Brooklyn Rental Market Report June 2018

Check the full version of these reports and individual reports at:

https://www.newyorkmarketreports.com

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Here we dig into the latest data and trends to find out what is really happening in the local Brooklyn rental market to help landlords, real estate investors, and developers make the smartest financial moves.

So, what’s new in New York Real Estate? Let’s take a look at the numbers…

Month over month, the data shows the Brooklyn rental market has mostly maintained recent gains and should continue to gain steam through the rest of the summer break.

Some of the positive data may be credited to landlords offering better deals and concessions, though everyone should be pleased that the market appears to be on the better ground than at the beginning of the year. The exception may be renters who may not see a break coming in much lower rents.

Overall, Brooklyn rental prices nudged up by an average of 1.2% in June 2018. Overall, almost all of Brooklyn saw a positive month for rentals. 

Among the most notable stats over the last month was the 6.3% rise in 3 bedroom rents and 27.4% drop in inventory over the same period last year.

Month over month, Price per square foot rose by 1.1%. Listing inventory fell 3.5%, and days on the market slide again, to just 27 days on average.

Year over year, Brooklyn rental prices are still not in much better shape. Rental prices are down an average 0.1% over the same period in 2017. The number of leases being signed fell by 17.7%. More landlords have been offering more appealing deals to lure tenants this year, but the amount of free rent they are offering has been narrowing over the past 3 months.

Now let’s take a look at rentals by unit type:

For studios

The average price per foot is up slightly to $58

average unit size is down slightly to 539 square feet

1 studios were No Fee, and 31 were Fee apartments

Month over month changes saw rents up 4.1%, and price per square foot jumped 7.4%.

Year over year rents are up 4%

Units with elevators rented for almost $500 per month more than walk-up units last month.

Gyms are still one of the top amenities tenants are looking for. They added an average of around $400 per month to rents last month.

Units with full-time lobby attendance are renting for around $100 a month more. 

Having a laundry in the building added around $200 a month for rental rates.

For 1 bedrooms...

The average price per foot is up slightly by 1.1%

The average unit size is up to 730 square feet

11, 1 beds were No Fee, versus 135 Fee apartments

Month over month change rents are up 0.1%

year over year rents are up 1.6%

No fee 1 bedrooms rented for over $12 more per square foot than fee apartments last month.

Having a laundry in the building saw 1 beds renting for $8 more per square foot

Units with NO private outdoor space are renting for around $100 less per month

The difference in rents for elevator versus walk-up units is $600 per month

Units with gyms rented for $11 more per square foot last month.

Buildings with full-time lobby attendants are renting for almost $700 more per month than those without attendants.

Now on to 2 bedroom rentals…

The average 2 bedroom apartment in Brooklyn now rents for $3,837

The average price per foot is $45

average unit size is 1,030 square feet

3, 2 bedroom apartments were No Fee rentals, versus 122 Fee rentals

Month over month rents are down 1.7%

But year over year they are up 1.6%

Ha