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mns.com
Brooklyn Rental Market ReportAugust 2014
MNS Brooklyn Rental Market Report August 2014 page 2
Brooklyn Rental Market Report August 2014
mns.comGramercy Park I Chelsea I Williamsburg
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
MNS Brooklyn Rental Market Report August 2014 page 3
Brooklyn Rental Market Report August 2014
mns.com mns.comGramercy Park I Chelsea I Williamsburg
INTRODUCTIONAverage rents throughout Brooklyn increased from $2,599.09 in August 2013 to $2,741.66 in August 2014.
MNS Brooklyn Rental Market Report August 2014 page 4
Brooklyn Rental Market Report August 2014
mns.comGramercy Park I Chelsea I Williamsburg
A QUICK LOOKRent prices in Brooklyn increased by approximately 2.68% from $2,670 in July 2014 to $2,742 in August 2014. Rent prices increased 5.49% from $2,599 to $2,742
compared to August 2013. Listing inventory decreased 16% compared to July 2014 from 2,327 units to 1,946 units.
The market appears to have picked up compared to July 2014. The largest percentage increases in rent prices were seen in Studios in Park Slope and One Bedroom
units in Bushwick. The largest percentage decreases were seen in Studio units in Boreum Hill and One Bedroom units in Prospect Lefferts Gardens.
The largest annual upward and downward shifts in rent prices were seen in Crown Heights and Boreum Hill respectively. Rents increased 25.2% in Crown Heights
compared to July 2013 from $1,874 to $2,347. Rents decreased by 2.1% in Boreum Hill from $2,846 to $2,785.
The Brooklyn rental market is clearly continuing its overall upward progression. Neighborhoods such as Williamsburg continue to see slower growth. This is evident
as its monthly decrease was .22% and its yearly increase was 2.0%, relatively nominal changes compared to other neighborhoods in Brooklyn that are surging. Once
again, underdeveloped areas like Bushwick and Crown Heights are leading the gentrification movement. Bushwick’s 17.59% monthly increase is tops among Brooklyn
neighborhoods, with Crown Heights also growing at a significant 11.20% rate as well. One unique trend this month is Park Slope’s 14.56% increase in average rents. This
is a result of several lower priced units exiting the market. For example, all Studio and One Bedroom units under $2,400 are no longer listed. As with recent months,
virtually all of the neighborhoods in Brooklyn are experiencing a positive year-over-year change. Those that have not have decreased by a negligible amount. Overall
monthly changes have tended to fluctuate more drastically, however similar trends are exhibited. This can be expected to continue as many more new developments
and conversions enter the marketing in the coming months.
Type Most Expensive Least Expensive
Studios DUMBO $3,657 PLG $1,300
One-Bedrooms DUMBO $3,900 PLG $1,516
Two-Bedrooms DUMBO $5,210 Bay Ridge $2,200
Notable TrendsBuilding (Average Prices)
MNS Brooklyn Rental Market Report August 2014 page 5
Brooklyn Rental Market Report August 2014
mns.com mns.comGramercy Park I Chelsea I Williamsburg
A QUICK LOOK STUDIOS
Greenpoint
Williamsburg
Bushwick
Bed-Stuy
Fort Greene $2,123
Clinton Hill $1,874
Park Slope $2,749Crown Heights
Prospect LeffertsGardens
Bay Ridge
DUMBO $3,657
Brooklyn Heights $2,199
Downtown Brooklyn $2,426
Cobble Hill $2,202
Boerum Hill $1,919
$1,389
$1,671
$2,175
$1,300
$2,831
$2,636
$2,300
Greatest ChangesSince July
Average Unit Prices By Neighborhood
Greenpoint
Bushwick & PLG
Bushwick
71 04DAYS DAYS
Williamsburg
01
PARK SLOPESTUDIO PRICES
$2,230Average PriceBrooklyn Studios
Days on Market
Market Inventory
High Low
High Low
57
44.25% ($843)
MNS Brooklyn Rental Market Report August 2014 page 6
Brooklyn Rental Market Report August 2014
mns.comGramercy Park I Chelsea I Williamsburg
A QUICK LOOK 1 BEDS
Greenpoint
Williamsburg
Bushwick
Bed-Stuy
Fort Greene $2,694
Clinton Hill $2,581
Park Slope $2,808Crown Heights
Prospect LeffertsGardens
Bay Ridge
DUMBO $3,900
Brooklyn Heights $3,097
Downtown Brooklyn $3,171
Cobble Hill $3,007
Boerum Hill $2,625
$1,563
$1,994
$2,295
$1,516
$3,255
$2,649
$2,647
Greatest ChangesSince July
Average Unit Prices By Neighborhood
DUMBO PLG
27 11DAYS DAYS
Williamsburg
10Cobble Hill
29.76% ($607)
BUSHWICK1 BED PRICES
$2,653Average PriceBrooklyn 1 Beds
Days on Market
Market Inventory
High Low
High Low
160
MNS Brooklyn Rental Market Report August 2014 page 7
Brooklyn Rental Market Report August 2014
mns.com mns.comGramercy Park I Chelsea I Williamsburg
A QUICK LOOK 2 BEDS
Greenpoint
Williamsburg
Bushwick
Bed-Stuy
Fort Greene $3,428
Clinton Hill $3,088
Park Slope $3,237Crown Heights
Prospect LeffertsGardens
Bay Ridge
DUMBO $5,210
Brooklyn Heights $4,437
Downtown Brooklyn $4,603
Cobble Hill $3,564
Boerum Hill $3,812
$2,200
$2,262
$2,570
$2,245
$3,837
$3,121
$2,510
Greatest ChangesSince July
Average Unit Prices By Neighborhood
Bay Ridge Greenpoint
31 16DAYS DAYS
Williamsburg
20PLG
10.1% ($424)
DOWNTOWN BK2 BED PRICES
$3,341Average PriceBrooklyn 2 Beds
Days on Market
Market Inventory
High Low
High Low
242
MNS Brooklyn Rental Market Report August 2014 page 8
Brooklyn Rental Market Report August 2014
mns.comGramercy Park I Chelsea I Williamsburg
Type August 2013 August 2014 Change
Studios $1,980 $2,230 12.6%
One-Bedrooms $2,501 $2,653 6.1%
Two-Bedrooms $3,316 $3,342 0.8%
Brooklyn Rents: August 2013 vs. August 2014
Greenpoint
Williamsburg
Bushwick
Bed-Stuy
Fort Greene
Clinton Hill
Park SlopeCrown Heights
Prospect LeffertsGardens
Bay Ridge
DUMBO
Brooklyn Heights
Downtown Brooklyn
Cobble Hill
Boerum Hill
11.4%
3.3%
25.2%
-2.1%
8.9%
7.7%
3.7%
-0.2%
2.0%
-1.6%
1.0%5.6%
-1.3%9.3%
23%
A QUICK LOOKYear Over Year Price Change By Neighborhood
> 10% Change
5.5% - 10% Change
4.0% - 5.4% Change
< 4.0% Change
MNS Brooklyn Rental Market Report August 2014 page 9
Brooklyn Rental Market Report August 2014
mns.com mns.comGramercy Park I Chelsea I Williamsburg
Bay Ridge Studios -9.30% Bed Stuy Two-Bedroom -1.94% Boerum Hill Studios -11.96% Brooklyn Heights Studios -1.48%One-Bedroom -8.17%Two-Bedroom -7.81% Clinton Hill Studios -3.31% Cobble Hill Studios -4.42%One-Bedroom -7.72%
Bay Ridge One-Bedroom 3.98%Two-Bedroom 6.26% Bed Stuy Studios 16.81%One-Bedroom 6.06% Boerum Hill One-Bedroom 3.35%Two-Bedroom 5.85% Bushwick Studios 19.18%One-Bedroom 29.76%Two-Bedroom 5.82% Clinton Hill One-Bedroom 0.50%Two-Bedroom 1.19%
Where Prices Decreased (monthly)
Where Prices Increased (monthly)
A QUICK LOOKDumbo Two-Bedroom -4.48% Downtown BK One-Bedroom -1.36% Fort Greene Studios -3.69% Greenpoint Studios -0.67%One-Bedroom -1.16% PLG One-Bedroom -10.92%Two-Bedroom -3.92% Williamsburg Studios -0.19%One-Bedroom -2.38%
Cobble Hill Two-Bedroom 3.84% Crown Heights Studios 22.10%One-Bedroom 14.88%Two-Bedroom 0.70% Dumbo Studios 21.73%One-Bedroom 3.86%
Downtown BK Studios 3.02%Two-Bedroom 10.14% Fort Greene One-Bedroom 0.54%Two-Bedroom 3.82%
Greenpoint Two-Bedroom 1.78% Park Slope Studios 44.25%One-Bedroom 9.45%Two-Bedroom 0.99% PLG Studios 0.00% Williamsburg One-Bedroom 1.68%
MNS Brooklyn Rental Market Report August 2014 page 10
Brooklyn Rental Market Report August 2014
mns.comGramercy Park I Chelsea I Williamsburg
BROOKLYN PRICE TRENDSStudio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
1,900
2,000
2,100
2,200
2,300
2,400
2,475
2,550
2,625
2,700
3,200
3,275
3,350
3,425
3,500
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug1,980 2,010 2,082 2,061 2,041 2,012 2,030 2,030 2,129 2,164 2,240 2,113 2,230
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug2,502 2,539 2,574 2,485 2,484 2,515 2,527 2,544 2,566 2,624 2,583 2,597 2,653
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug3,316 3,417 3,439 3,304 3,237 3,267 3,335 3,331 3,297 3,362 3,400 3,301 3,342
MNS Brooklyn Rental Market Report August 2014 page 11
Brooklyn Rental Market Report August 2014
mns.com mns.comGramercy Park I Chelsea I Williamsburg
BAY RIDGEStudio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• Although Studios experienced a sizeable 9.30% drop, One and Two Bedroom units increased at a rate that resulted in a trivial overall average rent increase of 0.92%
1,050
1,263
1,475
1,688
1,900
1,150
1,288
1,425
1,563
1,700
2,000
2,075
2,150
2,225
2,300
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug1,125 1,200 1,157 1,259 1,212 1,212 1,225 1,200 1,723 1,853 1,850 1,531 1,389
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jul Aug1,489 1,554 1,524 1,538 1,549 1,685 1,625 1,587 1,525 1,548 1,504 1,563
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug2,011 2,111 2,165 2,172 2,127 2,189 2,156 2,137 2,014 2,200 2,293 2,071 2,200
MNS Brooklyn Rental Market Report August 2014 page 12
Brooklyn Rental Market Report August 2014
mns.comGramercy Park I Chelsea I Williamsburg
BEDFORD-STUYVESANT
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• Overall average rent prices increased significantly for this month (5.51%) due to Studio prices increasing 16.81%.
900
1,200
1,500
1,800
2,100
1,300
1,475
1,650
1,825
2,000
1,450
1,688
1,925
2,163
2,400
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug1,488 1,534 1,617 1,600 1,670 1,634 1,646 1,650 2,005 1,890 1,930 1,430 1,671
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug1,928 1,955 1,967 1,847 1,781 1,775 1,752 1,841 1,937 1,948 1,932 1,880 1,994
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug2,320 2,297 2,189 2,057 2,116 2,084 2,120 2,186 2,317 2,218 2,291 2,306 2,262
MNS Brooklyn Rental Market Report August 2014 page 13
Brooklyn Rental Market Report August 2014
mns.com mns.comGramercy Park I Chelsea I Williamsburg
BOERUM HILL
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• This month saw a slight overall 0.42% rise in prices, however Studios fell considerably at 11.96%.
1,500
1,800
2,100
2,400
2,700
2,000
2,225
2,450
2,675
2,900
3,000
3,250
3,500
3,750
4,000
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug1,975 1,995 2,100 2,195 1,995 1,975 1,992 2,050 2,691 2,385 2,253 2,179 1,919
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug2,619 2,648 2,485 2,586 2,555 2,525 2,440 2,479 2,796 2,854 2,748 2,540 2,625
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug3,944 3,686 3,716 3,547 3,453 3,519 3,688 3,695 3,592 3,473 3,595 3,601 3,812
MNS Brooklyn Rental Market Report August 2014 page 14
Brooklyn Rental Market Report August 2014
mns.comGramercy Park I Chelsea I Williamsburg
BROOKLYN HEIGHTS
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• Rent prices decreased a substantial 6.57% compared to last month and also saw a yearly drop of 1.3%.
1,700
1,925
2,150
2,375
2,600
2,400
2,650
2,900
3,150
3,400
3,500
3,850
4,200
4,550
4,900
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug2,424 2,499 2,529 2,356 2,147 2,188 2,226 2,275 2,178 2,246 2,180 2,232 2,199
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug2,994 3,104 3,141 3,131 3,130 3,005 3,112 3,167 3,101 3,139 2,996 3,373 3,097
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug4,464 4,686 4,770 4,678 4,556 4,478 4,715 4,678 4,623 4,681 4,691 4,813 4,437
MNS Brooklyn Rental Market Report August 2014 page 15
Brooklyn Rental Market Report August 2014
mns.com mns.comGramercy Park I Chelsea I Williamsburg
BUSHWICK
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• All unit types increased dramatically leading to this neighborhood having the highest overall average rent increase throughout Brooklyn of 17.59%.
1,100
1,400
1,700
2,000
2,300
1,300
1,650
2,000
2,350
2,700
1,500
1,775
2,050
2,325
2,600
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug1,700 1,775 1,798 1,865 1,865 1,833 1,800 1,738 2,093 1,953 2,083 1,930 2,300
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug2,160 2,240 2,200 2,162 1,990 2,005 2,087 2,009 1,994 2,130 1,964 2,040 2,647
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug2,203 2,372 2,353 2,272 2,161 2,283 2,173 2,183 2,185 2,332 2,324 2,372 2,510
MNS Brooklyn Rental Market Report August 2014 page 16
Brooklyn Rental Market Report August 2014
mns.comGramercy Park I Chelsea I Williamsburg
CLINTON HILL
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• Unit type prices fluctuated rather modestly within a -3.31% to 1.19% range resulting in a nominal 0.20% overall decrease in prices.
1,300
1,525
1,750
1,975
2,200
1,900
2,100
2,300
2,500
2,700
2,000
2,325
2,650
2,975
3,300
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug1,935 1,990 2,116 2,025 1,958 1,844 1,883 1,924 1,945 1,949 2,022 1,938 1,874
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug2,203 2,218 2,348 2,374 2,264 2,330 2,360 2,379 2,428 2,648 2,656 2,568 2,581
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug3,004 2,935 3,037 3,107 3,067 3,145 3,245 3,157 3,090 3,220 3,129 3,051 3,088
MNS Brooklyn Rental Market Report August 2014 page 17
Brooklyn Rental Market Report August 2014
mns.com mns.comGramercy Park I Chelsea I Williamsburg
COBBLE HILL
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• Although this neighborhood experienced a small 2.46% decrease in overall monthly prices, its yearly overall average increased by 7.7%.
1,650
1,838
2,025
2,213
2,400
2,000
2,325
2,650
2,975
3,300
2,600
3,000
3,400
3,800
4,200
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug1,900 1,850 1,988 1,938 2,038 2,025 2,085 2,014 2,000 1,958 2,300 2,304 2,202
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug2,591 2,851 2,705 2,562 2,450 2,625 2,805 2,812 2,769 3,051 2,847 3,258 3,007
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug3,650 3,926 4,150 3,841 3,591 3,644 3,670 3,673 3,898 3,910 3,868 3,432 3,564
MNS Brooklyn Rental Market Report August 2014 page 18
Brooklyn Rental Market Report August 2014
mns.comGramercy Park I Chelsea I Williamsburg
CROWN HEIGHTS
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• This neighborhood claimed the highest year-over-year increase among Brooklyn neighborhoods increasing a mammoth 25.2%.
1,000
1,300
1,600
1,900
2,200
1,250
1,513
1,775
2,038
2,300
1,500
1,775
2,050
2,325
2,600
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug1,400 1,388 1,425 1,350 1,429 1,513 1,538 1,514 1,495 1,760 1,779 1,781 2,175
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug1,911 1,841 1,876 1,788 1,789 1,778 1,753 1,921 1,793 1,985 2,125 1,998 2,295
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug2,309 2,425 2,393 2,270 2,227 2,345 2,439 2,431 2,410 2,597 2,527 2,552 2,570
MNS Brooklyn Rental Market Report August 2014 page 19
Brooklyn Rental Market Report August 2014
mns.com mns.comGramercy Park I Chelsea I Williamsburg
DOWNTOWN BROOKLYN
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• Overall average rents for this neighborhood increased from $3,239 last month to $3,400 this month.
*Coverage for this neighborhood began in June 2013
2,100
2,200
2,300
2,400
2,500
2,500
2,675
2,850
3,025
3,200
3,000
3,425
3,850
4,275
4,700
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug2,301 2,356 2,315 2,408 2,416 2,464 2,429 2,403 2,298 2,419 2,458 2,459 2,426
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Jul2,949 2,972 3,026 2,898 2,897 3,028 3,026 3,049 3,078 3,149 3,138 3,078 3,171
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug4,084 4,147 4,097 3,735 3,825 3,913 4,081 4,034 3,967 4,000 4,256 4,179 4,603
MNS Brooklyn Rental Market Report August 2014 page 20
Brooklyn Rental Market Report August 2014
mns.comGramercy Park I Chelsea I Williamsburg
DUMBO
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• Overall monthly average rents increased by 4.53% due to a surge in Studio prices at 21.73%.
2,000
2,500
3,000
3,500
4,000
3,200
3,450
3,700
3,950
4,200
4,400
4,775
5,150
5,525
5,900
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug2,845 2,948 3,145 3,113 3,044 2,783 2,913 2,975 2,580 2,933 3,095 3,004 3,657
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug3,789 3,643 3,891 3,640 3,826 3,939 3,925 3,934 4,160 3,832 3,847 3,756 3,900
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug5,677 5,850 5,809 5,528 5,153 5,033 5,204 5,281 5,239 5,321 5,515 5,454 5,210
MNS Brooklyn Rental Market Report August 2014 page 21
Brooklyn Rental Market Report August 2014
mns.com mns.comGramercy Park I Chelsea I Williamsburg
FORT GREENE
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• Both monthly and yearly overall average rents increased by negligible 1% or lower.
1,650
1,888
2,125
2,363
2,600
2,000
2,225
2,450
2,675
2,900
2,600
2,925
3,250
3,575
3,900
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug1,915 2,000 1,940 2,146 2,321 2,450 2,500 2,377 2,278 2,380 2,542 2,205 2,123
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug2,789 2,813 2,762 2,684 2,621 2,675 2,765 2,841 2,791 2,890 2,862 2,680 2,694
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug3,459 3,721 3,798 3,712 3,639 3,702 3,716 3,707 3,822 3,824 3,648 3,302 3,428
MNS Brooklyn Rental Market Report August 2014 page 22
Brooklyn Rental Market Report August 2014
mns.comGramercy Park I Chelsea I Williamsburg
GREENPOINT
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• This neighborhood saw virtually no fluctuations in overall average rent this month with prices increasing by 0.07%.
1,600
1,900
2,200
2,500
2,800
2,000
2,250
2,500
2,750
3,000
2,100
2,475
2,850
3,225
3,600
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug2,569 2,532 2,650 2,683 2,672 2,580 2,580 2,560 2,645 2,745 2,693 2,654 2,636
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug2,779 2,805 2,837 2,676 2,640 2,959 2,938 2,853 2,839 2,727 2,664 2,680 2,649
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug3,194 3,399 3,526 3,277 3,114 3,174 3,156 3,181 3,203 3,297 3,290 3,067 3,121
MNS Brooklyn Rental Market Report August 2014 page 23
Brooklyn Rental Market Report August 2014
mns.com mns.comGramercy Park I Chelsea I Williamsburg
PARK SLOPE
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• This neighborhood experienced a unique month with overall average rents increasing by 14.56% as a result of a 44.25% increase in Studio prices, the highest among unit types in Brooklyn.
1,100
1,525
1,950
2,375
2,800
1,700
2,000
2,300
2,600
2,900
2,300
2,575
2,850
3,125
3,400
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug2,141 2,177 2,295 2,083 1,923 1,861 1,847 1,928 1,936 1,930 2,045 1,906 2,749
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug2,571 2,612 2,704 2,563 2,635 2,664 2,597 2,512 2,513 2,619 2,600 2,565 2,808
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug3,362 3,374 3,243 3,116 3,268 3,093 3,169 3,103 3,247 3,237 3,392 3,206 3,237
MNS Brooklyn Rental Market Report August 2014 page 24
Brooklyn Rental Market Report August 2014
mns.comGramercy Park I Chelsea I Williamsburg
PROSPECT-LEFFERTS GARDENS
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• Monthly overall average prices for this neighborhood continue to fall steadily, this month by 5.20%.
900
1,100
1,300
1,500
1,700
1,350
1,463
1,575
1,688
1,800
1,700
1,875
2,050
2,225
2,400
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug1,158 1,200 1,300 1,250 1,275 1,223 1,175 1,213 1,308 1,250 1,500 1,300 1,300
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug1,730 1,683 1,650 1,517 1,467 1,433 1,500 1,621 1,693 1,697 1,739 1,702 1,516
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug2,181 2,330 2,200 2,019 1,967 2,117 2,254 2,211 2,066 2,307 2,353 2,336 2,245
MNS Brooklyn Rental Market Report August 2014 page 25
Brooklyn Rental Market Report August 2014
mns.com mns.comGramercy Park I Chelsea I Williamsburg
PROSPECT-LEFFERTS GARDENS WILLIAMSBURG
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• This neighborhood continues to remain one of the most stable in Brooklyn with both monthly and yearly averages fluctuating by no more than 2%.
2,100
2,300
2,500
2,700
2,900
2,500
2,750
3,000
3,250
3,500
3,000
3,350
3,700
4,050
4,400
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug2,817 2,701 2,850 2,647 2,648 2,588 2,612 2,632 2,758 2,812 2,867 2,837 2,831
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug3,015 3,146 3,500 3,311 3,443 3,294 3,224 3,163 3,076 3,151 3,169 3,334 3,255
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug3,897 3,999 4,143 4,221 4,294 4,285 4,240 4,313 3,779 3,813 3,828 3,773 3,837
MNS Brooklyn Rental Market Report August 2014 page 26
Brooklyn Rental Market Report August 2014
mns.comGramercy Park I Chelsea I Williamsburg
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).
mns.com mns.comGramercy Park I Chelsea I Williamsburg
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