Brooklyn Rental Market Report April 2014 mnsMNS Brooklyn Rental Market Report April 2014 page 8 Br M...

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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.com mns.comGramercy Park I Chelsea I Williamsburg

INTRODUCTIONOverall rents increased slightly compared to last month, rising 1.09% from $2,635 in March to $2,664 in April.




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)




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)




A QUICK LOOK 1 BEDS

Greenpoint

Williamsburg

Bushwick

Bed-Stuy

Fort Greene $2,791

Clinton Hill $2,428



Bay Ridge

DUMBO $4,160



Cobble Hill $2,769

Boerum Hill $2,796

$1,525

$1,937

$1,793

$1,693

$3,076

$2,839

$1,994



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




A QUICK LOOK 2 BEDS

Greenpoint

Williamsburg

Bushwick

Bed-Stuy

Fort Greene $3,822

Clinton Hill $3,090



Bay Ridge

DUMBO $5,239



Cobble Hill $3,898

Boerum Hill $3,592

$2,014

$2,317

$2,410

$2,066

$4,779

$3,203

$2,185



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




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


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




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%




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






BAY RIDGE

Studio 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




N/A




BEDFORD-STUYVESANT




• 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







BOERUM HILL




• 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







BROOKLYN HEIGHTS




• 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







BUSHWICK




• 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







CLINTON HILL




• 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







COBBLE HILL




• 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







CROWN HEIGHTS




• 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







DOWNTOWN BROOKLYN




• 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






DUMBO




• 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







FORT GREENE




• 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







GREENPOINT




• 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







PARK SLOPE




• 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







PROSPECT-LEFFERTS GARDENS




• 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







WILLIAMSBURG




• 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







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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