MNS, the Brooklyn real estate firm published their July 2013 Brooklyn Rental Market Report today. The report reveals that as a result of the high rental numbers found in Downtown Brooklyn, the overall rent has increased by 1.68% from the previous month. All three units covered in the report, Studios (1.19%), 1 Bedroom (1.48%) and 2 Bedroom (2.11%) posted modest gains during the previous thirty days. In summary, the overall average increased to $2,564 during July from $2,521 during the month of June.

Studios within Dumbo experienced significant gains during the month of June – reaching a high of $2,900 for the year 2013. However, during the month of July, the average price of a studio regressed back to levels within the $2,600 – $2,700 range as accustomed to all year. After analyzing the inventory for these particular units, only a handful of studios were listed on the market during the month of June. As expensive as these studio units may seem, do not forget that the average studio in Dumbo was listed at $3,350 during October 2012.

Some other highlights of the report include the following:

• Two Bedroom units saw the highest appreciation at 2.11% – especially in areas such as Downtown Brooklyn (7.05%) and Bed Stuy (5.12%).
• Year to Year trends: Surprisingly, studios are down -2.00% from 12 months ago – representing a monetary loss of -$39.18. However, both 1 Bedrooms (2.87%) and 2 Bedroom (8.46%) units have generated noteworthy returns.
• For comparison, according to MNS’ Manhattan Rental Report, also released today, the overall rent in Manhattan has increased by 2.86% since the beginning 2013. In July 2013, studios in Manhattan averaged $2,273 for non-doorman buildings ($2,677 for doorman buildings), $3,020 for non-doorman one bedrooms ($3,874 for doormain buildings), and $4,353 for non-doorman two bedrooms ($6,008 for doorman buildings).

According to the report, the most expensive average rents for one ($3,641) and two bedrooms ($5,982) were in Dumbo, and Williamsburg has the most expensive studio apartments ($2,770 per month):

In Dumbo, studios were $2,625, one bedrooms $3,641, and two bedrooms $5,982. The May 2013 mean Brooklyn rental prices for studios ($1,956/mo), one bedroom ($2,387), and two bedrooms ($3,061).

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

The Brooklyn Rental Market Report ™ is published by MNS.

Previously:
{May 2013 Brooklyn Rental Market Report}
{Brooklyn Rental Market Report (Year End 2012)}
{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}