MNS, the Brooklyn real estate firm published their December 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 slightly to $2,666.88 in December 2014, from $2,677.19 (0.39%) in November 2014, however since December 2013, a 3.08% increase was observed with prices increasing from $2,587.23. Listing inventory increased substantially by 9% from 2,879 unit listings in November 2014 to 3,148 in December 2014.

The largest percentage increase in rent prices (among material sample sizes) was seen in Studio units in Downtown Brooklyn at 10.57%. The largest percentage decreases were seen in Studio units in Bay Ridge and Greenpoint, at 11.94% and 12.88%, respectively.

Some other highlights of the report include the following:

• Rent Prices in Brooklyn decreased slightly from 2,677.19 in November to $2,666.88 in December, a 0.39% drop
• Since December 2013 rent prices have increased 3.08% rising from $2,587.23 to $2,666.88 in December 2014
• Listing inventory increased substantially by 9%, from 2,879 unit listings in November 2014 to 3,148 in December 2014
• The largest percentage increases in rent prices since November 2014
• Studio units in Downtown Brooklyn rose 10.57% from $2,361 in November to $2,611 in December
• The largest percentage decreases in rent prices since November 2014
• Studio units in Bay Ridge decreased by 11.94% from $1,458 in November to $1,284 in December
• Studio units in Greenpoint decreased by 12.88% from $3,012 in November to $2,624 in December
• The largest annual upward shift in rent prices
• Average rent increased 15.7% in Boerum Hill from $2,667.65 in December 2013 to $3,088 in December 2014
• The largest annual downward shifts in rent prices
• Average rent decreased by 7.4% in Williamsburg from $3,461.62 in December 2013 to $3,204.51 in December 2014
• Dumbo two-bedroom units have increased by 12.32% since December 2013, rising from $5,153 to $5,788

In Dumbo, although the overall monthly average increased slightly by 0.49%, overall annual average rental prices increased by 5.7%, largely driven by a 12.32% growth in 2 bedroom apartment prices. In Dumbo for December 2014, studios were $2,880 (vs $2,955 in November 2014), one bedrooms $4,043 (vs $3,943 in November 2014), and two bedrooms $5,788 (vs $5,751 in November 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:
{October 2014 Brooklyn Rental Market Report}
{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}