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. (more…)