BROOKLYN RENTAL MARKET REPORT

Brooklyn infographics

BROOKLYN RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN BROOKLYN HAS INCREASED THIS MONTH.

  • 3.57%
    CHANGE
  • $3,135
    MARCH 2022
  • $3,246
    APRIL 2022

A QUICK LOOK

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Over the past month, the average rental price in Brooklyn has increased by 3.57%, from $3,134.66 to $3,246.47. The average rental price for a studio unit increased by 5.29%, from $2,456.12 to $2,589.14. The average rental price for a one-bedroom unit increased by 2.43%, from $3,101.51 to $3,176.73. The average rental price for a two-bedroom unit increased by 3.39%, from $3,846.35 to $3,976.56. Compared to this time last year, rental prices are up across-the-board with studio, one-bedroom, and two-bedroom prices up by 24.95%, 27.08% and 26.50%, respectively. Overall, average rental pricing in Brooklyn is up 26.27% from this time last year.

This past month, the most expensive studio, one and two-bedroom units were in DUMBO. The most affordable studio and one-bedroom units were in Bay Ridge, while the most affordable two-bedroom units were in Borough/Sunset Park.

Out of the sixteen neighborhoods tracked by this report, 14 saw their average rental price increase month-over-month: Bed Stuy (+3.02%), Borough/Sunset Park (+5.55%), Brooklyn Heights (+3.60%), Bushwick (+5.91%), Clinton Hill (+2.36%), Cobble Hill (+3.13%), Crown Heights (+4.89%), Downtown Brooklyn (+2.06%), Dumbo (+1.23%), Fort Greene (+8.17%), Greenpoint (+9.35%), Park Slope (+2.62%), PLG/Flatbush (+3.87%), and Williamsburg (+3.20%).

NOTABLE TRENDS

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TYPE MOST EXPENSIVE LEAST EXPENSIVE
Studios Dumbo $3,697 Bay Ridge $1,441
One bedrooms Dumbo $4,770 Bay Ridge $1,817
Two bedrooms Dumbo $6,659 Borough Park/Sunset Park $2,331

WHERE PRICES DECREASED

price_down_icon

BAY RIDGE

Studios -6.6%

Two-Bedroom -2.3%

BOERUM HILL

Two-Bedroom -5.1%

BROOKLYN HEIGHTS

One-Bedroom -0.1%

CLINTON HILL

Two-Bedroom -5.0%

COBBLE HILL

One-Bedroom -1.5%

DUMBO

One-Bedroom -0.5%

Two-Bedroom -2.1%

DOWNTOWN BK

Studios -0.1%

PARK SLOPE

One-Bedroom -1.9%

WILLIAMSBURG

Studios -0.6%

One-Bedroom -0.5%

WHERE PRICES INCREASED

price_up_icon

BAY RIDGE

One-Bedroom 2.6%

BED STUY

Studios 1.8%

One-Bedroom 4.0%

Two-Bedroom 3.0%

BOERUM HILL

Studios 2.6%

One-Bedroom 2.7%

BOROUGH PARK/SUNSET PARK

Studios 3.7%

One-Bedroom 4.3%

Two-Bedroom 8.2%

BROOKLYN HEIGHTS

Studios 4.9%

Two-Bedroom 5.4%

BUSHWICK

Studios 11.2%

One-Bedroom 5.2%

Two-Bedroom 2.7%

CLINTON HILL

Studios 11.0%

One-Bedroom 5.8%

COBBLE HILL

Studio 11.0%

Two-Bedroom 4.9%

CROWN HEIGHTS

Studios 3.9%

One-Bedroom 6.1%

Two-Bedroom 4.7%

DUMBO

Studios 10.4%

DOWNTOWN BK

One-Bedroom 2.3%

Two-Bedroom 3.2%

FORT GREENE

Studios 12.9%

One-Bedroom 1.2%

Two-Bedroom 11.3%

GREENPOINT

Studios 7.1%

One-Bedroom 7.6%

Two-Bedroom 13.0%

PARK SLOPE

Studios 7.2%

Two-Bedroom 3.5%

PLG/FLATBUSH

Studios 3.9%

One-Bedroom 8.0%

Two-Bedroom 0.7%

WILLIAMSBURG

Two-Bedroom 9.7%

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
3.54%
20.24%
16.05%
15.28%
24.42%
21.71%
Clinton Hill
Cobble Hill
Crown Heights
Downtown BK
Dumbo
30.48%
24.92%
14.42%
33.56%
24.71%
Fort Greene
Greenpoint
Park Slope
PLG/FLATBUSH
Williamsburg
44.52%
42.61%
28.44%
15.70%
39.50%

YEAR OVER YEAR Price change

APRIL 2021 VS. APRIL 2022

price changes
TYPE APRIL 2021 APRIL 2022 CHANGE
Studios $2,070 $2,586 24.95%
One bedrooms $2,500 $3,177 27.08%
Two bedrooms $3,143 $3,977 26.50%
BROOKLYN

THROUGH APRIL, THE AVERAGE RENTAL PRICE IN BAY RIDGE DECREASED BY 1.93%.

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THE AVERAGE OVERALL RENTAL PRICE IN BEDFORD-STUYVESANT INCREASED BY 3.07% THROUGH APRIL.

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THROUGH APRIL, THE AVERAGE RENTAL PRICE IN BOERUM HILL DECREASED BY 0.5%.

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OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN BOROUGH PARK/SUNSET PARK INCREASED BY 5.55%.

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THROUGH APRIL, THE AVERAGE RENTAL PRICE IN BROOKLYN HEIGHTS INCREASED BY 3.60%.

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THROUGH APRIL, THE AVERAGE RENTAL PRICE IN BUSHWICK INCREASED BY 5.91%.

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THE AVERAGE RENTAL PRICE IN CLINTON HILL INCREASED BY 2.36% OVER THE PAST MONTH.

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THROUGH APRIL, THE AVERAGE RENTAL PRICE IN COBBLE HILL INCREASED BY 3.13%.

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OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN CROWN HEIGHTS INCREASED BY 4.89%.

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OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN DOWNTOWN BROOKLYN INCREASED BY 2.06%.

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THROUGH APRIL, THE AVERAGE RENTAL PRICE IN DUMBO INCREASED BY 1.23%.

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THROUGH APRIL, THE AVERAGE RENTAL PRICE IN FORT GREENE INCREASED BY 8.17%.

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OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN GREENPOINT INCREASED BY 9.35%.

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THROUGH APRIL, THE AVERAGE RENTAL PRICE IN PARK SLOPE INCREASED BY 2.62%.

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OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN PROSPECT LEFFERTS GARDENS/FLATBUSH INCREASED BY 3.87%.

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THE AVERAGE RENTAL PRICE IN WILLIAMSBURG INCREASED BY 3.20% THROUGH APRIL.

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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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