Rent prices for Brooklyn apartments and rental homes continue to grow both monthly and yearly, according to the MNS Brooklyn market report for April. As more inventory hit the market from an influx of overturning leases, neighborhoods saw average price surges, especially on a yearly basis.
With a 10.12 percent increase in inventory last month from 3,430 units, a total of 3,777 units hit the market in April. Like most markets, spring months in Brooklyn feature a higher number of leases ending than average, which allows formerly occupied apartments to return to the market.
Between March and April of this year, Brooklyn’s average rent rose a mild 1.84 percent. In March, average rent price was $2,723.46. The average rent in April hit $2,773.70.
Brooklyn rent grew 1.82 percent since April of last year, when the average was $2,724.14. While month-to-month and annual rent growth in Brooklyn as a whole was not as significant, a closer look at submarkets reveals strong fluctuations indicative of the current demand.
Cobble Hill featured the highest month-over-month rent growth at 6.76 percent, prompted by the shifting inventory in the neighborhood. A mix of low and high-priced units moved throughout the market because of the hot rental season, allowing average prices to jump.
The average price for two-bedrooms in Cobble Hill grew 10.94 percent, studios jumped 4.58 percent and one-bedrooms grew 3.09 percent.
Highs and lows
The average price for all of Brooklyn studios was $2,187. The average price for Brooklyn one-bedrooms was $2,682, and the average price for two-bedrooms was $3,452 per month.
Dumbo was the most expensive neighborhood for studios, one-bedrooms and two-bedrooms. The average price for a studio in Dumbo hit $3,169. One-bedrooms in DUMBO cost $4,258, while two-bedrooms ran at an average of $5,492.
Prospect Lefferts Gardens stole the least expensive slot for studios ($1,457), one-bedrooms ($1,662) and two-bedrooms ($2,267).
Dumbo studios sat on the market for 84 days, the longest time among all neighborhoods last month.
An annual look at Brooklyn
Year-over-year, Bay Ridge saw a 10.62 percent rent growth, while BedStuy saw 8.6 percent. Similarly, Crown Heights had an 8.39 percent boost in average rent.
Williamsburg rents dropped 6.33 percent since last year. In January of last year, 1 N. 4th Pl. in Williamsburg opened and continues to be the most expensive building among all apartment sizes, acceding to the report — but with first leases coming to an end, the average rent in the building dropped, causing Williamsburg’s averages to dip, too.
