Rents in Brooklyn Still Up Even with a Boom in New Listings

Posted On Thu, January 8, 2015 By

Posted On Thu, January 8, 2015 By In Brooklyn, Manhattan, real estate trends

MNS has just released the December rental reports covering Manhattan and Brooklyn. Far from surprisingly, rents were up in both boroughs, each seeing a solid increase year over year. But one finding that definitely stood out was Brooklyn’s 9 percent uptick in new listings between November and December 2014. Whether rents will reflect the new inventory the coming months has yet to be seen; November on December figures slow only the slightest decrease with average rents falling from $2,677 to $2,666 (a 0.39 percent drop).

Bigger picture figures show that since December 2013, rent prices have increased 3.08 percent rising from $2,587 to $2,667 in December 2014. Brooklyn neighborhoods that did especially well last year included Boerum Hill, which saw an average rent increase of 15.7 percent from $2,668 in December 2013 to $3,088 in December 2014; and Prospect-Lefferts Gardens, which saw a 9.5 percent increase since December 2013—a continuing trend for the nabe. So, is Brooklyn still having its moment?

2014 brooklyn rents

Brooklyn Highlights

What’s Up:

  • Listing inventory increased substantially by 9 percent, from 2,879 unit listings in November 2014 to 3,148 in December 2014. 122 of these were in Bedford Stuyvesant, 50 in Park Slope
  • Studio units in Downtown Brooklyn rose 10.57 percent from $2,361 in November to $2,611 in December
  • Average rent increased 15.7 percent in Boerum Hill from $2,667.65 in December 2013 to $3,088 in December 2014
  • Overall annual average rent in Crown Heights increased by 4.8 percent as annual average rent for studio apartments increased a noticeable 9.52 percent
  • DUMBO two-bedroom units have increased by 12.32 percent since December 2013, rising from $5,153 to $5,788
  • One of the largest growths in average rental prices was witnessed in Prospect-Lefferts Gardens with a 9.5 percent increase since December 2013. Studios on average went for $2,136, one-bedrooms for $2,552, and two-bedrooms for $3,313

What’s Down:

  • Average rent decreased by 7.4 percent in Williamsburg from $3,461.62 in December 2013 to $3,204.51 in December 2014
  • Studio units in Greenpoint decreased by 12.88 percent from $3,012 in November to $2,624 in December
  • Average rent prices in Bay Ridge fell by 4.87 percent this month, largely driven by an 11.94 percent decrease in studio rental prices which decreased by 11.94 percent from $1,458 in November to $1,284 in December

manhattan rents, manhattan rents 2014

Manhattan

What’s Up:

  • Rent prices in Manhattan increased by approximately 0.29 percent from $3,824 in November 2014 to $3,836 in December 2014. Average rents also increased by 2.1 percent compared to this time last year, from $3,756 in December 2013 to $3,836 in December 2014
  • The East Village saw an immense growth of 13.6 percent in monthly average rent, the result of a 32.4 percent, 27.3 percent and 36.8 percent increase in all doorman apartments
  • Harlem rents increased 16.2 percent compared to December 2013 from $2,313 to $3,465. Annual prices also increased 16.2 percent, due to various luxury listings entering the market throughout the year
  • In Greenwich Village non-doorman studio rent increased by 19.4 percent in December, as several higher priced units entered the market
  • In Chelsea 76 units were added to the market, accounting for a 14.3 percent increase

What’s down:

  • One-bedroom non-doorman units in Soho and Tribeca decreased 15.6 percent and 24.4 percent, respectively
  • Gramercy rents decreased 6 percent compared to December from $3,861 to $3,629, and listing inventory fell by 20 percent
  • In the Lower East Side studio rent for doorman and non-doorman units decreased substantially by 11.7 percent and 18.3 percent, respectively

You can find the full reports for each borough here (opens to pdfs):

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