November 2012 Brooklyn Rental Market Report

MNS, the Brooklyn real estate firm published their November 2012 Brooklyn Rental Market Report today. A lack of inventory continued to plague Brooklyn’s rental market this month, with an increasingly limited number of studios available borough-wide. According to the report, rental rates increased a total of 1.16% across all unit types; however, even with low inventory studio rates since October, decreased by 0.83%.

Some highlights include the following:

  • Barclays Boosts Boerum Hill: Proximity to the new Barclay’s Center may be a boon for the Boerum Hill rental market. Rents in this neighborhood have been on the rise in recent months, and November brought a 0.3% increase in rates.
  • Rental Prospects: If you’re considering Prospect Lefferts Gardens, this nabe posted some very interesting rental numbers this month. Studio rents on average were the most affordable of any Brooklyn neighborhood ($999 per month), but one-bedroom rates skyrocketed up 15.4% ($216) since October.
  • Drop in Dumbo: Brooklyn’s most expensive neighborhood saw studio rates plummet this month—surprising, given the low inventory in the area. Dumbo studio pricing dropped $700 between October and November. Coupled with declines in Prospect Lefferts Gardens and Bedford Stuyvesant, studio rates across these three neighborhoods decreased a combined average of 16.5%.

According to the report, Dumbo still has the most expensive average rents for one and two bedrooms, but Williamsburg took the most expensive neighborhood for studio apartments:

In Dumbo, studios were $2,650 (vs $3,350 in October 2012), one bedrooms $4,141 (vs $3,925 October 2012), and two bedrooms $4,980 (vs $4,929 October 2012). Compare that to Novemeber 2012 mean Brooklyn rental prices for studios ($1,916/mo), one bedroom ($2,522), and two bedrooms ($3,220).

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(1.7MB)).

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