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:

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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).

The Brooklyn Rental Market Report ™ is published by MNS. The full Brooklyn Rental Market Report ™ by neighborhood (PDF(1.7MB)).

Previously:
{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}