MNS, the Brooklyn real estate firm published their July 2014 Brooklyn Rental Market Report today (along with their Manhattan Rental Market Report). Andrew Barrocas, CEO of MNS, notes that while month-to-month prices have fallen due to the maturation of inventory on the market in several neighborhoods, Brooklyn’s yearly progression continues its steady upwards pattern. He believes that this trend will continue as new developments and conversions enter the market at a relatively moderate pace in the near future.

The report reveals that in Brookln, rent prices in Brooklyn decreased by approximately 2.58% from $2,741 in June 2014 to $2,670 in July 2014. Rent prices increased 4.14% from $2,564 to $2,670 compared to July 2013.

Avg. Studios: $2,113 (Greatest change since June: -25.9%/$500 in Bed Stuy)
Avg. One-bedrooms: $2,597 (Greatest change since June: +14.4%/$411 in Cobble Hill)
Avg. Two-bedrooms: $3,301 (Greatest change since April: -11.3%/$436 in Cobble Hill)

Some other highlights of the report include the following:

• Rent prices in Brooklyn decreased by approximately 2.58 percent from $2,741 in June to $2,670 in July
• From July 2013 rent prices increased by 4.14 percent from $2,564 to $2,670
• Listing inventory increased 2 percent from June 2014 from 2,271 units to 2,327 units
• One bedroom units in Brooklyn Heights and Cobble Hill witnessed the largest price increases
• Studios in Bay Ridge and Bed Stuy witnessed the largest price decreases
• The largest annual upward and downward shift in rent prices were seen in Crown Heights and Dumbo, respectively
• Rents increased 17.5 percent in Crown Heights up from $1,796 in July 2013 to $2,110
• In Dumbo, rents decreased only .3 percent from $4,083 in July 2103 to $4,071
• A number of new luxury developments in Brooklyn Heights have caused a price surge in the neighborhood
• Although monthly price averages have remained stable, Cobble Hill is amongst the highest in terms of increases in yearly price changes
• Average studio pricing: $2,113
• Greatest changes since June: Down 25.9 percent ($500) in Bed Stuy
• Average one-bedroom pricing: $2,597
• Greatest changes since June: Up 14.4 percent ($411) in Cobble Hill
• Average two-bedroom pricing: $3,301
• Greatest changes since June: Down 11.3 percent ($436) in Cobble Hill

In Dumbo, both monthly and yearly average overall rents remained relatively stable decreasing a minimal 1.95% and .3% respectively. In Dumbo for July 2014, studios were $3,004 (vs $3,095 in June 2014), one bedrooms $3,756 (vs $3,847 in June 2014), and two bedrooms $5,454 (vs $5,515 in June 2014). Here are the Dumbo price trends over 13 months for studios, one bedrooms, and two bedrooms:

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

Previously:
{May 2014 Brooklyn Rental Market Report}
{March 2014 Brooklyn Rental Market Report}
{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}