MNS, the Brooklyn real estate firm published their July 2015 Brooklyn Rental Market Report last week (along with their Manhattan Rental Market Report). The report notes that average rents across Brooklyn increased by 0.74% from $2,710.02 June 2015 to $2,730.18 in July 2015. Over the past 12 months, Brooklyn rents are up 2.25%, from $$2,670.21 in July 2014 to $2,730.18 in July 2015.

The largest percentage increase in average prices was seen in Studio units in Williamsburg, which grew by 9.52%, again led by the new luxury building at 1 N 4th Place. The largest percentage decrease was seen in Studio units in Clinton Hill which decreased by 5.35%. This neighborhood also had one of the smallest studio sample sizes, making fluctuations in prices more sensitive relative to other areas.

The largest annual upward and downward shifts in rent prices were seen in Boerum Hill and Crown Heights. Rent increased by 9.4% in Boerum Hill from an average rent of $2,773.29 in July 2014 to $3,033 in July 2015. Crown Heights declined by 11.1% – from $2,110.39 in July 2014 to $1,876 in July 2015. Again, these neighborhoods consistently see smaller sample sizes so changes can be interpreted as moderately artificial.

Some other highlights of the report include the following:

• Average rents in Brooklyn increased by .74% in July, from $2,710.02 in June 2015 to $2,730.18 in July 2015
  • Year-over-year average rent increased by 2.25% from $2,670.21 in July 2014 to $2,730.18 in July 2015
  • Listing inventory grew by 8.32% since June 2015
  • Williamsburg’s listing inventory increased by 27%
• The following neighborhoods had an inventory of fewer than 15 units at the time data was collected:
  • Boerum Hill, Bushwick, Clinton Hill, Cobble Hill, Crown Heights, Dumbo, Greenpoint and Prospect Lefferts Gardens
• The largest monthly increase
  • Studios in Williamsburg rose by 9.52%, from $2,868 in June 2015 to $3,142 in July 2015
  • Studios in Fort Greene rose by 7.75%, from $2,164 in June 2015 to $2,331 in July 2015
• The largest monthly decrease
  • Studios in Clinton Hill decreased by 5.35%, from $2,157 in June 2015 to $2,041 in July 2015
  • One-bedroom units decreased in Cobble Hill decreased by 4.80%, from $2,767 in June 2015 to $2,634 in July 2015
• Neighborhood Trends
  • Dumbo: July’s most expensive one bedrooms and two bedrooms at prices up to $4,022 and $5,758 respectively
  • Williamsburg: July’s most expensive studios at $3,142 respectively
  • Bay Ridge: July’s least expensive studios at $1,319 respectively
  • Prospect-Lefferts Gardens: July’s least expensive one bedrooms and two bedrooms at $1,642 and $2,129 respectively
• Average studio pricing:$2,162, up from $2,128 in June 2015
• Average one-bedroom pricing: $2,625, up from $2,615 in June 2015
• Average two-bedroom pricing: $3,404, up from $3,388 in June 2015

In Dumbo for July 2015, the average neighborhood rent increased 0.31% since June. The average price for studio and one bedroom units decreased 1.49% and 1.18%, respectively, since last month. Two bedrooms in the neighborhood saw prices increase by 2.38%.

Studios were $3,079 (vs $3,125 in June 2015), one bedrooms $4,022 (vs $4,070 in June 2015), and two bedrooms $5,758 (vs $5,624 in June 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:
{April 2015 Brooklyn Rental Market Report}
{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}