June 15th, 2012
MNS, the Brooklyn real estate firm published their May 2012 Brooklyn Rental Market Report. Some highlights include the following:
- Record Rates: Prime neighborhoods, like Brooklyn Heights, DUMBO, and Williamsburg, are commanding unprecedented rental rates.
- Want Brooklyn Heights? Go Solo: By comparison, one- and two-bedroom rental rates in this neighborhood surpass the borough-wide average by 22% and 35% respectively. Still want this trendy neighborhood? think about going solo where you can get a studio for just under $2,000.
- Two-Bedrooms Jump: On a monthly basis, two-bedroom units across the borough saw the greatest rental increase – 11.6%, $3,077 per month.
According to the report, May’s 2012 Brooklyn rents are quickly rising as we enter the warm season, up 2%, versus about a 1% change from March 2012 to April 2012. Overall across the borough, rents are up 10% from last May, with Park Slope showing the largest jump year-over-year, a 40% increase.
Same as last month, Dumbo has the most expensive average rents across the board (Bay Ridge was the least expensive):
In Dumbo, studios were $2,738 (vs $2,656 in April 2012), one bedrooms $3,542 (vs $3,463 April 2012), and two bedrooms $5,058 (vs $4,934 April 2012). Comare that to May 2012 mean Brooklyn rental prices for studios ($1,791/mo), one bedroom ($2,354), and two bedrooms ($3,077).
May 2012 Mean One-Bedroom Rental Prices:
The Brooklyn Rental Market ReportTM is based on a cross-section of data from available listings and 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).