Brooklyn Rental Market Report Year End 2010
Table of Contents Introduction 3 Mean Brooklyn Rental Prices 4 Brooklyn Price Trends 6 Neighborhood Price Trends Bay Ridge 6 Bedford-Stuyvesant 6 Boerum 6 Brooklyn 6 Bushwick 7 Clinton HilL 7 Cobble 7 Crown 7 DUMBO 8 Fort Greene 8 Greenpoint 8 Prospect Lefferts Gardens 8 Park Slope 9 Williamsburg 9 The Report Explained 10 2
Introduction The Real Estate Group NY is proud to present the fi rst year end installation of the Brooklyn Rental Market Report, which will provide insight to the current state of the residential rental market, and provide clearer, more concise data than ever before available for the Brooklyn real estate market. The data provided has been specifi cally compiled for you; the renter, investor, developer, landlord, property manager etc., to provide you with a better understanding of the Brooklyn housing market. The data is indicative of the types of apartments available in varying neighborhoods. Our goal is to use technology to provide you with transparency into a market that has been so diffi cult to navigate until now. In the future as our data continues to grow, the monthly Brooklyn Rental Market Report will be even more comprehensive providing further insight with greater reporting capabilities on the state of the market, and to create the ability for all property owners to better gauge their own pricing based on a clearer view of their neighbors. As The Real Estate Group NY continues to grow, we aim to make the Brooklyn Rental Market Report, the only true and accurate report you will ever need. 3
Mean Brooklyn Rental Prices The Mean Rental Price graphs illustrate average monthly rents for studios, one-bedrooms and two-bedrooms for the year of 2010. 3500 2010 Mean Brooklyn Rental Prices 2625 1750 875 0 Studio One-bedroom Two-bedroom 1,626 2,018 2,620 2010 Mean Studio Rental Prices 3400 2550 1700 850 0 Bay Ridge Bedford- Stuyvesant Boerum Brooklyn Bushwick Clinton Cobble Crown DUMBO Fort Greene Greenpoint Prospect Lefferts Gardens Park Slope Williamsburg 1,090 1,229 1,757 1,889 1,346 1,446 1,818 1,086 2,436 1,860 1,656 1,301 1,416 2,438 4
Mean Brooklyn Rental Prices 3800 2010 Mean One-Bedroom Rental Prices 2850 1900 950 0 Bay Ridge Bedford- Stuyvesant Boerum Brooklyn Bushwick Clinton Cobble Crown DUMBO Fort Greene Greenpoint Prospect Lefferts Gardens Park Slope Williamsburg 1,307 1,361 2,233 2,511 1,715 1,860 2,160 1,278 3,319 2,117 2,124 1,766 1,903 2,593 5000 2010 Mean Two-Bedroom Rental Prices 3750 2500 1250 0 Bay Ridge Bedford- Stuyvesant Boerum Brooklyn Bushwick Clinton Cobble Crown DUMBO Fort Greene Greenpoint Prospect Lefferts Gardens Park Slope Williamsburg 1,675 1,601 3,146 3,784 1,861 2,297 2,789 1,666 4,489 2,864 2,517 2,317 2,519 3,161 5
Brooklyn Price Trends Bay Ridge Studios $1,090 8.86% One-bedrooms $1,307 6.29% Two-bedrooms $1,675-11.88% Bedford Stuyvesant Studios $1,229-8.18% One-bedrooms $1,361 17.80% Two-bedrooms $1,601 6.53% Boerum Studios $1,757 0.30% One-bedrooms $2,233 8.53% Two-bedrooms $3,146 7.13% Brooklyn Studios $1,889-12.00% One-bedrooms $2,511 17.25% Two-bedrooms $3,784-2.22% *Average price changes were obtained by calculating the percentage of change between the average asking rents at the start of 2010 (January) and at the end of 2010 (December). 6
Neighborhood Price Trends Bushwick Studios $1,346-23.47% One-bedrooms $1,715-21.58% Two-bedrooms $1,861-11.26% Clinton Studios $1,446 17.13% One-bedrooms $1,860 5.06% Two-bedrooms $2,297 3.15% Cobble Studios $1,818 13.72% One-bedrooms $2,160 28.19% Two-bedrooms $2,789 27.86% Crown Studios $1,086 0.00% One-bedrooms $1,278 15.76% Two-bedrooms $1,666-6.02% 7
Neighborhood Price Trends DUMBO Studios $2,436-22.84% One-bedrooms $3,319 12.83% Two-bedrooms $4,489 7.69% Fort Greene Studios $1,860-5.79% One-bedrooms $2,117 8.30% Two-bedrooms $2,864 25.15% Greenpoint Studios $1,656 1.33% One-bedrooms $2,124 6.92% Two-bedrooms $2,517-12.45% Prospect Lefferts Gardens Studios $1,301 14.62% One-bedrooms $1,766-10.23% Two-bedrooms $2,317-5.86% *Average price changes were obtained by calculating the percentage of change between the average asking rents at the start of 2010 (January) and at the end of 2010 (December). 8
Neighborhood Price Trends Park Slope Studios $1,416 6.06% One-bedrooms $1,903 1.63% Two-bedrooms $2,519 3.83% Williamsburg Studios $2,438 8.64% One-bedrooms $2,593 24.93% Two-bedrooms $3,161 11.50% 9
The Report Explained The Brooklyn Rental Market Report is the only report that compares fluctuation in the city s rental data on a monthly basis. It is an essential tool for potential renters seeking transparency in the NYC apartment market and a benchmark for landlords to effi ciently and fairly adjust individual property rents in Brooklyn. The Brooklyn Rental Market Report is based on a cross-section of data from available listings and priced under $10,000, with ultra-luxury property omitted to obtain a true monthly rental average. Our data is aggregated from the The Real Estate Group NY proprietary database and sampled from a specifi c 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: The Real Estate Group NY The Real Estate Group NY has been helping Brooklyn landlords and renters navigate the rental market since 1999. From large companies to individuals, The Real Estate Group tailors services to meet your needs. Contact us today to see how we can help. Contact us now: 212.475.9000 Note: All market data is collected and compiled by The Real Estate Group NY 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 (http://www.tregny.com/brooklyn_rental_market_report). 10