MNS, the Brooklyn real estate firm published their October 2012 Brooklyn Rental Market Report today. The month of October continued to experience a lack of inventory. According to the report, studio and one-bedroom rents rose an average of .89% this month, while two-bedroom rates decreased .85%. Rental rates across all unit types increased .31% since September.
Some highlights include the following:
- Where to catch a studio break: Year-over-year rents for studio homes have increased 12.1%, more than any other unit. So where can you go and not break the bank? Rates for studios are down this month in Boerum Hill ($157), Bushwick ($515), Clinton Hill ($80), Greenpoint ($191) and Williamsburg ($97).
- Rents High in Crown Heights: Average rents are up 12%, or $192, in this neighborhood since October 2011, and it doesn’t look like they are slowing down. This month, rates increased 3.1%, or $59, with the largest dollar increase in one-bedroom, up $88.
- Two-Bedrooms No Longer in Such High Demand: While last month these units showed the greatest year-over-year increase in rental rates (up from $2,835 to an average $3,121 per month), that trend may have started to slow down: two-bedrooms this month were down .85%, or $27, since September.
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 $3,350 (vs $3,1275 in September 2012), one bedrooms $3,925 (vs $3,783 September 2012), and two bedrooms $4,929 (vs $5,095 September 2012). Compare that to October 2012 mean Brooklyn rental prices for studios ($1,723/mo), one bedroom ($2,299), and two bedrooms ($2,893).
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).