MNS: Rents Rise Year-Over-Year

It’s the sleepy time of year when there’s not much action on the rental market, and that’s made clear in the firm MNS’s latest Brooklyn rental report, which shows very little change in average rents compared to last month (they were down $10 across the board). Still, as the chart above shows, the long view is still pointing to an upward march in Brooklyn rents, with prices on one- and two-bedrooms rising quite a bit compared to January 2011. The report pegs the most expensive neighborhoods for one-bedrooms as Dumbo (average of $3,584 a month) and Williamsburg ($2,960). The cheapest, on the other hand, were Bay Ridge ($1,275) and Bed-Stuy ($1,381). Here’s how the company says it gets its stats: “The Brooklyn Rental Market Report 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).” A spokeswoman for MNS said the January survey covered 1,000 apartments.
Brooklyn Rental Market Report [MNS]