Brooklyn Rental Market Report April 2015 mns.com

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1 Brooklyn Rental Market Report April 2015

2 TABLE OF CONTENTS 03 Introduction 04 A Quick Look 05 Mean Brooklyn Rental Prices 10 Brooklyn Price Trends 11 Neighborhood Price Trends 11 Bay Ridge 12 Bedford-Stuyvesant 13 Boerum Hill 14 Brooklyn Heights 15 Bushwick 16 Clinton Hill 17 Cobble Hill 18 Crown Heights 19 Downtown Brooklyn 20 Dumbo 21 Fort Greene 22 Greenpoint 23 Park Slope 24 Prospect-Lefferts Gardens 25 Williamsburg 26 The Report Explained MNS Brooklyn Rental Market Report April 2015 page 2

3 INTRODUCTION Average rents across Brooklyn rose slightly this month. The average rent in Brooklyn increased to $2,714.14, up 0.48% from $2, in March Over the past 12 months, Brooklyn rents are up 2.26%, from $2, in April MNS Brooklyn Rental Market Report April 2015 page 3

4 A QUICK LOOK Average rents in Brooklyn rose by 0.48% this month, from $2, in March 2015 to $2, in April The average price for a one bedroom and two bedroom units increased 1.23% and.91% respectively, since last month, while the average price for a studio fell 1.13% across Brooklyn. 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, in April 2014 to $3, in April Average rents are down 7.7% in Greenpoint over the last year, from $2, in April 2014 to $2, in April Listing inventory increased by 1.17% - from 2,984 rental units to 3,019 rental units. Williamsburg comprised the largest amount of on the market inventory in the report this month, accounting for nearly 24% of all listings in this month s report. Notable Trends Building (Average Prices) Type Most Expensive Least Expensive Studios DUMBO $ 3,236 Bay Ridge $ 1,343 One-Bedrooms DUMBO $ 3,976 Bay Ridge $ 1,633 Two-Bedrooms DUMBO $ 5,701 PLG $ 2,036 MNS Brooklyn Rental Market Report April 2015 page 4

5 A QUICK LOOK STUDIOS Average Unit Prices By Neighborhood Greatest Changes Since March Clinton Hill $2,197 Fort Greene $2,183 Downtown Brooklyn $2,583 DUMBO $3,236 Brooklyn Heights $2,229 Cobble Hill $1,968 Boerum Hill $2,539 $2,174 Greenpoint $2,856 Williamsburg $1,900 Bushwick $1,601 Bed-Stuy 15.29% (-$458) COBBLE HILL STUDIO PRICES Park Slope $2,016 $1,343 Bay Ridge $1,529 Crown Heights $1,380 Prospect Lefferts Gardens Days on Market High Low DAYS DAYS Williamsburg PLG Market Inventory High Low Average Price Brooklyn Studios $ 2, Williamsburg Bushwick MNS Brooklyn Rental Market Report April 2015 page 5

6 A QUICK LOOK 1 BEDS Average Unit Prices By Neighborhood Greatest Changes Since March Clinton Hill $2,606 Fort Greene $2,968 Downtown Brooklyn $3,336 DUMBO $3,976 Brooklyn Heights $3,220 Cobble Hill $3,013 Boerum Hill $2,950 $2,622 Greenpoint $3,224 Williamsburg $1,958 Bushwick $1,947 Bed-Stuy 7.65% ($185) CLINTON HILL 1 BED PRICES Park Slope $2,675 $1,633 Bay Ridge $1,788 Crown Heights $1,683 Prospect Lefferts Gardens Days on Market High Low DAYS DAYS Cobble Hill PLG Market Inventory High Low Average Price Brooklyn 1 Beds $ 2, Williamsburg Boerum Hill MNS Brooklyn Rental Market Report April 2015 page 6

7 A QUICK LOOK 2 BEDS Average Unit Prices By Neighborhood Greatest Changes Since March Clinton Hill $3,267 Fort Greene $3,664 Downtown Brooklyn $4,435 DUMBO $5,701 Brooklyn Heights $4,735 Cobble Hill $3,685 Boerum Hill $3,714 $3,224 Greenpoint $4,279 Williamsburg $2,320 Bushwick $2,291 Bed-Stuy 9.42% (-$212) BAY RIDGE 2 BED PRICES Park Slope $3,452 $2,037 Bay Ridge $2,360 Crown Heights $2,089 Prospect Lefferts Gardens Days on Market High Low DAYS DAYS Downtown BK Greenpoint & Cobble Hill Market Inventory High Low Average Price Brooklyn 2 Beds $ 3, Bed Stuy Cobble Hill MNS Brooklyn Rental Market Report April 2015 page 7

8 A QUICK LOOK Year Over Year Price Change By Neighborhood Clinton Hill -7.69% Greenpoint > 5.5% Change 1% - 5.5% Change < -3% - 1% Change < -3% Change Downtown Brooklyn DUMBO Brooklyn Heights Cobble Hill Boerum Hill Fort Greene 7.80% 2.82% 10.83% -0.87% 8.13% 1.19% 1.35% 7.78% Williamsburg -6.69% Bed-Stuy -1.53% Bushwick Park Slope 5.82% -0.35% Crown Heights 1.68% Prospect Lefferts Gardens -4.71% Bay Ridge Brooklyn Rents: April 2014 vs. April 2015 Type April 2014 April 2015 Change Studios $ 2,129 $ 2, % One-Bedrooms $ 2,566 $ 2, % Two-Bedrooms $ 3,297 $ 3, % MNS Brooklyn Rental Market Report April 2015 page 8

9 A QUICK LOOK Where Prices Decreased (monthly) Bay Ridge Two-Bedroom -9.42% Bed Stuy Studios -3.13% One-Bedroom -0.24% Boerum Hill Studios % One-Bedroom -4.14% Two-Bedroom -4.73% Brooklyn Heights Studios % Bushwick Studios -7.88% One-Bedroom -0.22% Two-Bedroom -2.75% Cobble Hill Studios -2.53% Crown Heights One-Bedroom -1.60% Downtown BK Studios -1.65% One-Bedroom -1.03% Two-Bedroom -1.12% Dumbo One-Bedroom -0.08% Fort Greene Two-Bedroom -4.20% Greenpoint Studios -1.57% Two-Bedroom -0.24% Park Slope Two-Bedroom -0.95% PLG One-Bedroom -1.40% Where Prices Increased (monthly) Bay Ridge Studios 4.04% One-Bedroom 1.68% Bed Stuy Two-Bedroom 1.55% Brooklyn Heights One-Bedroom 4.61% Two-Bedroom 6.71% Clinton Hill Studios 6.75% One-Bedroom 7.65% Two-Bedroom 0.80% Cobble Hill One-Bedroom 2.10% Two-Bedroom 2.53% Crown Heights Studios 7.11% Two-Bedroom 5.64% Dumbo Studios 7.75% Two-Bedroom 4.59% Fort Greene Studios 2.89% One-Bedroom 2.92% Greenpoint One-Bedroom 3.91% Park Slope Studios 0.96% One-Bedroom 1.59% PLG Studios 5.99% Two-Bedroom 4.05% Williamsburg Studios 2.34% One-Bedroom 2.19% Two-Bedroom 6.69% MNS Brooklyn Rental Market Report April 2015 page 9

10 BROOKLYN PRICE TRENDS 2,300 2,250 2,200 2,150 2,100 2,129 2,164 2,240 2,113 2,230 2,187 2,157 2,174 2,136 2,104 2,166 2,139 2,116 2,700 2,650 2,600 2,550 2,500 2,566 2,624 2,583 2,597 2,653 2,586 2,580 2,561 2,552 2,547 2,570 2,608 2,640 3,500 3,425 3,350 3,275 3,200 3,297 3,362 3,400 3,301 3,342 3,335 3,345 3,297 3,313 3,348 3,367 3,386 3,417 MNS Brooklyn Rental Market Report April 2015 page 10

11 BAY RIDGE The average neighborhood rent fell by 2.58% this month. Prices for studio and one bedroom units increased 4.04% and 1.68%, respectively. The average price for a two bedroom unit decreased substantially since last month, falling 9.42%. 1,900 1,688 1,475 1,263 1,050 1,723 1,853 1,850 1,531 1,389 1,329 1,389 1,458 1,284 1,292 1,357 1,291 1,343 1,700 1,563 1,425 1,288 1,150 Apr May Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr 1,525 1,548 1,504 1,563 1,560 1,606 1,589 1,580 1,562 1,582 1,606 1,633 2,400 2,300 2,200 2,100 2,000 2,014 2,200 2,293 2,071 2,200 2,212 2,303 2,224 2,150 2,248 2,334 2,248 2,037 MNS Brooklyn Rental Market Report April 2015 page 11

12 BEDFORD-STUYVESANT The average neighborhood rent fell by 0.37% since last month. Prices for studio and one bedroom units decreased 3.13% and 0.24%, respectively, since the previous month. The average price for a two bedroom unit increased 1.55% this month. 2,100 1,800 1,500 1, ,005 1,890 1,930 1,430 1,671 1,530 1,693 1,629 1,704 1,572 1,752 1,653 1,601 2,000 1,825 1,650 1,475 1,300 1,937 1,948 1,932 1,880 1,994 1,857 1,865 1,856 1,881 1,881 1,869 1,952 1,947 2,320 2,103 1,885 1,668 1,450 2,317 2,218 2,291 2,306 2,262 2,227 2,242 2,271 2,256 2,284 2,312 2,256 2,291 MNS Brooklyn Rental Market Report April 2015 page 12

13 BOERUM HILL The average neighborhood rent fell by 7.72% since March Prices for studio, one bedroom and two bedroom units fell by 15.29%, 4.14% and 4.73% respectively. Much of this change can be explained as a normal reaction to the somewhat artificial growth seen in the last two month s reports, as the large units causing extreme increases have come off the market. 3,000 2,625 2,250 1,875 1,500 2,691 2,385 2,253 2,179 1,919 2,271 2,360 2,882 2,846 2,562 2,833 2,998 2,539 3,100 2,825 2,550 2,275 2,000 2,796 2,854 2,748 2,540 2,625 2,745 2,700 2,828 2,860 2,858 2,933 3,077 2,950 3,900 3,675 3,450 3,225 3,000 3,592 3,473 3,595 3,601 3,812 3,721 3,723 3,574 3,557 3,529 3,557 3,899 3,714 MNS Brooklyn Rental Market Report April 2015 page 13

14 BROOKLYN HEIGHTS The average price for a studio fell 12.22% this month. Prices for one and two bedroom units increased 4.61% and 6.71%, respectively, since the previous month. For the neighborhood as a whole, rents are up an average of 1.29% since March. 2,600 2,375 2,150 1,925 1,700 2,178 2,246 2,180 2,232 2,199 2,454 2,232 2,227 2,231 2,173 2,317 2,539 2,229 3,400 3,150 2,900 2,650 2,400 3,101 3,139 2,996 3,373 3,097 3,060 3,004 3,018 2,927 2,934 3,080 3,078 3,220 4,900 4,550 4,200 3,850 3,500 4,623 4,681 4,691 4,813 4,437 4,597 4,258 4,521 4,456 4,643 4,254 4,437 4,735 MNS Brooklyn Rental Market Report April 2015 page 14

15 BUSHWICK The average neighborhood rent fell by 3.63% this month. Prices for studio, one bedroom and two bedroom units fell by 7.88%, 0.22%, and 2.75%, respectively since last month. It should be noted that there was only one studio on the market at the time data was collected. This neighborhood consistently has a small inventory of studio units, causing extreme price sensitivity in certain metrics. 2,300 2,000 1,700 1,400 1,100 2,093 1,953 2,083 1,930 2,300 1,568 1,775 1,978 1,864 1,788 2,047 2,063 1,900 2,700 2,350 2,000 1,650 1,300 1,994 2,130 1,964 2,040 2,647 2,068 2,119 2,028 2,048 1,993 1,991 1,962 1,958 2,600 2,325 2,050 1,775 1,500 2,185 2,332 2,324 2,372 2,510 2,296 2,292 2,249 2,203 2,291 2,350 2,385 2,320 MNS Brooklyn Rental Market Report April 2015 page 15

16 CLINTON HILL The average neighborhood rent increased 4.53% over last month. Prices for studio, one bedroom and two bedroom units increased 6.75%, 7.65%, and.8% respectively since last month. The average rent for the neighborhood is up 8.1% since April 2014, contrasted with an average 12-month average growth rate of 2.26% for the rest of Brooklyn. 2,300 2,050 1,800 1,550 1,300 1,945 1,949 2,022 1,938 1,874 2,201 2,105 1,933 1,884 2,076 2,102 2,058 2,197 2,700 2,500 2,300 2,100 1,900 2,428 2,648 2,656 2,568 2,581 2,599 2,698 2,512 2,495 2,515 2,346 2,421 2,606 3,300 2,975 2,650 2,325 2,000 3,090 3,220 3,129 3,051 3,088 3,056 3,146 3,074 3,041 2,915 3,082 3,241 3,267 MNS Brooklyn Rental Market Report April 2015 page 16

17 COBBLE HILL The average neighborhood rent increased 1.19% over last month. The average price for one and two bedroom units increased 2.10% and 2.53% since last month. Studio prices fell by an average of 2.53% since last month. It should be noted that this neighborhood consistently has a small sample size compared to other neighborhoods, especially in studio units. 2,600 2,363 2,125 1,888 1,650 2,000 1,958 2,300 2,304 2,202 2,013 1,886 2,259 2,280 2,534 2,401 2,019 1,968 3,300 2,975 2,650 2,325 2,000 2,769 3,051 2,847 3,258 3,007 2,970 3,091 2,925 2,852 2,815 2,839 2,951 3,013 4,000 3,650 3,300 2,950 2,600 3,898 3,910 3,868 3,432 3,564 3,761 3,816 3,699 3,545 3,630 3,212 3,595 3,685 MNS Brooklyn Rental Market Report April 2015 page 17

18 CROWN HEIGHTS The average neighborhood rent increased 3.62% since March. One bedrooms in the neighborhood saw prices fall by average of 1.60%. The average price for studio and two bedroom units increased 7.11% and 5.64%, respectively, since last month. 2,200 1,900 1,600 1,300 1,000 1,495 1,760 1,779 1,781 2,175 1,847 1,711 1,571 1,565 1,504 1,537 1,428 1,529 2,300 2,038 1,775 1,513 1,250 1,793 1,985 2,125 1,998 2,295 1,980 1,926 1,917 1,880 1,767 1,842 1,817 1,788 2,600 2,325 2,050 1,775 1,500 2,410 2,597 2,527 2,552 2,570 2,420 2,296 2,298 2,262 2,243 2,230 2,234 2,360 MNS Brooklyn Rental Market Report April 2015 page 18

19 DOWNTOWN BROOKLYN The average neighborhood rent fell by 1.23% since March. Prices for studio, one bedroom and two bedroom units fell by average of 1.65%, 1.03% and 1.12%, respectively. The neighborhood posted a year-over-year growth rate of 10.8% since April Studio units saw the largest year-over-year increase in rent prices, with the average rent for a studio in the neighborhood up 12.37% since April ,700 2,550 2,400 2,250 2,100 2,298 2,419 2,458 2,459 2,426 2,495 2,448 2,361 2,611 2,571 2,556 2,626 2,583 3,400 3,175 2,950 2,725 2,500 3,078 3,149 3,138 3,078 3,171 3,199 3,135 3,065 3,123 3,113 3,303 3,371 3,336 4,700 4,275 3,850 3,425 3,000 3,967 4,000 4,256 4,179 4,603 4,531 4,361 4,187 4,328 4,342 4,396 4,485 4,435 MNS Brooklyn Rental Market Report April 2015 page 19

20 DUMBO 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%. 4,000 3,500 3,000 2,500 2,000 2,580 2,933 3,095 3,004 3,657 3,777 3,641 2,955 2,955 3,160 3,035 3,004 3,236 4,200 3,950 3,700 3,450 3,200 4,160 3,832 3,847 3,756 3,900 3,879 3,822 3,943 3,943 4,091 4,141 3,979 3,976 6,000 5,600 5,200 4,800 4,400 5,239 5,321 5,515 5,454 5,210 5,609 5,974 5,751 5,751 5,674 5,795 5,451 5,701 MNS Brooklyn Rental Market Report April 2015 page 20

21 FORT GREENE The average neighborhood rent fell by.17% since March. Two bedroom units saw the greatest change in prices, falling 4.20% since last month. The average price for studio and one bedroom units increased 2.89% and 2.92%, respectively, this month. 2,600 2,363 2,125 1,888 1,650 2,278 2,380 2,542 2,205 2,123 2,302 2,340 2,389 2,275 2,175 2,301 2,122 2,183 3,000 2,750 2,500 2,250 2,000 2,791 2,890 2,862 2,680 2,694 2,777 2,924 2,815 2,770 2,828 2,863 2,884 2,968 4,200 3,800 3,400 3,000 2,600 3,822 3,824 3,648 3,302 3,428 3,496 3,659 3,396 3,527 3,678 4,163 3,825 3,664 MNS Brooklyn Rental Market Report April 2015 page 21

22 GREENPOINT The average rent in the neighborhood increased.71% this month. One bedroom units saw the greatest increase in prices since last month, at 3.91%. Prices for studio and two bedroom units fell slightly. Compared to April 2014, the average rent in the neighborhood is down 7.7%, the greatest 12 month decrease of any neighborhood study. 3,100 2,725 2,350 1,975 1,600 2,645 2,745 2,693 2,654 2,636 2,735 2,500 3,012 2,624 2,148 2,202 2,209 2,174 2,900 2,675 2,450 2,225 2,000 2,839 2,727 2,664 2,680 2,649 2,609 2,462 2,639 2,528 2,481 2,499 2,523 2,622 3,300 3,000 2,700 2,400 2,100 3,203 3,297 3,290 3,067 3,121 2,948 2,993 3,181 3,219 3,215 3,214 3,232 3,224 MNS Brooklyn Rental Market Report April 2015 page 22

23 PARK SLOPE The average rent in the neighborhood increased.34% over the previous month, and 5.8% over the past year. Prices for two bedroom units fell slightly, while prices for studio and one bedroom units increased by an average of.96% and 1.59%, respectively, since last month. 2,800 2,375 1,950 1,525 1,100 1,936 1,930 2,045 1,906 2,749 2,126 2,179 1,963 2,020 1,957 1,951 1,997 2,016 2,900 2,600 2,300 2,000 1,700 2,513 2,619 2,600 2,565 2,808 2,612 2,539 2,548 2,562 2,634 2,543 2,633 2,675 3,500 3,200 2,900 2,600 2,300 3,247 3,237 3,392 3,206 3,237 3,254 3,196 3,233 3,292 3,371 3,451 3,485 3,452 MNS Brooklyn Rental Market Report April 2015 page 23

24 PROSPECT-LEFFERTS GARDENS The average rent in the neighborhood increased 2.7% over last month. The average price for studio and two bedroom units increased 5.99% and 4.05%, respectively, since last month. 1,700 1,500 1,300 1, ,308 1,250 1,500 1,300 1,300 1,600 1,445 1,419 1,400 1,268 1,300 1,302 1,380 1,800 1,688 1,575 1,463 1,350 1,693 1,697 1,739 1,702 1,516 1,595 1,699 1,655 1,635 1,642 1,661 1,707 1,683 2,400 2,225 2,050 1,875 1,700 2,066 2,307 2,353 2,336 2,245 2,123 2,164 2,057 2,121 2,052 2,058 2,008 2,089 MNS Brooklyn Rental Market Report April 2015 page 24

25 WILLIAMSBURG The average rent in the neighborhood increased 4.04% since last month. The average price for studio, one and two bedroom units increased 2.34%, 2.19%, and 6.69%, respectively. 2,900 2,700 2,500 2,300 2,100 2,758 2,812 2,867 2,837 2,831 2,558 2,651 2,572 2,579 2,777 2,798 2,791 2,856 3,400 3,175 2,950 2,725 2,500 3,076 3,151 3,169 3,334 3,255 3,282 3,103 3,082 3,088 3,087 3,065 3,155 3,224 4,300 3,975 3,650 3,325 3,000 3,779 3,813 3,828 3,773 3,837 3,773 3,746 3,733 3,947 4,109 4,091 4,011 4,279 MNS Brooklyn Rental Market Report April 2015 page 25

26 THE REPORT EXPLAINED The Brooklyn Rental Market Report TM compares fluctuation in the borough s rental data on a monthly basis. It is an essential tool for potential renters seeking transparency in the Brooklyn apartment market and a benchmark for landlords to efficiently and fairly adjust individual property rents in Brooklyn. The Brooklyn Rental Market Report TM is based on a cross-section of data from available listings and priced under $10,000, with ultraluxury property omitted to obtain a true monthly rental average. Our data is aggregated from the MNS proprietary database and sampled from a specific mid-month point to record current rental rates offered by landlords during that particular month. It is then combined with information from the REBNY Real Estate Listings Source (RLS), OnLine Residential (OLR.com) and R.O.L.E.X. (Real Plus). Author: MNS has been helping Brooklyn landlords and renters navigate the rental market since From large companies to individuals, MNS tailors services to meet your needs. Contact us today to see how we can help. Contact Us Now: Note: All market data is collected and compiled by MNS s marketing department. The information presented here is intended for instructive purposes only and has been gathered from sources deemed reliable, though it may be subject to errors, omissions, changes or withdrawal without notice. If you would like to republish this report on the web, please be sure to source it as the Brooklyn Rental Market Report with a link back to its original location. MNS Brooklyn Rental Market Report April 2015 page 26

27 Gramercy Park I Chelsea I Williamsburg