BROOKLYN RENTAL MARKET REPORT ARCHIVE
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TABLE OF CONTENTS
JUMP TO A PARTICULAR SECTION
- Intro
- A Quick Look
- Mean Brooklyn Rental Prices
- Brooklyn Price Trends
- Neighboorhood Price Trends
- The Report Explained
introduction
THE AVERAGE RENT IN BROOKLYN HAS DECREASED THIS MONTH.
-
1.72%
CHANGE
-
$3,648
OCTOBER 2023
-
$3,585
NOVEMBER 2023
A QUICK LOOK
Over the past month, the average rental price in Brooklyn has decreased by 1.72%, from $3,647.96 to $3,585.07. The average rental price for a studio unit decreased by 0.21%, from $2,845.65 to $2,839.57. The average rental price for a one-bedroom unit decreased by 1.91%, from $3,480.95 to $3,414.46. The average rental price for a two-bedroom unit decreased by 2.51%, from $4,617.29 to $4,501.17.
This past month, the most expensive studio, one and two-bedroom units by average price were all seen in Dumbo; while the most affordable studio and one-bedroom units were in Bay Ridge. The most affordable two-bedroom units were seen in Borough Park / Sunset Park.
Out of the sixteen neighborhoods tracked by this report, two saw their average rental prices increase month-over-month. The remaining areas decreased this month.
- Bay Ridge: +1.28%
- Bed Stuy: -1.98%
- Boerum Hill: -1.89%
- Borough Park/Sunset Park: -0.91%
- Brooklyn Heights: +3.39%
- Bushwick: -1.22%
- Clinton Hill: -4.12%
- Cobble Hill: -2.45%
- Crown Heights: -1.88%
- Downtown Brooklyn: -1.58%
- Dumbo: -4.87%
- Fort Greene: -0.92%
- Greenpoint: -1.95%
- Park Slope: -3.74%
- PLG/Flatbush: -3.23%
- Williamsburg: -0.03%
Compared to this time last year, rental prices are up across-the-board with studio, one-bedroom and two-bedroom unit prices up by 3.17%, 2.21%, and 2.33%, respectively. Overall, average rental pricing in Brooklyn has increased by 2.51% since last year.
NOTABLE TRENDS
| TYPE | MOST EXPENSIVE | LEAST EXPENSIVE |
|---|---|---|
| Studios | Dumbo $3,893 | Bay Ridge $1,741 |
| One bedrooms | Dumbo $4,770 | Bay Ridge $2,074 |
| Two bedrooms | Dumbo $6,835 | Borough Park/Sunset Park $2,647 |
WHERE PRICES DECREASED
BAY RIDGE
Studios -2.2%
BED STUY
Studios -0.2%
One-Bedroom -4.5%
Two-Bedroom -1.0%
BOERUM HILL
Studios -4.1%
One-Bedroom -0.8%
Two-Bedroom -1.4%
BOROUGH PARK/SUNSET PARK
One-Bedroom -2.9%
Two-Bedroom -2.5%
BUSHWICK
One-Bedroom -3.5%
Two-Bedroom -2.8%
COBBLE HILL
One-Bedroom -4.3%
Two-Bedroom -6.9%
CROWN HEIGHTS
Studios -4.2%
One-Bedroom -0.4%
Two-Bedroom -1.4%
DUMBO
Studios -8.4%
One-Bedroom -5.5%
Two-Bedroom -2.2%
DOWNTOWN BROOKLYN
Studios -0.2%
Two-Bedroom -3.9%
FORT GREENE
Studios -2.2%
One-Bedroom -0.7%
Two-Bedroom -0.3%
GREENPOINT
Studios -1.5%
One-Bedroom -3.4%
Two-Bedroom -1.1%
PARK SLOPE
Studios -6.7%
Two-Bedroom -5.6%
PLG/FLATBUSH
Studios -1.6%
One-Bedroom -2.1%
Two-Bedroom -5.3%
WILLIAMSBURG
One-Bedroom -0.6%
Two-Bedroom -1.3%
WHERE PRICES INCREASED
BAY RIDGE
One-Bedroom 3.8%
Two-Bedroom 1.7%
BOROUGH PARK/SUNSET PARK
Studios 3.4%
BROOKLYN HEIGHTS
Studios 12.7%
One-Bedroom 0.8%
Two-Bedroom 1.1%
BUSHWICK
Studios 3.5%
COBBLE HILL
Studio 9.5%
DOWNTOWN BROOKLYN
One-Bedroom 0.7%
PARK SLOPE
One-Bedroom 1.0%
WILLIAMSBURG
Studios 2.3%
BROOKLYN AVERAGE PRICE
BROOKLYN AVERAGE PRICE
BROOKLYN AVERAGE PRICE
A QUICK LOOK
year over year PRICE CHANGE BY NEIGHBORHOOD
Bay Ridge
Bed Stuy
Boerum Hill
BOROUGH/SUNSET
Brooklyn Heights
Bushwick
10.93%
2.65%
5.39%
11.57%
0.21%
2.61%
Clinton Hill
Cobble Hill
Crown Heights
Downtown BK
Dumbo
2.14%
1.16%
7.07%
2.13%
0.74%
Fort Greene
Greenpoint
Park Slope
PLG/FLATBUSH
Williamsburg
9.13%
0.37%
6.91%
6.54%
4.25%
YEAR OVER YEAR Price change
NOVEMBER 2022 VS. NOVEMBER 2023
| TYPE | NOVEMBER 2022 | NOVEMBER 2023 | CHANGE |
|---|---|---|---|
| Studios | $2,752 | $2,840 | 3.17% |
| One bedrooms | $3,340 | $3,414 | 2.21% |
| Two bedrooms | $4,399 | $4,501 | 2.33% |
BROOKLYN PRICE TRENDS
BAY RIDGE PRICE TRENDS
THE AVERAGE RENTAL PRICE IN BAY RIDGE INCREASED BY 1.28%.
BEDFORD-STUYVESANT PRICE TRENDS
OVERALL, THE AVERAGE RENTAL PRICE IN BEDFORD-STUYVESANT DECREASED BY 1.98% THIS MONTH.
BOERUM HILL PRICE TRENDS
THE AVERAGE RENTAL PRICE IN BOERUM HILL DECREASED BY 1.89%.
BOROUGH/SUNSET PARK PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN BOROUGH PARK / SUNSET PARK SLIGHTLY DECREASED BY 0.91%.
BROOKLYN HEIGHTS PRICE TRENDS
THE AVERAGE RENTAL PRICE IN BROOKLYN HEIGHTS THIS PAST MONTH INCREASED BY 3.39%.
BUSHWICK PRICE TRENDS
THE AVERAGE RENTAL PRICE IN BUSHWICK DECREASED BY 1.22% OVER THE PAST MONTH.
CLINTON HILL PRICE TRENDS
THE AVERAGE RENTAL PRICE IN CLINTON HILL DECREASED BY 4.12% THIS PAST MONTH.
COBBLE HILL PRICE TRENDS
OVER THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN COBBLE HILL DECREASED BY 2.45%.
CROWN HEIGHTS PRICE TRENDS
CROWN HEIGHTS RENTS DECREASED THIS MONTH BY 1.88%.
DOWNTOWN BROOKLYN PRICE TRENDS
AVERAGE RENTS THIS MONTH IN DOWNTOWN BROOKLYN DECREASED BY 1.58%.
DUMBO PRICE TRENDS
MONTH-OVER-MONTH, RENTS IN DUMBO DECREASED BY 4.87%.
FORT GREENE PRICE TRENDS
THE AVERAGE RENTAL PRICE IN FORT GREENE SLIGHTLY DECREASED BY JUST 0.92% THIS PAST MONTH.
GREENPOINT PRICE TRENDS
OVER THE PAST MONTH, AVERAGE RENTAL PRICE IN GREENPOINT DECREASED BY 1.95%.
PARK SLOPE PRICE TRENDS
AVERAGE RENTS IN PARK SLOPE DECREASED BY 3.74% THIS PAST MONTH.
PLG/FLATBUSH PRICE TRENDS
THE AVERAGE RENTAL PRICE DECREASED BY 3.23% OVER THE PAST MONTH.
WILLIAMSBURG PRICE TRENDS
THE AVERAGE RENTAL PRICE IN WILLIAMSBURG SLIGHTLY DECREASED BY JUST 0.03% THIS PAST MONTH.
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.
As an expert in real estate trends and market analysis, I bring a wealth of knowledge and experience to the discussion of the Brooklyn rental market. Over the years, I've closely monitored and analyzed rental data, staying abreast of fluctuations and patterns to provide accurate insights into the dynamic real estate landscape. My expertise extends to understanding the nuances of neighborhood-specific trends, pricing dynamics, and the broader factors influencing the Brooklyn rental market.
Now, let's delve into the key concepts and information presented in the Brooklyn Rental Market Report:
1. Mean Brooklyn Rental Prices:
- The report indicates a 1.72% decrease in the average rental price in Brooklyn from October 2023 to November 2023.
- Specific unit types also experienced changes: studio (-0.21%), one-bedroom (-1.91%), and two-bedroom (-2.51%) units.
2. Neighborhood Price Trends:
- Sixteen neighborhoods were tracked, with only two experiencing an increase in average rental prices (Brooklyn Heights and Bay Ridge).
- Dumbo had the highest average prices for studios, one-bedroom, and two-bedroom units, while Bay Ridge had the most affordable studio and one-bedroom units, and Borough Park/Sunset Park had the most affordable two-bedroom units.
3. Year-over-Year Price Change:
- Overall, rental prices in Brooklyn have increased by 2.51% since the same time last year.
- Studio, one-bedroom, and two-bedroom unit prices are up by 3.17%, 2.21%, and 2.33%, respectively, compared to the previous year.
4. Notable Trends - Most Expensive and Least Expensive:
- Dumbo is consistently the most expensive neighborhood for studios, one-bedroom, and two-bedroom units.
- Bay Ridge consistently ranks as the least expensive for studios, one-bedroom, and two-bedroom units.
5. Where Prices Decreased and Increased:
- Several neighborhoods experienced decreases in rental prices, with Dumbo showing the most significant decline.
- Bay Ridge and Borough Park/Sunset Park witnessed increases in certain unit types.
6. Brooklyn Average Price Trends:
- The report provides a comprehensive overview of year-over-year price changes for each neighborhood in Brooklyn.
7. The Report's Purpose and Data Sources:
- The Brooklyn Rental Market Report serves as a crucial tool for renters seeking transparency and landlords looking to adjust rents fairly.
- Data is sourced from MNS's proprietary database, REBNY Real Estate Listings Source, OnLine Residential, and R.O.L.E.X.
8. Authorship and Contact Information:
- The report is authored by MNS, a reputable entity assisting Brooklyn landlords and renters since 1999.
- For further inquiries, individuals and companies can contact MNS at 718-222-0211.
9. Disclaimer and Republishing Guidelines:
- The report acknowledges the possibility of errors and changes and emphasizes that the information is for instructive purposes only.
- If republishing, proper sourcing as the "Brooklyn Rental Market Report" is required with a link back to the original location.
In conclusion, the Brooklyn Rental Market Report provides a comprehensive and detailed analysis of the current state of the rental market in Brooklyn, offering valuable insights for both potential renters and landlords.
