MNS, the Brooklyn real estate firm published their October 2013 Brooklyn Rental Market Report today (along with their Manhattan Rental Market Report). The report reveals that in Brooklyn, average rents continue to climb, rising 3.82-percent from $2,599 to $2,698 and Dumbo rentals for studios, one bedrooms, and two bedrooms are the most expensive in Brooklyn.
Andrew Barrocas, CEO of MNS, highlights studio prices in DUMBO jumping 6.70-percent, from $2,948 to $3,145. Studios in Dumbo now out-price both doorman and non-doorman studios in the following Manhattan neighborhoods: Battery Park City, Chelsea, the Financial District, Gramercy, Harlem, the Lower East Side, Midtown East, Midtown West, Murray Hill, SoHo, the Upper East Side and the Upper West Side.
Some other highlights of the report include the following
- The average rent in Brooklyn sits at $2,698.
- Average rental prices rose in every Brooklyn neighborhood expect Boerum Hill.
- Two-bedroom units have remained the largest driver of Brooklyn rental prices, rising 10.18 percent year-over-year and 3.72-percent from the previous month.
- Since October 2012, studio and one-bedroom units have experienced a similar upward price trend, increasing 7.74-percent to $2,082 and 3.25-percent to $2,574 respectively.
- On a year-over-year basis , double digit increases in terms of average rents have been seen in the following neighborhoods: Bed-Stuy (+14.6-percent), Bushwick (+15.4-percent), Cobble Hill (+17.7-percent), Greenpoint (10.3-percent) and Prospect Lefferts Gardens (+13.3-percent). Barrocas attributes this to the growing demand for two-bedroom units, which can be explained by the fact that 25-percent of households are comprised of married couples with children.
Brooklyn Neighborhood Highlights
- The largest pricing increase – by volume – was seen in Williamsburg, which experienced significant increases in each unit type since the previous month. Studios (+5.52-percent), one-bedroom (+11.24-percent) and two-bedroom (+3.60-percent).
- Bed-Stuy studios last high of 20 days on the market, while Crown Heights studios last a low of nine.
- Inventory Spotlight: One-bedroom units in Williamsburg outnumber one-bedroom units in Prospect Lefferts Gardens by 291. Two-bedroom units in Williamsburg outnumber two-bedroom units in DUMBO by 158.
- What can you get for your money? The biggest price discrepancies lie between DUMBO and Bay Ridge; where a two-bedroom unit will run you $5,809 and $2,165 respectively – a difference of $3,644
In Dumbo, studios were $3,145, one bedrooms $3,891, and two bedrooms $5,809. Here are the Dumbo price trends over 13 months for studios, one bedrooms, and two bedrooms: