July 19th, 2012
MNS, the Brooklyn real estate firm published their June 2012 Brooklyn Rental Market Report. Some highlights include the following:
- Atlantic Yards 2013: Rental rates on all unit types declined an average of 1.5% this month. With construction continuing on the Atlantic Yards project, we don’t anticipate rents to stabilize in the area until 2013 when the first of the development’s residential units come to market.
- Up, Up and Away in Greenpoint: With new retail openings occurring along Manhattan Avenue and McGuinness Boulevard, it’s no surprise that rental rates in Greenpoint were up across the board this month. On average, studios increased 5.8%, one-bedrooms up 3.1% and two-bedroom units rose 2% since May.
- Studios on the Rise: On a monthly basis, studios across the borough saw the greatest rental increase – 2.3% to $1,832 per month on average.
According to the report, rental rates rose 1.6% across the borough since May 2012. Looking back on a yearly basis, rates are up an average of almost 11% since last June.
Dumbo has the most expensive average rents across the board:
In Dumbo, studios were $2,750 (vs $2,738 in May 2012), one bedrooms $3,589 (vs $3,542 May 2012), and two bedrooms $5,071 (vs $5,058 May 2012). Compare that to June 2012 mean Brooklyn rental prices for studios ($1,832/mo), one bedroom ($2,397), and two bedrooms ($3,097).
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).