MNS, the Brooklyn real estate firm published their January 2015 Brooklyn Rental Market Report earlier this week (along with their Manhattan Rental Market Report). Andrew Barrocas, CEO of MNS, notes that average rents throughout Brooklyn increased by 2.64% from $2,598 in January 2014 to $2,666 in January 2015.

The market has picked up since December 2014. The largest percentage increases in rent prices were seen in Studio units in Cobble Hill, Clinton Hill and DUMBO. The largest percentage drop was seen in Studio units in Greenpoint.

Some other highlights of the report include the following:

• Rent Prices in Brooklyn decreased by approximately 0.02%- from $2,666.88 in December 2014 to $2,666.26 in January 2015
• Average rents throughout Brooklyn increased by 2.64% from $2,598 in January 2014
• Listing Inventory increased slightly by 5.34% from 3,148 listings units in December 2014 to 3,316 listings Units in January 2015
• The largest percentage increases in rent prices since December 2014*
• Studios in Cobble Hill (up 11.3%), Clinton Hill (up 10.19%) and DUMBO (up 9.72%)
• The largest percentage decreases in rent prices since December 2014*
• Studios in Greenpoint (down 18.14%)

*It is important to note that these neighborhoods had 10 or less studio listings at the time the sample was taken, a minimal number compared to other Brooklyn neighborhoods

• The largest annual upward shift in rent prices
• Boerum Hill rents increased from an average of $2,673 in January 2014 to $2,983 in January 2015, a 11.6% increase
• The largest annual downward shifts in rent prices
• Greenpoint saw a decrease of 10.0% from $2,904 in January 2014 to $2,615 in January 2015
• Notable additions to the market
• 1 North 4th Place, a 510-unit amenity-rich luxury rental development on the Williamsburg waterfront
• 395 Leonard Street, a 188-unit rental development on the former Meeker Flea Market site saw various listings enter the market
• Neighborhood Trends
• DUMBO: The annual average rent increased by a substantial 9.9% from $3,918.58 in January 2014 to $4,308.27 in January 2015
• Williamsburg: Inventory increased 18% from 638 in December 2014 to 754 in January 2015 due to influx of new listings from 1 North 4th and 395 Leonard Street
• Average studio pricing: $2,104, down from $2,136 in December 2014
• Average one-bedroom pricing: $2,547, down from $2,552 in December 2014
• Average two-bedroom pricing: $3,348, up from $3,313 in December 2014

In Dumbo, the annual average rent increased by a substantial 9.9% from $3,918.58 in January 2014 to $4,308.27 in January 2015. In Dumbo for January 2015, studios were $3,160 (vs $2,955 in December 2014), one bedrooms $4,091 (vs $3,943 in December 2014), and two bedrooms $5,674 (vs $5,751 in December 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:
{December 2014 Brooklyn Rental Market Report}
{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}