October 11th, 2012
MNS, the Brooklyn real estate firm published their September 2012 Brooklyn Rental Market Report today. According to the report, there was a slight increase this month in rental rates, totaling 1.8%, or $46, across all unit types in Brooklyn. Some highlights include the following:
- Spotlight on Bay Ridge: While rents in in Bay Ridge are on a steady rise, it’s currently the most affordable neighborhood in Brooklyn. Studio rates in September were $1,150 on average and two-bedrooms for $1,829.
- Fort Greene and Greenpoint: Rents in Fort Greene and Greenpoint continue to climb, with rates increasing 10.1% and 13.6%, respectively, over the summer months of June to September.
- Two-Bedroom Demand: As reported, the two bedroom sector had the largest increase this month, at 2.1% or $65. These units have also shown the greatest year-over-year increase from $ 2,835 to an average 3,148 per month – an 11.0% increase.
According to the report, the greatest month-to-month changes in rental rates were seen in Bed-Stuy for studios, up 12% (about $137); one-bedrooms in Bushwick, up 4.9% (about $88); and two-bedrooms in Greenpoint, up 5.1% (about $156).
Dumbo has the most expensive average rents across the board:
In Dumbo, studios were $3,175 (vs $3,275 in July 2012), one bedrooms $3,783 (vs $3,640 July 2012), and two bedrooms $5,095 (vs $4,819 July 2012). Compare that to September 2012 mean Brooklyn rental prices for studios ($1,926/mo), one bedroom ($2,457), and two bedrooms ($3,148).
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).