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mns.com
Brooklyn Rental Market ReportSeptember 2015
MNS Brooklyn Rental Market Report September 2015 page 2
Brooklyn Rental Market Report September 2015
mns.comWilliamsburg
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 September 2015 page 3
Brooklyn Rental Market Report September 2015
mns.com mns.comWilliamsburg
INTRODUCTIONAverage rents throughout Brooklyn decreased slightly by 0.18% from $2,748.87 in August 2015 to $2,743.83 in September 2015.
MNS Brooklyn Rental Market Report September 2015 page 4
Brooklyn Rental Market Report September 2015
mns.comWilliamsburg
A QUICK LOOKMonthly average rent remained stable with a -0.18% movement compared to the previous month - from $2,748.87 in August 2015 to $2,743.83 in September 2015. Annual average rent increased by 1.53% from $2,702.59 in September 2014 to $2,743.83 in September 2015. The inventory decreased by 4.79% from 4155 units in August 2015 to 3956 units September 2015, a common effect of seasonality. At the time the sample was taken, the following neighborhoods contained less than 15 units in the sample; Studios in Bay Ridge, Boerum Hill, Bushwick, Clinton Hill, Cobble Hill, DUMBO, Greenpoint and PLG. Such low sample sizes often cause larger than normal fluctuations in average prices.
The largest percentage increase was in Prospect Lefferts Garden in the One Bedroom sector, with an increase of 6.84%, due to a relatively higher priced unit at 393 Lefferts ave entering the market, coupled with a sample size under 10 units. Greenpoint Studios saw the highest decline of 8.91% since the previous month, caused by the sample reacting to a higher priced loft apartment at 738 Leonard st leaving the market.
Williamsburg and DUMBO saw the largest annual upward and downward shifts in rent prices. Williamsburg average rent grew immensely by 10.7%, from the average rent of $3,204 in September 2014 to $2,547 in September 2015. DUMBO experienced a decline in average rent of 3.77%, from $4,422.00 in September 2014 to $4,255 in September 2015.
Type Most Expensive Least Expensive
Studios Williamsburg $3,169 Bay Ridge $1,324
One-Bedrooms DUMBO $4,123 Bay Ridge $1,717
Two-Bedrooms DUMBO $5,488 PLG $2,272
Notable TrendsBuilding (Average Prices)
MNS Brooklyn Rental Market Report September 2015 page 5
Brooklyn Rental Market Report September 2015
mns.com mns.comWilliamsburg
A QUICK LOOK STUDIOS
Greenpoint
Williamsburg
Bushwick
Bed-Stuy
Fort Greene $2,417
Clinton Hill $2,067
Park Slope $2,085Crown Heights
Prospect LeffertsGardens
Bay Ridge
DUMBO $3,155
Brooklyn Heights $2,478
Downtown Brooklyn $2,628
Cobble Hill $2,059
Boerum Hill $2,369
$1,324
$1,579
$1,723
$1,393
$3,169
$2,132
$1,781
Greatest ChangesSince August
Average Unit Prices By Neighborhood
Downtown BK
DUMBO
Bay Ridge &Park Slope
72 10DAYS DAYS
Williamsburg
04
GREENPOINTSTUDIO PRICES
$2,157Average PriceBrooklyn Studios
Days on Market
Market Inventory
High Low
High Low
158
8.91% ($209)
MNS Brooklyn Rental Market Report September 2015 page 6
Brooklyn Rental Market Report September 2015
mns.comWilliamsburg
A QUICK LOOK 1 BEDS
Greenpoint
Williamsburg
Bushwick
Bed-Stuy
Fort Greene $2,874
Clinton Hill $2,464
Park Slope $2,551Crown Heights
Prospect LeffertsGardens
Bay Ridge
DUMBO $4,123
Brooklyn Heights $3,147
Downtown Brooklyn $3,248
Cobble Hill $2,754
Boerum Hill $2,728
$1,717
$2,053
$1,991
$1,758
$3,343
$2,631
$2,148
Greatest ChangesSince August
Average Unit Prices By Neighborhood
DUMBO Brooklyn Heights
37 14DAYS DAYS
Williamsburg
20Cobble Hill
6.84% ($113)
PLG1 BED PRICES
$2,635Average PriceBrooklyn 1 Beds
Days on Market
Market Inventory
High Low
High Low
303
MNS Brooklyn Rental Market Report September 2015 page 7
Brooklyn Rental Market Report September 2015
mns.com mns.comWilliamsburg
A QUICK LOOK 2 BEDS
Greenpoint
Williamsburg
Bushwick
Bed-Stuy
Fort Greene $3,584
Clinton Hill $3,275
Park Slope $3,316Crown Heights
Prospect LeffertsGardens
Bay Ridge
DUMBO $5,489
Brooklyn Heights $4,680
Downtown Brooklyn $4,257
Cobble Hill $3,850
Boerum Hill $3,982
$2,290
$2,420
$2,462
$2,272
$4,128
$3,218
$2,363
Greatest ChangesSince August
Average Unit Prices By Neighborhood
DUMBO Bushwick,Greenpoint &Boerum Hill
80 17DAYS DAYS
Williamsburg
30
5.12% ($159)
CLINTON HILL2 BED PRICES
$3,439Average PriceBrooklyn 2 Beds
Days on Market
Market Inventory
High Low
High Low
400 Cobble Hill
MNS Brooklyn Rental Market Report September 2015 page 8
Brooklyn Rental Market Report September 2015
mns.comWilliamsburg
Type September 2014 September 2015 Change
Studios $2,187 $2,157 1.36%
One-Bedrooms $2,586 $2,635 1.90%
Two-Bedrooms $3,335 $3,439 3.13%
Brooklyn Rents: September 2014 vs. September 2015
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
4.53%
7.81%
-1.13%
3.9 %
-0.5%
-0.9%
-3.8%
1.95%
10.69%
-3.8%
3.5%-0.6%
1.9% 0.9%6.08%
A QUICK LOOKYear Over Year Price Change By Neighborhood
> 5.5% Change
3% - 5.5% Change
< 3% Change
MNS Brooklyn Rental Market Report September 2015 page 9
Brooklyn Rental Market Report September 2015
mns.com mns.comWilliamsburg
Bed Stuy One-Bedroom -1.78%Two-Bedroom -0.02% Boerum Hill Studios -4.46% Brooklyn Heights One-Bedroom -0.72% Bushwick One-Bedroom -0.22%Two-Bedroom -0.12% Clinton Hill One-Bedroom -0.41%
Bay Ridge Studios 0.88%One-Bedroom 1.85%Two-Bedroom 0.12% Bed Stuy Studios 2.30% Boerum Hill One-Bedroom 2.93%Two-Bedroom 1.57% Brooklyn Heights Studios 0.51%Two-Bedroom 0.61% Bushwick Studios 1.59% Clinton Hill Studios 2.69%Two-Bedroom 5.12%
Where Prices Decreased (monthly)
Where Prices Increased (monthly)
A QUICK LOOKCobble Hill Studios -6.39%One-Bedroom -1.19% Crown Heights Studios -4.22%One-Bedroom -0.59% Dumbo Studios -0.08%Two-Bedroom -2.09% Downtown BK Studios -2.45%One-Bedroom -0.62%Two-Bedroom -5.06%
Cobble Hill Two-Bedroom 1.72% Crown Heights Two-Bedroom 1.98% Dumbo One-Bedroom 0.12% Fort Greene Studios 5.47%Two-Bedroom 0.05% Greenpoint Two-Bedroom 3.15% Park Slope Studios 2.69% PLG One-Bedroom 6.84%
Fort Greene One-Bedroom -0.52% Greenpoint Studios -8.91%One-Bedroom -0.06% Park Slope One-Bedroom -0.29%Two-Bedroom -2.81% PLG Studios -0.37%Two-Bedroom -2.73% Williamsburg One-Bedroom -1.16%
Williamsburg Studios 1.58%Two-Bedroom 0.74%
MNS Brooklyn Rental Market Report September 2015 page 10
Brooklyn Rental Market Report September 2015
mns.comWilliamsburg
BROOKLYN PRICE TRENDSStudio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
2,100
2,123
2,145
2,168
2,190
2,540
2,565
2,590
2,615
2,640
3,200
3,275
3,350
3,425
3,500
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep2,187 2,157 2,174 2,136 2,104 2,166 2,139 2,116 2,135 2,128 2,162 2,173 2,157
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep2,586 2,580 2,561 2,552 2,547 2,570 2,608 2,640 2,615 2,614 2,625 2,634 2,635
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep3,335 3,345 3,297 3,313 3,348 3,367 3,386 3,417 3,412 3,388 3,404 3,440 3,439
MNS Brooklyn Rental Market Report September 2015 page 11
Brooklyn Rental Market Report September 2015
mns.com mns.comWilliamsburg
BAY RIDGE
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• This neighborhood remained stable with a slight increase of 0.86% in the monthly average.• Studio, One Bedroom and Two Bedroom average rents increased by 0.88%, 1.85% and 0.12% respectively.
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
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep1,329 1,389 1,458 1,284 1,292 1,357 1,291 1,343 1,385 1,375 1,319 1,313 1,324
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep1,560 1,606 1,589 1,580 1,562 1,582 1,606 1,633 1,637 1,636 1,679 1,686 1,717
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep2,212 2,303 2,224 2,150 2,248 2,334 2,248 2,037 2,189 2,190 2,270 2,287 2,290
MNS Brooklyn Rental Market Report September 2015 page 12
Brooklyn Rental Market Report September 2015
mns.comWilliamsburg
BEDFORD-STUYVESANT
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• Studio rent in Bedford-Stuyvesant increased by 2.30%, with One Bedroom and Two Bedroom rents decreasing by 1.78% and 0.02%. • These changes combined balanced out the overall average with a -0.03% movement since the previous month.
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
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep1,530 1,693 1,629 1,704 1,572 1,752 1,653 1,601 1,546 1,610 1,612 1,543 1,579
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep1,857 1,865 1,856 1,881 1,881 1,869 1,952 1,947 1,952 2,025 2,079 2,090 2,053
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep2,227 2,242 2,271 2,256 2,284 2,312 2,256 2,291 2,314 2,349 2,429 2,420 2,420
MNS Brooklyn Rental Market Report September 2015 page 13
Brooklyn Rental Market Report September 2015
mns.com mns.comWilliamsburg
BOERUM HILL
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• A noticeable decline of 4.46% in Studio units was caused by low sample size, in which a higher priced unit came off the market.• One Bedroom and Two Bedroom unit average rents grew by 2.93% and 1.57%, respectively.• Overall, monthly average rent remained stable at 0.32% since the previous month.
1,500
1,700
1,900
2,100
2,300
2,500
2,700
2,900
3,100
2,000
2,250
2,500
2,750
3,000
3,250
3,000
3,200
3,400
3,600
3,800
4,000
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep2,271 2,360 2,882 2,846 2,562 2,833 2,998 2,539 2,702 2,467 2,511 2,480 2,369
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep2,745 2,700 2,828 2,860 2,858 2,933 3,077 2,950 2,789 2,837 2,831 2,650 2,728
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep3,721 3,723 3,574 3,557 3,529 3,557 3,899 3,714 3,807 3,799 3,757 3,920 3,982
MNS Brooklyn Rental Market Report September 2015 page 14
Brooklyn Rental Market Report September 2015
mns.comWilliamsburg
BROOKLYN HEIGHTS
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• Average rent for the neighborhood remained stable with a 0.18% 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
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep2,454 2,232 2,227 2,231 2,173 2,317 2,539 2,229 2,333 2,339 2,389 2,466 2,478
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep3,060 3,004 3,018 2,927 2,934 3,080 3,078 3,220 3,193 3,078 3,192 3,170 3,147
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep4,597 4,258 4,521 4,456 4,643 4,254 4,437 4,735 4,313 4,333 4,473 4,652 4,680
MNS Brooklyn Rental Market Report September 2015 page 15
Brooklyn Rental Market Report September 2015
mns.com mns.comWilliamsburg
BUSHWICK
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• Although Bushwick Inventory fell by 14%, from 340 to 291 units, the monthly average rent remained relatively unchanged with a slight increase of 0.32% since last month.• All unit classes’ median days on market were lower than 18 days, indicating a continued demand for apartments in the area.
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
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep1,568 1,775 1,978 1,864 1,788 2,047 2,063 1,900 1,750 1,709 1,701 1,753 1,781
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep2,068 2,119 2,028 2,048 1,993 1,991 1,962 1,958 2,024 2,079 2,098 2,152 2,148
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep2,296 2,292 2,249 2,203 2,291 2,350 2,385 2,320 2,400 2,361 2,366 2,366 2,363
MNS Brooklyn Rental Market Report September 2015 page 16
Brooklyn Rental Market Report September 2015
mns.comWilliamsburg
CLINTON HILL
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• The average rents for Studio and Two Bedroom units increased by 2.69% and 5.12%, respectively, as the One Bedroom average rent fell by 0.41%• The 5.12% jump in Two Bedrooms was led by higher priced units at the newly developed building at 490 Myrtle avenue, as well as rentals at 97 Grand Ave and 163 Washington ave.
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
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep2,201 2,105 1,933 1,884 2,076 2,102 2,058 2,197 2,170 2,157 2,041 2,013 2,067
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep2,599 2,698 2,512 2,495 2,515 2,346 2,421 2,606 2,538 2,485 2,491 2,474 2,464
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep3,056 3,146 3,074 3,041 2,915 3,082 3,241 3,267 3,076 3,017 3,032 3,115 3,275
MNS Brooklyn Rental Market Report September 2015 page 17
Brooklyn Rental Market Report September 2015
mns.com mns.comWilliamsburg
COBBLE HILL
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• Studio average rent in Cobble Hill fell by 6.39%, triggered by an influx of lower priced studio rental units entering the market, coupled with a relatively small sample size.• Overall, the monthly average declined slightly by 1.24% since last month.
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
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep2,013 1,886 2,259 2,280 2,534 2,401 2,019 1,968 1,986 2,106 2,231 2,200 2,059
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep2,970 3,091 2,925 2,852 2,815 2,839 2,951 3,013 2,914 2,767 2,634 2,787 2,754
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep3,761 3,816 3,699 3,545 3,630 3,212 3,595 3,685 4,068 3,899 3,862 3,785 3,850
MNS Brooklyn Rental Market Report September 2015 page 18
Brooklyn Rental Market Report September 2015
mns.comWilliamsburg
CROWN HEIGHTS
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• The average rent for Studios fell by 4.22% since the previous month, led by several units at 500 Sterling and 954 Bergen leaving the market.
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
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep1,847 1,711 1,571 1,565 1,504 1,537 1,428 1,529 1,479 1,523 1,509 1,798 1,723
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep1,980 1,926 1,917 1,880 1,767 1,842 1,817 1,788 1,817 1,807 1,846 2,002 1,991
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep2,420 2,296 2,298 2,262 2,243 2,230 2,234 2,360 2,227 2,250 2,272 2,414 2,462
MNS Brooklyn Rental Market Report September 2015 page 19
Brooklyn Rental Market Report September 2015
mns.com mns.comWilliamsburg
DOWNTOWN BROOKLYN
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• Rent prices for Studio, One Bedroom and Two Bedroom decreased by 2.45%, 0.62% and 5.06% respectively. • Overall, monthly average for Downtown Brooklyn fell by 3% since previous month, a common reaction to market seasonality.
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
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep2,495 2,448 2,361 2,611 2,571 2,556 2,626 2,583 2,808 2,760 2,786 2,695 2,628
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep3,199 3,135 3,065 3,123 3,113 3,303 3,371 3,336 3,326 3,252 3,255 3,268 3,248
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep4,531 4,361 4,187 4,328 4,342 4,396 4,485 4,435 4,623 4,612 4,557 4,484 4,257
MNS Brooklyn Rental Market Report September 2015 page 20
Brooklyn Rental Market Report September 2015
mns.comWilliamsburg
DUMBO
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• Overall, the monthly average rent across all unit classes remained stable with a -0.89% change.
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
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep3,777 3,641 2,955 2,955 3,160 3,035 3,004 3,236 3,336 3,125 3,079 3,158 3,155
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep3,879 3,822 3,943 3,943 4,091 4,141 3,979 3,976 4,092 4,070 4,022 4,118 4,123
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep5,609 5,974 5,751 5,751 5,674 5,795 5,451 5,701 5,550 5,624 5,758 5,605 5,489
MNS Brooklyn Rental Market Report September 2015 page 21
Brooklyn Rental Market Report September 2015
mns.com mns.comWilliamsburg
FORT GREENE
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• Studio average rent in Fort Greene grew by 5.47% since previous month, with One Bedrooms decreasing by 0.52% and Two Bedroom increasing by 0.05%.• The growth in studios was led by several lower priced units leaving the market.
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
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep2,302 2,340 2,389 2,275 2,175 2,301 2,122 2,183 2,148 2,164 2,331 2,292 2,417
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep2,777 2,924 2,815 2,770 2,828 2,863 2,884 2,968 2,882 2,938 2,913 2,889 2,874
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep3,496 3,659 3,396 3,527 3,678 4,163 3,825 3,664 3,779 3,610 3,519 3,582 3,584
MNS Brooklyn Rental Market Report September 2015 page 22
Brooklyn Rental Market Report September 2015
mns.comWilliamsburg
GREENPOINT
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• Studio average rent experienced a staggering decline of 8.91% since the previous month, caused by the sample reacting to a higher priced loft apartment at 738 Leonard st leaving the market• Overall, Greenpoint’s monthly average rent decreased by 1.38% since previous month.
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
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep2,735 2,500 3,012 2,624 2,148 2,202 2,209 2,174 2,294 2,385 2,403 2,341 2,132
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep2,609 2,462 2,639 2,528 2,481 2,499 2,523 2,622 2,648 2,788 2,759 2,632 2,631
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep2,948 2,993 3,181 3,219 3,215 3,214 3,232 3,224 3,248 3,221 3,253 3,120 3,218
MNS Brooklyn Rental Market Report September 2015 page 23
Brooklyn Rental Market Report September 2015
mns.com mns.comWilliamsburg
PARK SLOPE
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• With the rent of studio apartments increasing by 2.6% and Two Bedroom units decreasing by 2.8%, the overall monthly average remained stable at 0.61% since the previous month.
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
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep2,126 2,179 1,963 2,020 1,957 1,951 1,997 2,016 1,986 1,993 2,028 2,030 2,085
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep2,612 2,539 2,548 2,562 2,634 2,543 2,633 2,675 2,607 2,551 2,566 2,558 2,551
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep3,254 3,196 3,233 3,292 3,371 3,451 3,485 3,452 3,460 3,347 3,352 3,412 3,316
MNS Brooklyn Rental Market Report September 2015 page 24
Brooklyn Rental Market Report September 2015
mns.comWilliamsburg
PROSPECT-LEFFERTS GARDENS
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• The average rent for One Bedroom units increased by 6.84%, contributed by new higher priced listings at 100 Lefferts Ave entering the market.• Overall, this neighborhood remained relatively stable at an average of 0.81% since the previous month.
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
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep1,600 1,445 1,419 1,400 1,268 1,300 1,302 1,380 1,334 1,341 1,351 1,398 1,393
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep1,595 1,699 1,655 1,635 1,642 1,661 1,707 1,683 1,659 1,622 1,642 1,645 1,758
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep2,245 2,123 2,164 2,057 2,121 2,052 2,058 2,008 2,089 2,115 2,129 2,336 2,272
MNS Brooklyn Rental Market Report September 2015 page 25
Brooklyn Rental Market Report September 2015
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PROSPECT-LEFFERTS GARDENS WILLIAMSBURG
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• With movements under 2% in both directions for Studio, One Bedroom and Two Bedroom units, the overall monthly average balanced out and increased slightly by 0.38% since August 2015.
2,100
2,440
2,780
3,120
3,460
3,800
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
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep2,558 2,651 2,572 2,579 2,777 2,798 2,791 2,856 2,772 2,868 3,142 3,120 3,169
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep3,282 3,103 3,082 3,088 3,087 3,065 3,155 3,224 3,149 3,275 3,364 3,382 3,343
Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep3,773 3,746 3,733 3,947 4,109 4,091 4,011 4,279 4,028 4,092 4,021 4,097 4,128
MNS Brooklyn Rental Market Report September 2015 page 26
Brooklyn Rental Market Report September 2015
mns.comWilliamsburg
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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