%
19.12%
14.52%
7.13%
23.16%

YEAR OVER YEAR Price change

JANUARY 2020 VS. JANUARY 2021

price changes
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

THROUGH JANUARY, THE AVERAGE RENTAL PRICE IN BAY RIDGE DECREASED BY 0.69%.

BROOKLYN

REMAINING STABLE, THE AVERAGE RENTAL PRICE IN BEDFORD-STUYVESANT INCREASED BY JUST 0.59% THROUGH JANUARY.

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OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN BOERUM HILL FELL BY 3.15%.

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THROUGH JANUARY, THE AVERAGE RENTAL PRICE IN BOROUGH PARK/SUNSET PARK INCREASED BY 2.41%.

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FOLLOWING A SLIGHT INCREASE LAST MONTH, THE AVERAGE RENTAL PRICE IN BROOKLYN HEIGHTS EXPERIENCED A CORRECTION OF 0.43%.

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THROUGH JANUARY, THE AVERAGE RENTAL PRICE IN BUSHWICK DECREASED BY 0.60%.

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FOLLOWING A SIZEABLE DROP LAST MONTH, THE AVERAGE RENTAL PRICE IN CLINTON HILL REBOUNDED BY 0.79% THROUGH JANUARY.

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THROUGH JANUARY, THE AVERAGE RENTAL PRICE IN COBBLE HILL DECREASED BY 1.15%.

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OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN CROWN HEIGHTS INCREASED BY 0.53%.

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THE AVERAGE RENTAL PRICE IN DOWNTOWN BROOKLYN FELL BY 0.30% THROUGH JANUARY.

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THROUGH JANUARY, THE AVERAGE RENTAL PRICE IN DUMBO FELL BY 3.00%.

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BUILDING UPON THE TREND THAT EMERGED LAST MONTH, THE AVERAGE RENTAL PRICE IN FORT GREENE FELL BY AN ADDITIONAL 5.39% THROUGH JANUARY.

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OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN GREENPOINT FELL BY 1.60%.

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STABILIZING FOLLOWING LAST MONTH’S DROP, THE AVERAGE RENTAL PRICE IN PARK SLOPE FELL BY JUST 0.16% THROUGH JANUARY.

BROOKLYN

THROUGH JANUARY, THE AVERAGE RENTAL PRICE PROSPECT LEFFERTS GARDENS/FLATBUSH FELL BY 1.85%.

BROOKLYN

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FELL BY 0.80%.

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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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