March 2014 Rental Market Reports for Brooklyn

MNS, the Brooklyn real estate firm published their March 2014 Brooklyn Rental Market Report yesterday (along with their Manhattan Rental Market Report). The report reveals that in Brookln, average rents in Brooklyn increased 0.28% since February, from $2,629 to $2,637. Brooklyn rents have risen 6.39% since this time last year:

Avg. Studios: $2,030
Avg. One-bedrooms: $2,544
Avg. Two-bedrooms: $3,335

brooklyn_market_report_mar_14_pdf

Some other highlights of the report include the following:

  • Since March 2013, Brooklyn rents have risen from $2,478 to $2,637 – a 6.39-percent increase.
    • The uptick in pricing is a result of growing demand for two-bedroom units in multiple Brooklyn neighborhoods.
    • Pricing for two-bedroom units in Bay Ridge, Bushwick, Prospect Lefferts Gardens, Williamsburg and Crown Heights increased by more than 10-percent since March 2013.
  • Average rents in Brooklyn remained relatively stable, rising only 0.28-percent since February, from $2,629 to $2,637.
    • Avg. Studios: $2,030; No change since February (Greatest change since Feb.: -4.6-percent/-$123 in Fort Greene)
    • Avg. One-bedrooms: $2,544; up from $2,527 in February (Greatest change since Feb.: +9.6-percent/$168 in Cobble Hill)
    • Avg. Two-bedrooms: $3,335; No change since February (Greatest change since Jan.: +3.1-percent/$65 in Bed Stuy)

Rents for One-Bedrooms in Dumbo increased 11% since this time last year, from $3,543 to $3,934.

In Dumbo for March 2014, studios were $2,975 (vs $2,913 in Feb 2014), one bedrooms $3,934 (vs $3,925 in Feb 2014), and two bedrooms $5,281 (vs $5,204 in Feb 2014). Here are the Dumbo price trends over 13 months for studios, one bedrooms, and two bedrooms:

brooklyn_market_report_mar_14_pdf 2
For full report, go to www.mns.com/brooklyn_rental_market_report

Previously:
{January 2014 Brooklyn Rental Market Report}
{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}