BROOKLYN RENTAL MARKET REPORT

Brooklyn infographics

BROOKLYN RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN BROOKLYN HAS INCREASED THIS MONTH.

  • 1.24%
    CHANGE
  • $2,540
    MARCH 2021
  • $2,571
    APRIL 2021

A QUICK LOOK

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Over the past month, the average rental price in Brooklyn has increased by 1.24%, from $2,539.60 to $2,571.01. The average rental price for a studio unit increased by 1.95%, from $2,030.15 to $2,069.81. The average rental price for a one-bedroom unit increased by 0.87%, from $2,478.12 to $2,499.78. The average rental price for a two-bedroom unit increased by 1.06%, from $3,110.55 to $3,143.43. Compared to this time last year, rental prices are down across-the-board with studio, one-bedroom, and two-bedroom prices down by 10.38%, 12.57%, and 16.01%, respectively. Overall, average rental pricing in Brooklyn is down 13.45% from this time last year.

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

Out of the sixteen neighborhoods tracked by this report, twelve saw their average rental price increase: Bay Ridge (+0.3%), Bedford-Stuyvesant (+1.0%), Borough Park/Sunset Park (+0.3%), Brooklyn Heights (+5.0%), Bushwick (+0.7%), Clinton Hill (+0.5%), Cobble Hill (+1.9%), Crown Heights (+1.1%), Downtown Brooklyn (+3.2%), DUMBO (+2.6%), Fort Greene (+2.7%), Greenpoint (+1.2%).

NOTABLE TRENDS

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TYPE MOST EXPENSIVE LEAST EXPENSIVE
Studios Dumbo $2,893 Borough/Sunset Park $1,529
One bedrooms Dumbo $3,799 Bay Ridge $1,706
Two bedrooms Dumbo $5,437 Borough/Sunset Park $2,038

WHERE PRICES DECREASED

price_down_icon

BAY RIDGE

Two-Bedroom -1.6%

BOERUM HILL

Studios -2.8%

Two-Bedroom -1.5%

BOROUGH PARK/SUNSET PARK

Studios -2.3%

CLINTON HILL

Two-Bedroom -0.6%

COBBLE HILL

One-Bedroom -2.4%

DUMBO

Two-Bedroom -0.6%

GREENPOINT

One-Bedroom -2.3%

PARK SLOPE

Studios -1.4%

One-Bedroom -1.3%

Two-Bedroom -0.1%

PLG/FLATBUSH

Studios -0.8%

One-Bedroom -1.2%

Two-Bedroom -1.2%

WILLIAMSBURG

One-Bedroom -2.7%

Two-Bedroom -0.1%

WHERE PRICES INCREASED

price_up_icon

BAY RIDGE

Studios 2.9%

One-Bedroom 0.3%

BED STUY

Studios 1.5%

One-Bedroom 0.1%

Two-Bedroom 1.5%

BOERUM HILL

One-Bedroom 0.2%

BOROUGH PARK/SUNSET PARK

One-Bedroom 1.9%

Two-Bedroom 0.9%

BROOKLYN HEIGHTS

Studios 4.6%

One-Bedroom 4.0%

Two-Bedroom 5.7%

BUSHWICK

Studios 0.0%

One-Bedroom 1.1%

Two-Bedroom 1.0%

CLINTON HILL

Studios 0.9%

One-Bedroom 1.5%

COBBLE HILL

Studio 0.9%

Two-Bedroom 1.9%

CROWN HEIGHTS

Studios 0.5%

One-Bedroom 0.1%

Two-Bedroom 2.5%

DUMBO

Studios 7.2%

One-Bedroom 3.8%

DOWNTOWN BK

Studios 4.4%

One-Bedroom 5.8%

Two-Bedroom 0.8%

FORT GREENE

Studios 2.7%

One-Bedroom 2.4%

Two-Bedroom 3.1%

GREENPOINT

Studios 2.2%

Two-Bedroom 3.6%

WILLIAMSBURG

Studios 1.0%

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
5.71%
8.08%
23.66%
3.74%
13.60%
7.49%
Clinton Hill
Cobble Hill
Crown Heights
Downtown BK
Dumbo
10.21%
17.03%
10.05%
12.95%
12.89%
Fort Greene
Greenpoint
Park Slope
PLG/FLATBUSH
Williamsburg
20.70%
14.19%
11.67%
9.86%
18.74%

YEAR OVER YEAR Price change

APRIL 2020 VS. APRIL 2021

price changes
TYPE APRIL 2020 APRIL 2021 CHANGE
Studios $2,310 $2,070 10.4%
One bedrooms $2,859 $2,500 12.6%
Two bedrooms $3,742 $3,143 16.0%
BROOKLYN

THROUGH APRIL, THE AVERAGE RENTAL PRICE IN BAY RIDGE INCREASED BY 0.25%.

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THE AVERAGE OVERALL RENTAL PRICE IN BEDFORD-STUYVESANT INCREASED BY 1.03% THROUGH APRIL.

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AFTER AN INCREASE IN MARCH, THE AVERAGE RENTAL PRICE IN BOERUM HILL EXPERIENCED A CORRECTION OF 1.28% THROUGH APRIL.

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OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN BOROUGH PARK/SUNSET PARK INCREASED BY 0.26%.

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CARRYING OVER SOME MOMENTUM FROM THE PREVIOUS MONTH, THE AVERAGE RENTAL PRICE IN BROOKLYN HEIGHTS INCREASED BY AN ADDITIONAL 4.95% THROUGH APRIL.

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THROUGH APRIL, THE AVERAGE RENTAL PRICE IN BUSHWICK INCREASED BY 0.71%.

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THE AVERAGE RENTAL PRICE IN CLINTON HILL INCREASED BY 0.49% OVER THE PAST MONTH.

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BUOYED BY STRONG STUDIO PRICE GROWTH, THE AVERAGE RENTAL PRICE IN COBBLE HILL INCREASED BY 1.86%

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OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN CROWN HEIGHTS INCREASED BY 1.10%.

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THE AVERAGE RENTAL PRICE IN DOWNTOWN BROOKLYN INCREASED BY 3.23% THROUGH APRIL.

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THROUGH APRIL, THE AVERAGE RENTAL PRICE IN DUMBO INCREASED BY 2.58%.

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THROUGH APRIL, THE AVERAGE RENTAL PRICE IN FORT GREENE INCREASED BY 2.75%.

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FOLLOWING A LARGE DROP IN MARCH, THE AVERAGE RENTAL PRICE IN GREENPOINT REBOUNDED BY 1.21% THROUGH APRIL.

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OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN PARK SLOPE DECREASED BY 0.82%.

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THROUGH APRIL, THE AVERAGE RENTAL PRICE PROSPECT LEFFERTS GARDENS/FLATBUSH DECREASED BY 1.10%.

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THE AVERAGE RENTAL PRICE IN WILLIAMSBURG FELL BY 0.63% 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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