MNS, the Brooklyn real estate firm published their October 2014 Brooklyn Rental Market Report today (along with their Manhattan Rental Market Report). Andrew Barrocas, CEO of MNS, notes that rent prices in Brooklyn decreased by approximately 0.33% from $2,703 in September 2014 to $2,694 in October 2014. Rent prices decreased 0.2% from $2,698 to $2,694 compared to October 2013. Listing inventory decreased 6% compared to September 2014 from 2,527 units to 2,379 units.

The report reveals that in Brooklyn, the market appears to have slowed down slightly compared to September 2014. The largest percentage increases in rent prices (among material sample sizes) were
seen in studios in Bedford-Stuyvesant and two bedroom units in Dumbo. The largest percentage decreases were seen in studio units in Prospect-Lefferts Gardens and Brooklyn Heights. The largest annual upward and downward shifts in rent prices (among material sample sizes) were seen in Bay Ridge and Williamsburg respectively. Rents increased 9.3% in Bay Ridge compared to October 2013 from $1,615 to $1,766. Rents decreased by 9.5% in Williamsburg from $3,497 to $3,167.

Avg. Studios: $2,157 (Greatest change since September: +13.19%/+$207 in Bushwick studios)
Avg. One-bedrooms: $2,580 (Greatest change since September: +6.48%/+$103 in PLG one bedrooms)
Avg. Two-bedrooms: $3,345 (Greatest change since September: -7.37%/-$339 in Brooklyn Heights two bedrooms)

Some other highlights of the report include the following:

• Rent prices in Brooklyn decreased by approximately 0.33% from $2,703 in September 2014 to $2,694 in October 2014
• Rent prices decreased 0.2% from $2,698 to $2,694 compared to October 2013
• Listing inventory decreased 6% compared to September 2014 from 2,527 units to 2,379 units
• The largest percentage increases in rent prices since September 2014
• Studios in Bedford-Stuyvesant and Two Bedroom units in Dumbo, are up 10.66% and 6.50% respectively
• The largest percentage decreases in rent prices since September 2014
• Studios in Prospect-Lefferts Gardens and Brooklyn Heights are down 9.69% and 9.07% respectively
• Largest annual upward and downward shift in rent prices
• Bay Ridge rents are up 9.3% compared to October 2013, from $1,615 to $1,766
• Williamsburg rents decreased by 9.5% from $3,497 to $3,167
• One notable trend this month is Bushwick’s 4.29% increase in average rents
• Due to a low sample size, this neighborhood’s 13.19% rise in Studio prices distorts the overall average rent
• Overall rental prices in Fort Greene increased the most out of all Brooklyn neighborhoods, rising 4.07% from September 2014, while also rising by 5% from last year.
• Brooklyn Heights saw a decline in all unit types in monthly average rents, leading to the greatest decrease among Brooklyn neighborhoods of 6.11%
• Average studio pricing: $2,157, down from $2,187 in September 2014
• Average one-bedroom pricing: $2,580, down from $2,586 in September 2014
• Average two-bedroom pricing: $3,345, up from $3,335 in September 2014

In Dumbo, yearly overall average rents increased 4.6% from October 2013 to October 2014 due to a surge in Studio prices of 15.77%. In Dumbo for October 2014, studios were $3,641 (vs $3,777 in September 2014), one bedrooms $3,822 (vs $3,879 in September 2014), and two bedrooms $5,974 (vs $5,609 in September 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:
{July 2014 Brooklyn Rental Market Report}
{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}