MNS, the Brooklyn real estate firm published their September 2015 Brooklyn Rental Market Report last week (along with their Manhattan Rental Market Report). The report notes that average rents across Brooklyn decreased by 0.18% from $2,748.87 in August 2015 to $2,743.83 in September 2015. Over the past 12 months, Brooklyn rents are up 1.53%, from $2,702.59 in September 2014 to $2,743.83 in September 2015.

The largest percentage increase in average prices was seen in one bedroom units in Prospect Lefferts Garden, which grew by 6.84%, due to a relatively higher priced unit at 393 Lefferts Ave entering the market, coupled with a sample size under 10 units. Greenpoint Studios saw the highest decline of 8.91% since the previous month, caused by the sample reacting to a higher priced loft apartment at 738 Leonard St leaving the market.

Williamsburg and DUMBO saw the largest annual upward and downward shifts in rent prices. Williamsburg average rent grew immensely by 10.7%, from the average rent of $3,204 in September 2014 to $2,547 in September 2015. DUMBO experienced a decline in average rent of 3.77%, from $4,422.00 in September 2014 to $4,255 in September 2015.

Some other highlights of the report include the following:

• Average rents in Brooklyn decreased by .18% in September, from $2,748.87 in August 2015 to $2,743.83 in September 2015
  • Year-over-year average rent increased by 1.53% from $2,702.59 in September 2014 to $2,743.83 in September 2015
  • Listing inventory decreased by 4.79% since August 2015
  • Bushwick, Crown Heights, and Park Slope, saw inventory levels increase from 2 to over 4 times the amount witnessed in August 2014
• The following neighborhoods had an inventory of fewer than 15 units at the time data was collected:
  • Studios in Bay Ridge, Boerum Hill, Bushwick, Clinton Hill, Cobble Hill, DUMBO, Greenpoint and Prospect Lefferts Gardens
• The largest monthly increase
  • One-bedrooms in Prospect Lefferts Gardens rose by 6.84%, from $1,645 in August 2015 to $1,758 in September 2015
• The largest monthly decrease
  • Studios in Greenpoint declined by 8.91%, from $2,341 in August 2015 to $2,132 in September 2015
• The largest year-over-year shift in rental prices
  • Average rents in Williamsburg increased by 10.7%, from $2,547 to $3,204 in the last 12 months
  • Average rents in Dumbo decreased by 3.77% from $4,422.00 to $4,255 in the last 12 months
• Neighborhood Trends
  • Williamsburg: September’s most expensive studios at prices up to $3,169
  • Dumbo: September’s most expensive one-bedrooms and two-bedrooms at prices up to $4,123 and $5,488 respectively
  • Bay Ridge: September’s least expensive studios and one-bedrooms at $1,324 and $1,717 respectively
  • Prospect-Lefferts Gardens: September’s least expensive two-bedrooms at $2,272 respectively
• Average studio pricing: $2,157, down from $2,173 in August 2015
• Average one-bedroom pricing: $2,635, up from $2,633 in August 2015
• Average two-bedroom pricing: $3,439, up from $3,440 in August 2015

In Dumbo for September 2015, the average neighborhood rent remained stable with a -0.89% change since August. The average price for studio and two bedroom units decreased 0.08% and 2.09%, respectively, since last month. One bedrooms in the neighborhood saw prices increase by 0.12%.

Studios were $3,155 (vs $3,158 in August 2015), one bedrooms $4,123 (vs $4,118 in August 2015), and two bedrooms $5,489 (vs $5,605 in August 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:
{July 2015 Brooklyn Rental Market Report}
{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}