MNS, the Brooklyn real estate firm published their March 2015 Brooklyn Rental Market Report today (along with their Manhattan Rental Market Report). Andrew Barrocas, CEO of MNS, notes that average rents throughout Brooklyn increased 0.38% this month, to $2,711.22 in March from $2700.99 in February.
Brooklyn rents remained stable this month and year-over-year increases were 2.87% from March 2014. Listing inventory grew only 0.57% in March—up to 2,984 from 2,967 units in February.
The largest increases in rent prices were seen in studio in Brooklyn Heights and two bedroom units in Boerum Hill and Cobble Hill. The biggest drops in rents occurred in studio units in Cobble Hill, Crown Height and Fort Greene, and two bedroom units in Fort Greene. It should also be noted that the current inventory of studio units in Boerum Hill, Cobble Hill, Crown Heights and Bushwick was less than 15 units at the time data was collected. Thus, these neighborhoods may demonstrate extreme price sensitivity compared to other Brooklyn neighborhoods.
The greatest year-over-year changes occurred in Boerum Hill and Greenpoint. Average prices in Boerum Hill increased by 21.3% since March 2014. Average prices in Greenpoint fell by 7.3%, to $2,655 in March 2015 from $2,864.41 in March 2014.
Some other highlights of the report include the following:
- Average rents in Brooklyn increased to $2,711.22 in March 2015. Monthly growth was 0.38% from February 2015
- Year-over-year increases were 2.87% from March 2014
- Listing inventory grew only 0.57% in March – up to 2,984 from 2,967 units in February
- The current inventory of studio units in Boerum Hill, Cobble Hill, Crown Heights and Bushwick was less than 15 units at the time data was collected.
- The largest monthly increase
- Studios in Brooklyn Heights rose by 9.55%
- Two bedroom units in Boerum Hill rose by 9.6%
- Two bedroom units in Cobble Hill rose the most this month with an 11.91% increase
- The largest monthly decrease
- Studios in Cobble Hill decreased by 15.92%
- Studios in Crown Heights decreased by 7.1%
- Studios in Fort Greene decreased by 7.78%
- Two Bedrooms in Fort Greene decreased by 8.13%
- Neighborhood Trends
- Dumbo: March’s most expensive rental properties are in Dumbo, with studios, one bedrooms and two bedrooms at prices up to $3,004, $3,979 and $5,451 respectively
- Bay Ridge: March’s least expensive studios and one bedrooms are in Bay Ridge, at $1,291 and $1,606 respectively
- Average studio pricing: $2,139, down from $2,166 in February 2015
- Average one-bedroom pricing: $2,608, up from $2,570 in February 2015
- Average two-bedroom pricing: $3,386, up from $3,367 in February 2015
In Dumbo for March 2015, studios were $3,004 (vs $3,035 in February 2015), one bedrooms $3,979 (vs $4,141 in February 2015), and two bedrooms $5,451 (vs $5,795 in February 2015). 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:
{January 2015 Brooklyn Rental Market Report}
{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}
