MNS, the Brooklyn real estate firm published their November 2013 Brooklyn Rental Market Report today (along with their Manhattan Rental Market Report). The report reveals that in Brooklyn, following 13-month highs for studios, and one- and two-bedroom units – average rents fell 3.03-percent in November from $2,698 to $2,617. Although prices for studios (-0.98-percent), one-bedroom (-3.47-percent) and two-bedroom units (-3.95-percent) fell slightly from October, rental pricing has jumped 2.50-percent since this time last year, when overall rents were $2,553. The main drivers of this annual change continue to be studios (+7.6-percent) and two-bedroom units (+2.6-percent).
Andrew Barrocas, CEO of MNS, points to Brooklyn’s Bushwick neighborhood as an area that has garnered significant interest in terms of demand for rental properties. Since November 2012, Bushwick rents have increased 13.5-percent from $1,849 to $2,099. Demand and lack of inventory are driving factors in the uptick in rental pricing in Bushwick.
Some other highlights of the report include the following
- The average rent in Brooklyn sits at $2,617 – down from $2,698 in October, but still up from $2,553 in November 2012.
- Average prices for studios in Fort Greene increased by 10.6-percent from $1,940 in October to $2,146 in November – a jump attributed to an increase of availability of new studio listings at 80 DeKalb Ave.
- Prices for Park Slope one-bedroom units declined 5.2-percent since the previous month from $2,704 to $2,562. The neighborhood offered the most inventory for one-bedroom units in all of Brooklyn.
- Two-bedroom units in Downtown Brooklyn dropped from 8.8-percent, from $4,097 in October to $3,735 in November.
Brooklyn Neighborhood Highlights
- Bed-Stuy rents have increased 15.6-percent from $1,587 to $1,835, the largest relative increase of any Brooklyn neighborhood in this period.
- Increased demand for one-bedroom units in Bed-Stuy have driven prices upwards from $1,591 to $1,847.
- DUMBO continues to be Brooklyn’s most expensive neighborhood with average rents reaching $4,093, up 4.3-percent from $3,924 in November 2012.
- Studios in DUMBO – up 17-percent in the last year to $3,113 – now out-price nearly all studios in Manhattan, except doorman units in the East Village and Greenwich Village, and non-doorman units in TriBeca.
- DUMBO one-bedroom units increased 11-percent since November 2012, from $4,980 to $5,527– this average price surpasses all non-doorman two-bedroom units in Manhattan (except TriBeca) and doorman units in the East Village, Harlem and the Lower East Side.
In Dumbo for November 2013, studios were $3,113 (vs $3,145 in Oct 2013), one bedrooms $3,640 (vs $3,891 in Oct 2013), and two bedrooms $5,528 (vs $5,809 in Oct 2013). Here are the Dumbo price trends over 13 months for studios, one bedrooms, and two bedrooms:
Previously:
{October 2013 Brooklyn Rental Market Report}
{July 2013 Brooklyn Rental Market Report}
{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}
