Real Estate

January 2014 Brooklyn Rental Market Report

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MNS, the Brooklyn real estate firm published their January 2014 Brooklyn Rental Market Report yesterday (along with their Manhattan Rental Market Report). The report reveals that in Brooklyn, following a decline in November and December, average rents in Brooklyn increased 1.62% in January, from $2,587 to $2,629 Brooklyn rents have risen 4.02% since this time last year:

  • Avg. Studios: $2,069
  • Avg. One-bedrooms: $2,515
  • Avg. Two-bedrooms: $3,267

MNS_jan2014_rental

Some other highlights of the report include the following

  • Demand for two-bedrooms in Bushwick lead to a 5.6-percent increase, from $2,160 to $2,283 since last month.
  • Cobble Hill one-bedroom pricing witnessed the largest month-over-month increase of any unit type in Brooklyn, rising 7.1-percent to $2,625 from $2450.
  • Crown Heights two-bedrooms increased 5.3-percent since December, from $2,227 to $2,345.
  • The largest month-over-month gain by volume was in Downtown Brooklyn, as each unit type offered positive returns throughout January. Studios (+2-percent or $2,464); One-bedrooms (+4.5-percent or $3,028); Two-bedrooms (+2.3-percent or $3,913).
  • Rent in Fort Greene has increased for five consecutive months, as availability has consistently decreased and caused prices to rise each month. Studios (+5.6-percent or $2,450); One-bedrooms (+2.1-percent or $2,675); Two-bedrooms (+1.8-percent or $3,702).

Rents for One-Bedrooms in Dumbo increased for the second consecutive month, up 2.9% since the previous month from $3,826 to $3,939. Increased demand for One-Bedrooms coupled with a limited availability in Dumbo has consistently made this unit type the highest priced One-Bedroom in Brooklyn.

In Dumbo for January 2014, studios were $2,783 (vs $3,044 in Dec 2013), one bedrooms $3,939 (vs $3,826 in Dec 2013), and two bedrooms $5,033 (vs $5,153 in Dec 2013). Here are the Dumbo price trends over 13 months for studios, one bedrooms, and two bedrooms:
MNS_jan2014_rental_dumbo

For full report, go to www.mns.com/brooklyn_rental_market_report

Previously:
{November 2013 Brooklyn Rental Market Report}
{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}
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