Brooklyn Rental Market Report December 2015 mns · MNS Brooklyn Rental Market Report December 2015...

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Brooklyn Rental Market ReportDecember 2015

MNS Brooklyn Rental Market Report December 2015 page 2

Brooklyn Rental Market Report December 2015

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TABLE OF CONTENTS

11 Neighborhood Price Trends

26 The Report Explained

03 Introduction04 A Quick Look05 Mean Brooklyn Rental Prices10 Brooklyn Price Trends

11 Bay Ridge12 Bedford-Stuyvesant13 Boerum Hill14 Brooklyn Heights15 Bushwick16 Clinton Hill17 Cobble Hill18 Crown Heights19 Downtown Brooklyn20 Dumbo21 Fort Greene22 Greenpoint23 Park Slope24 Prospect-Lefferts Gardens25 Williamsburg



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INTRODUCTIONAverage rents throughout Brooklyn increased by 0.02% from $2,711.25 in November 2015 to $2,711.87 in December 2015.



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A QUICK LOOKBrooklyn remained stable this month, with a slight movement of 0.02% from $2,711.25 in November 2015 to $2,711.87 in December 2015. The annual average rent saw an overall increase of 1.7%, from $2,666.88 in December 2014. Similar to the previous month, overall inventory declined by 1.61%, from 3350 rental units in November 2015 to 3296 rental units in December 2015.

At the time the sample was taken, the following neighborhoods consisted of less than 20 units in the sample; Studios: Bay Ridge, Bedford-Stuyvesant, Boerum Hill, Bushwick, Clinton Hill, Crown Heights, Cobble Hill, DUMBO, Greenpoint, Park Slope and Prospect Lefferts Garden; One Bedroom and Two Bedrooms: DUMBO.

The overall average price movements of all the analyzed Brooklyn neighborhoods remained relatively stable this month with shifts between +/- 1.35%. The largest increase was seen in the Studio sector in Bedford-Stuyvesant where rents grew by 6.38%, largely driven by higher priced luxury Studio units at 377 Jefferson Avenue. The largest decrease occurred in the One Bedroom sector of Cobble Hill at 3.66%, resulting from an influx of lower priced rental units entering the market. In comparison to December 2014, Williamsburg and Fort Greene average rents saw the largest growths at 8.37% and 8.38%, respectively, indicating the continued strength of these submarkets.

Type Most Expensive Least Expensive

Studios Williamsburg $3,070 Bay Ridge $1,341

One-Bedrooms DUMBO $3,981 Bay Ridge $1,701

Two-Bedrooms DUMBO $5,426 Bay Ridge $2,144

Notable TrendsBuilding (Average Prices)




A QUICK LOOK STUDIOSGreatest ChangesSince November

Average Unit Prices By Neighborhood

Williamsburg

PLG, DUMBO,Boerum Hill

Boerum Hill

61 08DAYS DAYS

Williamsburg

06

BED STUYSTUDIO PRICES

$2,156Average PriceBrooklyn Studios

Days on Market

Market Inventory

High Low

High Low

124

6.38% ($97)

Greenpoint

Williamsburg

Bushwick

Bed-Stuy

Fort Greene $2,460

Clinton Hill $1,974

Park Slope $2,088Crown Heights

Prospect LeffertsGardens

Bay Ridge

DUMBO $3,053

Brooklyn Heights $2,350

Downtown Brooklyn $2,597

Cobble Hill $2,122

Boerum Hill $2,368

$1,341

$1,603

$1,690

$1,448

$3,070

$2,344

$1,832



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A QUICK LOOK 1 BEDS

Greenpoint

Williamsburg

Bushwick

Bed-Stuy

Fort Greene $3,001

Clinton Hill $2,434



Bay Ridge

DUMBO $3,981



Cobble Hill $2,681

Boerum Hill $2,663

$1,701

$2,007

$1,931

$1,702

$3,276

$2,524

$2,082

Greatest ChangesSince November


Downtown BK Cobble Hill

51 20DAYS DAYS

Williamsburg

20DUMBO

4.17% ($159)

DUMBO1 BED PRICES

$2,586Average PriceBrooklyn 1 Beds

Days on Market

Market Inventory

High Low

High Low

260




A QUICK LOOK 2 BEDS

Greenpoint

Williamsburg

Bushwick

Bed-Stuy

Fort Greene $3,831

Clinton Hill $3,224



Bay Ridge

DUMBO $5,426



Cobble Hill $3,960

Boerum Hill $3,558

$2,144

$2,422

$2,417

$2,214

$4,073

$3,187

$2,362

Greatest ChangesSince November


DUMBO PLG

69 20DAYS DAYS

Williamsburg

20

3.99% ($147)

FORT GREENE2 BED PRICES

$3,394Average PriceBrooklyn 2 Beds

Days on Market

Market Inventory

High Low

High Low

316 DUMBO



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Type December 2014 December 2015 Change

Studios $2,136 $2,156 0.92%

One-Bedrooms $2,552 $2,586 1.34%

Two-Bedrooms $3,313 $3,394 2.45%

Brooklyn Rents: December 2014 vs. December 2015

Greenpoint

Williamsburg

Bushwick

Bed-Stuy

Fort Greene

Clinton Hill

Park SlopeCrown Heights


Bay Ridge

DUMBO

Brooklyn Heights

Downtown Brooklyn

Cobble Hill

Boerum Hill

3.44%

3.26%

5.81%

-7.29%

0.96%

1.01%

-1.97%

4.02%

8.37%

-3.77%

8.38%2.87 %

3.66% -0.52%2.66%

A QUICK LOOKYear Over Year Price Change By Neighborhood

> 5.5% Change

3% - 5.5% Change

< 3% Change




Bay Ridge Studios -2.99%Two-Bedroom -0.19% Bed Stuy One-Bedroom -1.75%Two-Bedroom -0.77% Boerum Hill One-Bedroom -1.64% Brooklyn Heights One-Bedroom -2.06%Two-Bedroom -0.67% Clinton Hill One-Bedroom -1.25%

Bay Ridge One-Bedroom 0.00% Bed Stuy Studios 6.38% Boerum Hill Studios 1.84%Two-Bedroom 0.67% Brooklyn Heights Studios 1.13% Bushwick Studios 0.33%One-Bedroom 0.34%Two-Bedroom 0.58% Clinton Hill Studios 1.19%Two-Bedroom -0.00%

Where Prices Decreased (monthly)

Where Prices Increased (monthly)

A QUICK LOOKCobble Hill Studios -2.95%One-Bedroom -3.66% Crown Heights Studios -1.14%One-Bedroom -1.72%Two-Bedroom -0.20% Dumbo Two-Bedroom -1.47% Downtown BK Studios -2.49%One-Bedroom -0.28% Fort Greene Studios -1.48%One-Bedroom -0.56%

Cobble Hill Two-Bedroom 2.31% Dumbo Studios 2.90%One-Bedroom 4.17% Downtown BK Two-Bedroom 0.18% Fort Greene Two-Bedroom 3.99% Greenpoint Two-Bedroom 3.10% Park Slope One-Bedroom 2.15%Two-Bedroom 1.28%

Greenpoint Studios -1.81%One-Bedroom -2.28% Park Slope Studios -2.66% PLG One-Bedroom -1.14% Williamsburg One-Bedroom -0.16%Two-Bedroom -1.62%

PLG Studios 1.94%Two-Bedroom 0.03% Williamsburg Studios 1.15%



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BROOKLYN PRICE TRENDSStudio Price Trends Over 13 Months

One-Bedroom Price Trends Over 13 Months

Two-Bedroom Price Trends Over 13 Months

2,100

2,120

2,140

2,160

2,180

2,540

2,565

2,590

2,615

2,640

3,300

3,350

3,400

3,450

3,500

Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2,136 2,104 2,166 2,139 2,116 2,135 2,128 2,162 2,173 2,157 2,138 2,155 2,156






BAY RIDGE

Studio Price Trends Over 13 Months



• The monthly average rent decreased slightly by 0.87% since the previous month as the annual average rent grew by 3.4% since December 2014.

1,0501,1501,2501,3501,4501,5501,6501,7501,8501,950

1,150

1,250

1,350

1,450

1,550

1,650

1,750

2,000

2,100

2,200

2,300

2,400






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BEDFORD-STUYVESANT




• The 6.38% increase in the Studio sector was mainly the result of higher priced luxury rental units from 377 Jefferson Avenue entering the market. • Overall, the monthly average rent remained stable moving 0.69% since last month, as the annual average rent grew moderately by 3.3%.

900

1,100

1,300

1,500

1,700

1,900

2,100

1,3001,4001,5001,6001,7001,8001,9002,0002,100

1,450

1,600

1,750

1,900

2,050

2,200

2,350

2,500







BOERUM HILL




• This neighborhood remained stable this month as the average rent moved by 0.26%.

1,5001,7001,9002,1002,3002,5002,7002,9003,100

2,000

2,250

2,500

2,750

3,000

3,250

3,000

3,200

3,400

3,600

3,800

4,000






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BROOKLYN HEIGHTS




• One Bedroom and Two Bedroom unit average rents declined by 2.06% and 0.67% respectively, as the Studio average grew slightly by 1.13%, balancing out the overall monthly average with a -0.68% movement since last month.

1,7001,8001,9002,0002,1002,2002,3002,4002,5002,600

2,400

2,620

2,840

3,060

3,280

3,500

3,500

3,800

4,100

4,400

4,700

5,000







BUSHWICK




• Monthly average rents remained stable this month, with Studio, One Bedroom and Two Bedroom units increasing by 0.33%, 0.34% and 0.58% respectively.

1,100

1,300

1,500

1,700

1,900

2,100

2,300

2,500

1,3001,5001,7001,9002,1002,3002,5002,7002,900

1,500

1,700

1,900

2,100

2,300

2,500

2,700






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CLINTON HILL




• The overall monthly average rent remained stable this month, moving by only -0.10%.

.

1,300

1,500

1,700

1,900

2,100

2,300

1,900

2,050

2,200

2,350

2,500

2,650

2,800

2,000

2,300

2,600

2,900

3,200

3,500







COBBLE HILL




• Studio and One Bedroom average rent fell by 2.95% and 3.66% respectively, as Two Bedrooms increased by 2.31%.

1,6501,7501,8501,9502,0502,1502,2502,3502,4502,5502,650

2,000

2,250

2,500

2,750

3,000

3,250

3,500

2,6002,8003,0003,2003,4003,6003,8004,0004,200






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CROWN HEIGHTS




• Crown Heights saw slight decreases in rent across all unit classes this month; Studios decreased by 1.14%, One Bedroom’s by 1.72% and Two Bedrooms by 0.20%.• Conversely, the annual average grew substantially by 5.8% since December 2014 indicating a strong growth in the area.

1,000

1,200

1,400

1,600

1,800

2,000

2,200

2,400

1,250

1,450

1,650

1,850

2,050

2,250

2,450

1,500

1,700

1,900

2,100

2,300

2,500

2,700







DOWNTOWN BROOKLYN




• Although the studio Sector experienced a decrease of 2.49% since the previous month, One and Two Bedrooms units remained stable with a -0.28% and 0.18% movement, respectively.

2,100

2,300

2,500

2,700

2,900

2,500

2,700

2,900

3,100

3,300

3,500

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000






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DUMBO




• Studio and One Bedroom average rents grew by 2.9% and 4.17%, respectively, since last month, as Two Bedrooms decreased by 1.47%. • It should also be noted that DUMBO had the lowest inventory of all other Brooklyn neighborhoods this month.

2,0002,2502,5002,7503,0003,2503,5003,7504,000

3,200

3,400

3,600

3,800

4,000

4,200

4,400

4,700

5,000

5,300

5,600

5,900

6,200







FORT GREENE




• The overall monthly average rent remained stable this month with a slight increase of 1.01%, as the annual average rent grew immensely by 8.38% since December 2014 – the largest growth in the borough.

1,6501,7501,8501,9502,0502,1502,2502,3502,4502,5502,650

2,000

2,200

2,400

2,600

2,800

3,000

3,200

2,600

2,900

3,200

3,500

3,800

4,100

4,400






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GREENPOINT




• The overall monthly average rent remained stable this month with a slight movement of -0.08%.

1,6001,8002,0002,2002,4002,6002,8003,0003,200

2,0002,1002,2002,3002,4002,5002,6002,7002,800

2,100

2,300

2,500

2,700

2,900

3,100

3,300

3,500







PARK SLOPE




• The monthly Studio average rent decreased by 2.66%, as One Bedroom and Two Bedroom average rents increased by 2.15% and 1.28%, respectively.

1,100

1,350

1,600

1,850

2,100

2,350

2,600

2,850

1,700

1,900

2,100

2,300

2,500

2,700

2,900

2,300

2,500

2,700

2,900

3,100

3,300

3,500

3,700






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PROSPECT-LEFFERTS GARDENS




• Prospect Lefferts Garden saw noticeable growth since December 2014, with Studio average rent increasing by 3.48%, One Bedroom’s by 4.06% and Two Bedroom’s by 4.39%, with an overall increase of 4.0%.

900

1,100

1,300

1,500

1,700

1,350

1,470

1,590

1,710

1,830

1,700

1,850

2,000

2,150

2,300

2,450







PROSPECT-LEFFERTS GARDENS WILLIAMSBURG




• The average monthly rent remained stable with a -0.36% change. • However, from an annual perspective, Williamsburg saw a large increase of 8.37%, illustrating the continued growth in the area.

2,100

2,300

2,500

2,700

2,900

3,100

3,300

2,500

2,700

2,900

3,100

3,300

3,500

3,000

3,200

3,400

3,600

3,800

4,000

4,200

4,400






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THE REPORT EXPLAINED

Author: MNS has been helping Brooklyn landlords and renters navigate the rental market since 1999. From large companies to

individuals, MNS 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 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.

http://www.mns.com/brooklyn_rental_market_report

The Brooklyn Rental Market ReportTM 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 ReportTM 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 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).

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