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Brooklyn Rental Market ReportApril 2014
MNS Brooklyn Rental Market Report April 2014 page 2
Brooklyn Rental Market Report April 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 April 2014 page 3
Brooklyn Rental Market Report April 2014
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INTRODUCTIONOverall rents increased slightly compared to last month, rising 1.09% from $2,635 in March to $2,664 in April.
MNS Brooklyn Rental Market Report April 2014 page 4
Brooklyn Rental Market Report April 2014
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A QUICK LOOK
Type Most Expensive Least Expensive
Studios DUMBO $2,758 PLG $1,308
One-Bedrooms DUMBO $4,160 Bay Ridge $1,525
Two-Bedrooms DUMBO $5,239 Bay Ridge $2,014
Overall rents increased slightly compared to last month, rising 1.09% from $2,635 in March to $2,664 in April. This marks the first month since January that overall rental pricing in Brooklyn changed more than one percent. It can be expected that incoming rental inventory throughout Brooklyn in the coming months will have an upward effect on pricing
Most notably, average rent prices jumped up 9.43% from this time last year from $2,434,27 to $2,663.93. This is due to a growing demand and supply of luxury Studio and One-Bedroom units in neighborhoods like Bedford-Stuyvesant and Boerum Hill. Pricing for studios increased 45.40% in Bedford-Stuyvesant and 59.23% in Boerum Hill since the previous year. As new developments continue to be built in Brooklyn neighborhoods, we can expect to continue to see a steady rise in price for these types of units.
Bedford-Stuyvesant again saw the highest increase in pricing this month relative to the rest of Brooklyn. Each unit type pricing increased: Studio units in Bedford-Stuyvesant increased 21.6%, One-Bedroom units increased 5.2%, and Two-Bedroom units increased 6.0% since April of last year. The increase in studios is due to four new units on the market off of Greene, Franklin, Park, and Marcus Garvey Boulevard.
Now that spring rental season has officially begun, we can expect to see a high influx and turnover of these types of units in Brooklyn.
Notable TrendsBuilding (Average Prices)
MNS Brooklyn Rental Market Report April 2014 page 5
Brooklyn Rental Market Report April 2014
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A QUICK LOOK STUDIOS
Greenpoint
Williamsburg
Bushwick
Bed-Stuy
Fort Greene $2,278
Clinton Hill $1,945
Park Slope $1,936Crown Heights
Prospect LeffertsGardens
Bay Ridge
DUMBO $2,580
Brooklyn Heights $2,178
Downtown Brooklyn $2,298
Cobble Hill $2,000
Boerum Hill $2,691
$1,723
$2,005
$1,495
$1,308
$2,758
$2,645
$2,093
Greatest ChangesSince March
Average Unit Prices By Neighborhood
DUMBO Cobble Hill
30 01DAYS DAYS
Williamsburg
01Clinton Hill
BAY RIDGESTUDIO PRICES
$2,129Average PriceBrooklyn Studios
Days on Market
Market Inventory
High Low
High Low
51
43.6% ($523)
MNS Brooklyn Rental Market Report April 2014 page 6
Brooklyn Rental Market Report April 2014
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A QUICK LOOK 1 BEDS
Greenpoint
Williamsburg
Bushwick
Bed-Stuy
Fort Greene $2,791
Clinton Hill $2,428
Park Slope $2,513Crown Heights
Prospect LeffertsGardens
Bay Ridge
DUMBO $4,160
Brooklyn Heights $3,101
Downtown Brooklyn $3,078
Cobble Hill $2,769
Boerum Hill $2,796
$1,525
$1,937
$1,793
$1,693
$3,076
$2,839
$1,994
Greatest ChangesSince March
Average Unit Prices By Neighborhood
Boerum Hill Clinton Hill
24 07DAYS DAYS
Williamsburg
12PLG
12.8% ($317)
BOERUM HILL1 BED PRICES
$2,566Average PriceBrooklyn 1 Beds
Days on Market
Market Inventory
High Low
High Low
177
MNS Brooklyn Rental Market Report April 2014 page 7
Brooklyn Rental Market Report April 2014
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A QUICK LOOK 2 BEDS
Greenpoint
Williamsburg
Bushwick
Bed-Stuy
Fort Greene $3,822
Clinton Hill $3,090
Park Slope $3,247Crown Heights
Prospect LeffertsGardens
Bay Ridge
DUMBO $5,239
Brooklyn Heights $4,623
Downtown Brooklyn $3,967
Cobble Hill $3,898
Boerum Hill $3,592
$2,014
$2,317
$2,410
$2,066
$4,779
$3,203
$2,185
Greatest ChangesSince March
Average Unit Prices By Neighborhood
Bed Stuy Park Slope
21 09DAYS DAYS
Williamsburg
07PLG
12.4%($534)
WILLIAMSBURG2 BED PRICES
$3,297Average PriceBrooklyn 2 Beds
Days on Market
Market Inventory
High Low
High Low
185
MNS Brooklyn Rental Market Report April 2014 page 8
Brooklyn Rental Market Report April 2014
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Type April 2013 April 2014 Change
Studios $1,863 $2,129 14.3%
One-Bedrooms $2,406 $2,566 6.6%
Two-Bedrooms $3,190 $3,297 3.3%
Brooklyn Rents: April 2013 vs. April 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
10.5%
21.1%
10.3%
10.3%
2.1%
9.0%
1.1%
2.7%
3.2%
3.3%
4.8%
3.5%
N/A3.0%
8.0%
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 April 2014 page 9
Brooklyn Rental Market Report April 2014
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Bay RidgeOne-Bedroom -6.2%Two-Bedroom -6.6%
Boerum HillTwo-Bedroom -2.6%
Brooklyn HeightsTwo-Bedroom -1.9%Studios -2.2%One-Bedroom -0.3%
BushwickOne-Bedroom -4.5%
Clinton HillTwo-Bedroom -4.8%
Bay RidgeStudios 40.6%
Bed StuyStudios 21.7%One-Bedroom 10.5%Two-Bedroom 9.3%
Boerum HillStudios 35.1%One-Bedroom 14.6%
BushwickTwo-Bedroom 0.5%Studios 16.3%
Clinton HillStudios 3.3%One-Bedroom 2.9%
Where Prices Decreased (monthly)
Where Prices Increased (monthly)
A QUICK LOOKCobble HillStudios -4.1%One-Bedroom -1.3%
Crown HeightsStudios -2.7%Two-Bedroom -1.2%
DumboStudios -11.4%
Downtown BKStudios -5.4%Two-Bedroom -2.8%
Cobble HillTwo-Bedroom 6.2%
Crown HeightsOne-Bedroom 2.2%
DumboOne-Bedroom 6.0%Two-Bedroom 0.7%
Downtown BKOne-Bedroom 1.7%
Fort GreeneOne-Bedroom 1.0%Two-Bedroom 2.9%
Fort GreeneStudios -8.9%
GreenpointOne-Bedroom -3.4%
Park SlopeOne-Bedroom -3.2%
PLGTwo-Bedroom -8.4%
WilliamsburgOne-Bedroom -4.6%Two-Bedroom -10.9%
GreenpointTwo-Bedroom 1.5%Studios 2.5%
Park SlopeStudios 4.8%Two-Bedroom 2.4%
PLGStudios 11.4%One-Bedroom 12.9%
WilliamsburgStudios 5.6%
MNS Brooklyn Rental Market Report April 2014 page 10
Brooklyn Rental Market Report April 2014
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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
1,500
1,675
1,850
2,025
2,200
2,050
2,188
2,325
2,463
2,600
2,900
3,075
3,250
3,425
3,600
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr1,863 1,879 1,894 1,917 1,980 2,010 2,082 2,061 2,041 2,069 2,030 2,030 2,129
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr2,406 2,438 2,420 2,456 2,501 2,528 2,574 2,485 2,469 2,515 2,527 2,544 2,566
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr3,190 3,192 3,251 3,320 3,316 3,410 3,439 3,304 3,237 3,267 3,335 3,331 3,297
MNS Brooklyn Rental Market Report April 2014 page 11
Brooklyn Rental Market Report April 2014
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BAY RIDGE
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• After two consecutive months of decreasing prices in February and March, Studio units in Bay Ridge jumped up to $1,723. Meanwhile, One and Two-Bedroom unit pricing continued its decreasing trend, dropping to $1,525 and $2013.70, respectively.
* One unit (20 89th St priced at $1,100) went off the market from March while another unit (437 73rd St priced at $2,150) went on the market - due to a very small data set for Bay Ridge Studios, this small change had a very significant impact and pushed up average prices by over 43.6%
1,050
1,238
1,425
1,613
1,800
1,150
1,288
1,425
1,563
1,700
1,400
1,600
1,800
2,000
2,200
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr1,263 1,363 1,295 1,300 1,125 1,200 1,157 1,259 1,212 1,212 1,225 1,200 1,723
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr1,514 1,513 1,499 1,400 1,489 1,554 1,524 1,538 1,549 1,685 1,625 1,587 1,525
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr1,984 2,011 2,076 2,120 2,011 2,111 2,165 2,172 2,127 2,189 2,156 2,137 2,014
N/A
MNS Brooklyn Rental Market Report April 2014 page 12
Brooklyn Rental Market Report April 2014
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BEDFORD-STUYVESANT
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• Pricing for units in Bed Stuy increased across the board at an average of 10%, the highest relative increase among all Brooklyn neighborhoods in April 2014 compared to March 2014.
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
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr1,379 1,348 1,359 1,450 1,488 1,534 1,617 1,600 1,670 1,634 1,646 1,650 2,005
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr1,729 1,743 1,764 1,777 1,928 1,955 1,967 1,847 1,781 1,775 1,752 1,841 1,937
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr2,059 2,142 2,105 2,213 2,320 2,297 2,189 2,057 2,116 2,084 2,120 2,186 2,317
MNS Brooklyn Rental Market Report April 2014 page 13
Brooklyn Rental Market Report April 2014
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BOERUM HILL
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• Studio and One-Bedroom unit pricing continued an increasing trend and rose to $2,691 and $2,796 this month.
1,500
1,875
2,250
2,625
3,000
2,000
2,200
2,400
2,600
2,800
3,000
3,250
3,500
3,750
4,000
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr1,690 1,838 1,875 1,925 1,975 1,995 2,100 2,195 1,995 1,975 1,992 2,050 2,691
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr2,750 2,767 2,650 2,578 2,619 2,648 2,485 2,586 2,555 2,525 2,440 2,479 2,796
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr3,792 3,913 3,846 3,741 3,944 3,686 3,716 3,547 3,453 3,519 3,688 3,695 3,592
MNS Brooklyn Rental Market Report April 2014 page 14
Brooklyn Rental Market Report April 2014
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BROOKLYN HEIGHTS
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• Rents for Brooklyn Heights remained relatively stable, with only slight dips in pricing for all units.
1,700
1,925
2,150
2,375
2,600
2,400
2,600
2,800
3,000
3,200
3,500
3,825
4,150
4,475
4,800
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr2,025 2,106 2,095 2,174 2,424 2,499 2,529 2,356 2,147 2,188 2,226 2,275 2,178
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr3,004 3,031 3,010 3,006 2,994 3,104 3,141 3,131 3,130 3,005 3,112 3,167 3,101
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr4,586 4,425 4,565 4,464 4,464 4,686 4,770 4,678 4,556 4,478 4,715 4,678 4,623
MNS Brooklyn Rental Market Report April 2014 page 15
Brooklyn Rental Market Report April 2014
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BUSHWICK
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• Pricing for Studios rebounded after a four month decrease to $2,093.
1,100
1,350
1,600
1,850
2,100
1,300
1,550
1,800
2,050
2,300
1,500
1,725
1,950
2,175
2,400
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr1,750 1,598 1,620 1,675 1,700 1,775 1,798 1,865 1,865 1,833 1,800 1,738 2,093
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr1,908 2,083 2,012 1,900 2,160 2,240 2,200 2,162 1,990 2,005 2,087 2,009 1,994
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr2,150 2,050 2,123 2,121 2,203 2,372 2,353 2,272 2,161 2,283 2,173 2,183 2,185
MNS Brooklyn Rental Market Report April 2014 page 16
Brooklyn Rental Market Report April 2014
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CLINTON HILL
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• Rents for Clinton Hill Two-Bedroom units continued a decreasing trend and dropped to $3,090 from $3,157.
1,300
1,525
1,750
1,975
2,200
1,900
2,050
2,200
2,350
2,500
2,000
2,325
2,650
2,975
3,300
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr1,700 1,721 1,779 1,846 1,935 1,990 2,116 2,025 1,958 1,844 1,883 1,924 1,945
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr2,444 2,369 2,329 2,361 2,203 2,218 2,348 2,374 2,264 2,330 2,360 2,379 2,428
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr3,064 3,056 3,079 2,966 3,004 2,935 3,037 3,107 3,067 3,145 3,245 3,157 3,090
MNS Brooklyn Rental Market Report April 2014 page 17
Brooklyn Rental Market Report April 2014
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COBBLE HILL
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• Pricing for Cobble Hill Two-Bedroom units increased 6.1% from $3,673 to $3,898, marking the fourth consecutive month rents for this type of unit have increased in Cobble Hill.
1,650
1,763
1,875
1,988
2,100
2,000
2,225
2,450
2,675
2,900
2,600
3,000
3,400
3,800
4,200
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr1,800 1,948 1,875 1,895 1,900 1,850 1,988 1,938 2,038 2,025 2,085 2,014 2,000
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr2,550 2,634 2,448 2,460 2,591 2,851 2,705 2,562 2,450 2,625 2,805 2,812 2,769
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr3,600 3,588 3,717 3,822 3,650 3,926 4,150 3,841 3,591 3,644 3,670 3,673 3,898
MNS Brooklyn Rental Market Report April 2014 page 18
Brooklyn Rental Market Report April 2014
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CROWN HEIGHTS
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• Rents for all unit types decreased this month, with One-Bedrooms experiencing the biggest drop (6.7%) from $1,921 to $1,793.
1,000
1,150
1,300
1,450
1,600
1,250
1,438
1,625
1,813
2,000
1,500
1,750
2,000
2,250
2,500
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr1,255 1,350 1,300 1,333 1,400 1,388 1,425 1,350 1,429 1,513 1,538 1,514 1,495
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr1,713 1,779 1,777 1,863 1,911 1,841 1,876 1,788 1,789 1,778 1,753 1,921 1,793
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr2,197 2,257 2,225 2,190 2,309 2,425 2,393 2,270 2,227 2,345 2,439 2,431 2,410
MNS Brooklyn Rental Market Report April 2014 page 19
Brooklyn Rental Market Report April 2014
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DOWNTOWN BROOKLYN
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• Rents for Studio units in Downtown Brooklyn continued a decreasing trend since January of 2014 and fell to $2,298.
*Coverage for this neighborhood began in June 2013
2,100
2,225
2,350
2,475
2,600
2,500
2,650
2,800
2,950
3,100
3,000
3,350
3,700
4,050
4,400
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr2,539 2,329 2,301 2,356 2,315 2,408 2,416 2,464 2,429 2,403 2,298
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr2,986 3,050 2,949 2,972 3,026 2,898 2,897 3,028 3,026 3,049 3,078
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr4,029 4,312 4,084 4,147 4,097 3,735 3,825 3,913 4,081 4,034 3,967
MNS Brooklyn Rental Market Report April 2014 page 20
Brooklyn Rental Market Report April 2014
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DUMBO
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• Rents for Studio units dropped an average of 13.3% from $2,975to $2,580.
2,000
2,300
2,600
2,900
3,200
3,200
3,450
3,700
3,950
4,200
4,400
4,800
5,200
5,600
6,000
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr2,600 2,650 2,900 2,625 2,845 2,948 3,145 3,113 3,044 2,783 2,913 2,975 2,580
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr3,779 3,654 3,619 3,641 3,789 3,643 3,891 3,640 3,826 3,939 3,925 3,934 4,160
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr5,467 5,607 5,794 5,982 5,677 5,850 5,809 5,528 5,153 5,033 5,204 5,281 5,239
MNS Brooklyn Rental Market Report April 2014 page 21
Brooklyn Rental Market Report April 2014
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FORT GREENE
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• After seeing a high in pricing in February 2014, studio units continued to fall and reached $2,278 in April 2014.
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
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr2,017 2,112 2,039 2,000 1,915 2,000 1,940 2,146 2,321 2,450 2,500 2,377 2,278
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr2,796 2,741 2,739 2,772 2,789 2,813 2,762 2,684 2,621 2,675 2,765 2,841 2,791
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr3,671 3,554 3,720 3,435 3,459 3,721 3,798 3,712 3,639 3,702 3,716 3,707 3,822
MNS Brooklyn Rental Market Report April 2014 page 22
Brooklyn Rental Market Report April 2014
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GREENPOINT
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• Rents for all unit types in Greenpoint remained stable from last month but Two-Bedroom units saw an increase of 5.5% since this time last year.
1,600
1,875
2,150
2,425
2,700
2,000
2,250
2,500
2,750
3,000
2,100
2,475
2,850
3,225
3,600
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr2,688 2,417 2,400 2,378 2,569 2,532 2,650 2,683 2,672 2,580 2,580 2,560 2,645
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr2,685 2,817 2,787 2,711 2,779 2,805 2,837 2,676 2,640 2,959 2,938 2,853 2,839
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr3,036 3,065 3,064 3,167 3,194 3,399 3,526 3,277 3,114 3,174 3,156 3,181 3,203
MNS Brooklyn Rental Market Report April 2014 page 23
Brooklyn Rental Market Report April 2014
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PARK SLOPE
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• Rents for One-Bedroom units in Park Slope increased 6.9% since this time last year from $2,351 to $2,513.
1,100
1,400
1,700
2,000
2,300
1,700
1,975
2,250
2,525
2,800
2,300
2,575
2,850
3,125
3,400
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr1,988 2,083 2,175 1,989 2,141 2,177 2,295 2,083 1,923 1,861 1,847 1,928 1,936
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr2,351 2,441 2,478 2,504 2,571 2,612 2,704 2,563 2,635 2,664 2,597 2,512 2,513
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr3,203 3,075 3,145 3,061 3,362 3,374 3,243 3,116 3,268 3,093 3,169 3,103 3,247
MNS Brooklyn Rental Market Report April 2014 page 24
Brooklyn Rental Market Report April 2014
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PROSPECT-LEFFERTS GARDENS
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• Overall rents in Prospect-Lefferts Gardens remained stable except for Studio units which rose 7.9% from $1,212 to 1,308 from last month.
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
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr1,200 1,125 1,095 1,055 1,158 1,200 1,300 1,250 1,275 1,223 1,175 1,213 1,308
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr1,556 1,550 1,600 1,650 1,730 1,683 1,650 1,517 1,467 1,433 1,500 1,621 1,693
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr2,178 2,150 2,168 2,247 2,181 2,330 2,200 2,019 1,967 2,117 2,254 2,211 2,066
MNS Brooklyn Rental Market Report April 2014 page 25
Brooklyn Rental Market Report April 2014
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WILLIAMSBURG
Studio Price Trends Over 13 Months
One-Bedroom Price Trends Over 13 Months
Two-Bedroom Price Trends Over 13 Months
• Two-Bedroom units dropped 12.4% in pricing from $4,313 to $3,779 compared to last month, indicating a large supply of lower-priced units to meet demand.
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
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr2,730 2,652 2,710 2,770 2,817 2,701 2,850 2,647 2,648 2,588 2,612 2,632 2,758
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr2,910 3,015 3,165 3,155 3,015 3,146 3,500 3,311 3,443 3,294 3,224 3,163 3,076
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr3,674 3,797 3,895 3,952 3,897 3,999 4,143 4,221 4,294 4,285 4,240 4,313 3,779
MNS Brooklyn Rental Market Report April 2014 page 26
Brooklyn Rental Market Report April 2014
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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.
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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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