October 2009
Table of Contents Introduction 3 Mean Brooklyn Rental Prices 4 Brooklyn Price Trends 6 Bay Ridge 6 Bedford-Stuyvesant 7 Boerum Hill 8 Brooklyn Heights 9 Bushwick 11 Clinton HilL 12 Cobble Hill 13 Crown Heights 14 DUMBO 15 Fort Greene 16 Greenpoint 17 Prospect Lefferts Gardens 18 Park Slope 19 Williamsburg 20 The Report Explained 26 2
Introduction TDG/TREGNY is proud to present the third monthly installment 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. This month, we have added price trend graphs in our continued efforts to delve deeper into the data available. 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 TDG/TREGNY 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 month of October 2009. Graphs tracking citywide and neighborhood price changes follow. 3500 October 2009 Mean Brooklyn Rental Prices 2625 875 0 Studio One-bedroom Two-bedroom 1,684 2,031 2,557 October 2009 Mean Studio Rental Prices 3400 2550 1700 850 0 Bay Ridge Bedford -Stuyvesant Boerum Hill Brooklyn Heights Bushwick Clinton Hill Cobble Hill Crown Heights DUMBO Fort Greene Greenpoint Prospect Lefferts Gardens Park Slope Williamsburg 917 1,325 1,660 2,126 1,399 1,474 1,431 1,050 2,773 2,072 2,175 1,517 1,661 1,995 4
Mean Brooklyn Rental Prices 3700 October 2009 Mean One-Bedroom Rental Prices 2775 1850 925 0 Bay Ridge Bedford -Stuyvesant Boerum Hill Brooklyn Heights Bushwick Clinton Hill Cobble Hill Crown Heights DUMBO Fort Greene Greenpoint Prospect Lefferts Gardens Park Slope Williamsburg 1,310 1,290 2,240 2,596 1,644 1,858 2,034 1,203 3,470 2,837 2,293 1,656 1,804 2,195 4800 October 2009 Mean Two-Bedroom Rental Prices 3600 2400 1200 0 Bay Ridge Bedford -Stuyvesant Boerum Hill Brooklyn Heights Bushwick Clinton Hill Cobble Hill Crown Heights DUMBO Fort Greene Greenpoint Prospect Lefferts Gardens Park Slope Williamsburg 1,840 1,517 2,864 3,643 1,682 2,208 2,595 1,538 4,471 3,079 2,990 2,124 2,362 2,890 5
Brooklyn Price Trends Brooklyn Studio Price Trends 2125 1375 1000 1,659 1,678 1,684 - - - - - - - - - - Brooklyn One-Bedroom Price Trends 2125 1375 1000 2,042 1,983 2,031 - - - - - - - - - - Brooklyn Two-Bedroom Price Trends 2625 2250 1875 2,486 2,488 2,557 - - - - - - - - - - 6
Bay Ridge Bay Ridge Studio Price Trends 1325 1150 975 800 983 938 917 - - - - - - - - - - Bay Ridge One-Bedroom Price Trends 1725 1450 1175 900 1,333 1,327 1,310 - - - - - - - - - - Bay Ridge Two-Bedroom Price Trends 2625 2250 1875 1,538 1,702 1,840 - - - - - - - - - - 7
Bedford-Stuyvesant 1600 Bedford-Stuyvesant Studio Price Trends 1450 1300 1150 1000 1,371 1,263 1,325 - - - - - - - - - - Bedford-Stuyvesant One-Bedroom Price Trends 1725 1450 1175 900 1,387 1,347 1,290 - - - - - - - - - - Bedford-Stuyvesant Two-Bedroom Price Trends 1250 1000 1,676 1,543 1,517 - - - - - - - - - - 8
Boerum Hill Boerum Hill Studio Price Trends 1675 1550 1425 1300 1,559 1,692 1,660 - - - - - - - - - - 2600 Boerum Hill One-Bedroom Price Trends 2350 2100 1850 1600 2,449 2,163 2,240 - - - - - - - - - - 3500 Boerum Hill Two-Bedroom Price Trends 3250 2750 3,086 3,113 2,864 - - - - - - - - - - 9
Brooklyn Heights Brooklyn Heights Studio Price Trends 2250 1,716 1,962 2,126 - - - - - - - - - - 3500 Brooklyn Heights One-Bedroom Price Trends 3125 2750 2375 2,935 2,605 2,596 - - - - - - - - - - 4500 Brooklyn Heights Two-Bedroom Price Trends 4125 3750 3375 3,524 3,767 3,643 - - - - - - - - - - 10
Bushwick Bushwick Studio Price Trends 1675 1550 1425 1300 1,625 1,525 1,399 - - - - - - - - - - Bushwick One-Bedroom Price Trends 1600 1400 1200 1,636 1,573 1,644 - - - - - - - - - - 2200 Bushwick Two-Bedroom Price Trends 1950 1700 1450 1200 1,695 1,672 1,682 - - - - - - - - - - 11
Clinton Hill Clinton Hill Studio Price Trends 1675 1550 1425 1300 1,613 1,614 1,474 - - - - - - - - - - Clinton Hill One-Bedroom Price Trends 2250 1,935 1,785 1,858 - - - - - - - - - - 2800 Clinton Hill Two-Bedroom Price Trends 2550 2300 2050 2,252 2,026 2,208 - - - - - - - - - - 12
Cobble Hill Cobble Hill Studio Price Trends 1250 1000 1,198 1,352 1,431 - - - - - - - - - - Cobble Hill One-Bedroom Price Trends 2250 1,821 1,988 2,034 - - - - - - - - - - 2800 Cobble Hill Two-Bedroom Price Trends 2550 2300 2050 2,155 2,437 2,595 - - - - - - - - - - 13
Crown Heights Crown Heights Studio Price Trends 1550 1300 1050 800 1,000 1,136 1,050 - - - - - - - - - - Crown Heights One-Bedroom Price Trends 1725 1450 1175 900 1,233 1,188 1,203 - - - - - - - - - - Crown Heights Two-Bedroom Price Trends 1250 1000 1,464 1,593 1,538 - - - - - - - - - - 14
DUMBO DUMBO Studio Price Trends 2750 2250 2,572 2,606 2,773 - - - - - - - - - - 4000 DUMBO One-Bedroom Price Trends 3750 3500 3250 3,315 3,302 3,470 - - - - - - - - - - 5000 DUMBO Two-Bedroom Price Trends 4750 4500 4250 4000 4,334 4,195 4,471 - - - - - - - - - - 15
Fort Greene Fort Greene Studio Price Trends 2750 2250 2,336 2,083 2,072 - - - - - - - - - - Fort Greene One-Bedroom Price Trends 2750 2250 2,594 2,638 2,837 - - - - - - - - - - 3500 Fort Greene Two-Bedroom Price Trends 3250 2750 2,736 2,878 3,079 - - - - - - - - - - 16
Greenpoint Greenpoint Studio Price Trends 2250 1,992 2,035 2,175 - - - - - - - - - - 2800 Greenpoint One-Bedroom Price Trends 2550 2300 2050 2,222 2,141 2,293 - - - - - - - - - - 3500 Greenpoint Two-Bedroom Price Trends 3250 2750 3,134 2,744 2,990 - - - - - - - - - - 17
Prospect Lefferts Gardens Prospect Lefferts Gardens Studio Price Trends 1250 1000 1,375 1,596 1,517 - - - - - - - - - - 2200 Prospect Lefferts Gardens One-Bedroom Price Trends 1950 1700 1450 1200 1,509 1,807 1,656 - - - - - - - - - - 2800 Prospect Lefferts Gardens Two-Bedroom Price Trends 2550 2300 2050 2,057 2,243 2,124 - - - - - - - - - - 18
Park Slope Park Slope Studio Price Trends 1250 1000 1,775 1,546 1,661 - - - - - - - - - - 2200 Park Slope One-Bedroom Price Trends 1950 1700 1450 1200 2,053 1,688 1,804 - - - - - - - - - - 2800 Park Slope Two-Bedroom Price Trends 2550 2300 2050 2,625 2,190 2,362 - - - - - - - - - - 19
Williamsburg 2800 Williamsburg Studio Price Trends 2550 2300 2050 2,109 2,146 1,995 - - - - - - - - - - Williamsburg One-Bedroom Price Trends 2750 2250 2,162 2,209 2,195 - - - - - - - - - - 3200 Williamsburg Two-Bedroom Price Trends 2950 2700 2450 2200 2,162 2,209 2,195 - - - - - - - - - - 20
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 TDG/TREGNY 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: TDG/The Real Estate Group TDG/The Real Estate Group has been helping Brooklyn landlords and renters navigate the rental market since 1999. From large companies to individuals, TDG/TREGNY 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 TDG/TREGNY s marketing department and is overseen by C.E.O. Daniel Baum. 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). 21