May 2012 Brooklyn Rental Market Report

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).

Here are the Dumbo price trends over 13 months for studios, one bedrooms, and two bedrooms:


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 ( and R.O.L.E.X. (Real Plus).

The Brooklyn Rental Market Report ™ is published by MNS. The full Brooklyn Rental Market Report ™ by neighborhood (PDF(1.2MB)).