Rents in Brooklyn Still Up Even with a Boom in New Listings
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?
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
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):
