BROOKLYN YEAR END REPORT
BROOKLYN YEAR END REPORT ARCHIVE
sign up for rental Market reports to be sent to your email
TABLE OF CONTENTS
JUMP TO A PARTICULAR SECTION
introduction
WE ARE PROUD TO PRESENT MNS’ THIRTEENTH ANNUAL YEAR END REPORT
MNS is proud to present our thirteenth annual Year End Report for Brooklyn, the summation of a year’s worth of data collected from our monthly Brooklyn Rental Market Reports. We hope you find this report useful in determining the rental trends in Brooklyn’s major neighborhoods, as well as the overall climate of the Brooklyn rental market.
Compared to last year, the average rental price in Brooklyn for 2023 is up 5.76%, from $3,400 in 2022 to $3,596 this past year. The average rental price for a studio increased by 6.06%, from $2,659 to $2,820. The average rental price for a one-bedroom unit increased by 4.18%, from $3,289 to $3,426. The average rental price for a two-bedroom unit increased by 6.80%, from $4,252 to $4,542.
NOTABLE TRENDS
Price Changes:
Boerum Hill (13.87%) experienced the greatest overall year-over-year positive price change, followed by Crown Heights (11.3%). Of the 16 neighborhoods analyzed in this report, all areas, with the exception of Fort Greene (which dropped slightly this year), saw increases between 2% and 14%.
BROOKLYN RENTS: 2022 VS. 2023
| TYPE | 2022 | 2023 | CHANGE |
|---|---|---|---|
| Studios | $2,659 | $2,820 | 6.06% |
| One bedrooms | $3,289 | $3,426 | 4.18% |
| Two bedrooms | $4,252 | $4,542 | 6.80% |
MEAN RENTAL PRICES
2023 MEAN BROOKLYN RENTAL PRICES
-
$2,820
Studios
-
$3,426
One bedrooms
-
$4,542
Two bedrooms
BROOKLYN PRICE TRENDS
BAY RIDGE - Price changes of 2023*
*This figure represents the percentage change in the total average pricing from 2022 to 2023 for each unit type.
| TYPE | percentage |
|---|---|
| Studios | 7.4% |
| One bedrooms | 10.3% |
| Two bedrooms | 7.7% |
BEDFORD-STUYVESANT - Price changes of 2023*
*This figure represents the percentage change in the total average pricing from 2022 to 2023 for each unit type.
| TYPE | percentage |
|---|---|
| Studios | 6.4% |
| One bedrooms | 3.3% |
| Two bedrooms | 3.9% |
BOERUM HILL - Price changes of 2023*
*This figure represents the percentage change in the total average pricing from 2022 to 2023 for each unit type.
| TYPE | percentage |
|---|---|
| Studios | 16.9% |
| One bedrooms | 6.0% |
| Two bedrooms | 18.1% |
BOROUGH PARK / SUNSET PARK - Price changes of 2023*
*This figure represents the percentage change in the total average pricing from 2022 to 2023 for each unit type.
| TYPE | percentage |
|---|---|
| Studios | 6.0% |
| One bedrooms | 9.9% |
| Two bedrooms | 12.0% |
BROOKLYN HEIGHTS - Price changes of 2023*
*This figure represents the percentage change in the total average pricing from 2022 to 2023 for each unit type.
| TYPE | percentage |
|---|---|
| Studios | 1.3% |
| One bedrooms | 2.4% |
| Two bedrooms | 8.8% |
BUSHWICK - Price changes of 2023*
*This figure represents the percentage change in the total average pricing from 2022 to 2023 for each unit type.
| TYPE | percentage |
|---|---|
| Studios | 1.5% |
| One bedrooms | 2.9% |
| Two bedrooms | 2.1% |
CLINTON HILL - Price changes of 2023*
*This figure represents the percentage change in the total average pricing from 2022 to 2023 for each unit type.
| TYPE | percentage |
|---|---|
| Studios | 11.0% |
| One bedrooms | 6.6% |
| Two bedrooms | 7.9% |
COBBLE HILL - Price changes of 2023*
*This figure represents the percentage change in the total average pricing from 2022 to 2023 for each unit type.
| TYPE | percentage |
|---|---|
| Studios | 3.2% |
| One bedrooms | 2.5% |
| Two bedrooms | 8.0% |
CROWN HEIGHTS - Price changes of 2023*
*This figure represents the percentage change in the total average pricing from 2022 to 2023 for each unit type.
| TYPE | percentage |
|---|---|
| Studios | 12.8% |
| One bedrooms | 10.6% |
| Two bedrooms | 10.8% |
DOWNTOWN BROOKLYN - Price changes of 2023*
*This figure represents the percentage change in the total average pricing from 2022 to 2023 for each unit type.
| TYPE | percentage |
|---|---|
| Studios | 3.8% |
| One bedrooms | 1.4% |
| Two bedrooms | 5.7% |
DUMBO - Price changes of 2023*
*This figure represents the percentage change in the total average pricing from 2022 to 2023 for each unit type.
| TYPE | percentage |
|---|---|
| Studios | 7.3% |
| One bedrooms | 2.0% |
| Two bedrooms | 2.6% |
FORT GREENE - Price changes of 2023*
*This figure represents the percentage change in the total average pricing from 2022 to 2023 for each unit type.
| TYPE | percentage |
|---|---|
| Studios | 0.5% |
| One bedrooms | 1.3% |
| Two bedrooms | 6.1% |
GREENPOINT - Price changes of 2023*
*This figure represents the percentage change in the total average pricing from 2022 to 2023 for each unit type.
| TYPE | percentage |
|---|---|
| Studios | 3.5% |
| One bedrooms | 3.2% |
| Two bedrooms | 11.5% |
PARK SLOPE - Price changes of 2023*
*This figure represents the percentage change in the total average pricing from 2022 to 2023 for each unit type.
| TYPE | percentage |
|---|---|
| Studios | 7.8% |
| One bedrooms | 9.0% |
| Two bedrooms | 6.9% |
PROSPECT LEFFERTS GARDENS - Price changes of 2023*
*This figure represents the percentage change in the total average pricing from 2022 to 2023 for each unit type.
| TYPE | percentage |
|---|---|
| Studios | 13.1% |
| One bedrooms | 7.7% |
| Two bedrooms | 4.2% |
WILLIAMSBURG - Price changes of 2023*
*This figure represents the percentage change in the total average pricing from 2022 to 2023 for each unit type.
| TYPE | percentage |
|---|---|
| Studios | 3.8% |
| One bedrooms | 5.8% |
| Two bedrooms | 9.1% |
BROOKLYN PRICE TRENDS
Average prices over the year
THE REPORT EXPLAINED
THE BROOKLYN RENTAL MARKET REPORT IS THE ONLY REPORT THAT COMPARES FLUCTUATION IN THE CITY’S RENTAL DATA ON A MONTHLY BASIS. IT IS AN ESSENTIAL TOOL FOR POTENTIAL RENTERS SEEKING TRANSPARENCY IN THE NYC APARTMENT MARKET AND A BENCHMARK FOR LANDLORDS TO EFFICIENTLY AND FAIRLY ADJUST INDIVIDUAL PROPERTY RENTS IN BROOKLYN.
The Brooklyn Rental Market Report is based on data cross-sectioned from over 10,000 currently available listings priced under $10,000, with ultra-luxury property omitted to obtain a true monthly rental average. Our data is aggregated from the MNS proprietary database and sampled from a specific 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 at 718-222-0211
Note All market data is collected and compiled by MNS’ 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.
