September 2012 Brooklyn Rental Market Report

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).

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


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(1.1MB)).

{June 2012 Brooklyn Rental Market Report}
{May 2012 Brooklyn Rental Market Report}
{April 2012 Brooklyn Rental Market Report}