MNS, the Brooklyn real estate firm published their April 2015 Brooklyn Rental Market Report yesterday (along with their Manhattan Rental Market Report). The report notes that average rents across Brooklyn rose slightly this month. The average rent in Brooklyn increased to $2,714.14, up 0.48% from $2,711.22 in March 2015. Over the past 12 months, Brooklyn rents are up 2.26%, from $2,663.93 in April 2014.
Boerum Hill saw the greatest change in rent prices since last month, with average rents falling 7.72%. Clinton Hill saw the greatest increases of any neighborhood in the report, with prices growing an average of 4.53% since last month.
From a year-over-year perspective, the largest changes in average rent prices occurred in the neighborhoods of Downtown Brooklyn and Greenpoint. The average rent is up10.8% in Downtown Brooklyn over the last year, from an average of $3,114.00 in April 2014 to $3,451.00 in April 2015. Average rents are down 7.7% in Greenpoint over the last year, from $2,896.00 in April 2014 to $2,673.00 in April 2015.
Some other highlights of the report include the following:
- Average rents in Brooklyn increased to $2,724.14 in April 2015. Monthly growth was 0.48% from March 2015
- Year-over-year increases were 2.26% from April 2014
- Listing inventory grew by 1.17% in April—up to 3,019 from 2,984 units in March
- Williamsburg comprised the largest amount inventory in April, accounting for nearly 24% of all listings
- The largest monthly increase
- Studios in Dumbo rose by 7.75%, from $3,004 in March 2015 to $3,236 in April 2015
- Studios in Crown Heights rose by 7.11%, from $1,428 in March 2015 to $1,529 in April 2015
- One bedroom units in Clinton Hill rose by 7.65%, from $2,421 in March 2015 to $2,606 in April 2015
- The largest monthly decrease
- Studios Cobble Hill decreased by 15.29%, from $2,019 in March 2015 to $1,968 in April 2015
- Studios in Brooklyn Heights decreased by 12.22%, from $2,539 in March 2015 to $2,229 in April 2015
- Two bedroom units in Bay Ridge decreased by 9.42%, from $2,248 in March 2015 to $2,037 in April 2015
- Neighborhood Trends
- Dumbo: April’s most expensive rental properties are in Dumbo, with studios, one bedrooms and two bedrooms at prices up to $3,236, $3,976 and $5,701 respectively
- Bay Ridge: April’s least expensive studios and one bedrooms are in Bay Ridge, at $1,343 and $1,633 respectively
- Average studio pricing: $2,116, down from $2,139 in March 2015
- Average one-bedroom pricing: $2,640, up from $2,608 in March 2015
- Average two-bedroom pricing: $3,417, up from $3,386 in March 2015
In Dumbo for April 2015, the average neighborhood rent increased 3.86% since March. The average price for studio and two bedroom units increased 7.75% and 4.59%, respectively, since last month. One bedrooms in the neighborhood saw prices fall slightly, dropping by an average of .08%.
Studios were $3,236 (vs $3,004 in March 2015), one bedrooms $3,976 (vs $3,979 in March 2015), and two bedrooms $5,701 (vs $5,451 in March 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:
{March 2015 Brooklyn Rental Market Report}
{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}
