may 2021 brooklyn rental market - ecorcoran.com

Figure reflects leases reported signed within the report month reported by any agency in Brooklyn and may include furnished and/or short term rentals. Not all leases that are signed are publicly reported. By bedroom stats exclude units larger than three bedrooms. Price figures based on last asking prices for leases reported signed but actual rents may be lower. Figure reflects units actively listed as of the last day of the report month. Days on market only reflects units that were listed for more than one day prior to being marked as leased. All material herein is intended for information purposes only and has been compiled from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal without notice. This is not intended to solicit property already listed. Equal Housing Opportunity. The Corcoran Group is a licensed real estate broker. Owned and operated by NRT LLC.

Leases Signed

May 2021: Leasing Activity Reached a Nine-Month HighThough rents are still below last year, they are trending upward from the low reached in January. Leasing activity in May reached a nine-month high as renters continue to take advantage of current deals. May brought increased inventory for the mid-spring leasing season and days on market climbed as renters shopped around.

SIGNED LEASES

NU

MB

ER

OF

LEA

SE S

IGN

ED

2,500

2,000

1,500

1,000

500

0

There were over 2,000 reported leases signed during the month, 15% more than last month and the second highest reported figure in over two years. New renters returning to the city and current renters looking for new lease terms drove the increased activity.

2,013 +137% VS. MAY 2020 +15% VS. APRIL 2021

Rent Rates

Average Listings

April 2021May 2020

1,749851

Median rent in May 2021 dipped from both last month and last year. Though the figure of $2,600 was 4% higher than the trough in January 2021, price sensitive renters are still finding values. Average rent was still lower than a year ago.

May 2020 $3,000

Owners that previously held back inventory released more listings to take advantage of the recent uptick in activity. Lingering listings of smaller residences forced the overall average days on market figure up.

Jan

19Fe

b 19

M

ar 1

9 A

pr 1

9M

ay 1

9 Ju

n 19

Ju

l 19

Aug

19

Sept

19

Oct

19

Nov

19

Dec

19

Jan

20Fe

b 20

M

ar 2

0 A

pr 2

0M

ay 2

0 Ju

n 20

Ju

l 20

Aug

20

Sept

20

Oct

20

Nov

20

Dec

20

Jan

21Fe

b 21

Mar

21

Apr

21

May

21

MONTHLY RENT

ME

DIA

N R

EN

T

$3,700

$3,500

$3,300

$3,100

$2,900

$2,700

$2,500

$2,300

Jan

19Fe

b 19

M

ar 1

9 A

pr 1

9M

ay 1

9 Ju

n 19

Ju

l 19

Aug

19

Sept

19

Oct

19

Nov

19

Dec

19

Jan

20Fe

b 20

M

ar 2

0 A

pr 2

0M

ay 2

0 Ju

n 20

Ju

l 20

Aug

20

Sept

20

Oct

20

Nov

20

Dec

20

Jan

21Fe

b 21

Mar

21

Apr

21

May

21

L ISTED INVENTORY AND DAYS ON MARKET

AV

ER

AG

E R

EN

T

12,000

10,000

8,000

6,000

4,000

2,000

0

Jan

19Fe

b 19

M

ar 1

9 A

pr 1

9M

ay 1

9 Ju

n 19

Ju

l 19

Aug

19

Sept

19

Oct

19

Nov

19

Dec

19

Jan

20Fe

b 20

M

ar 2

0 A

pr 2

0M

ay 2

0 Ju

n 20

Ju

l 20

Aug

20

Sept

20

Oct

20

Nov

20

Dec

20

Jan

21Fe

b 21

Mar

21

Apr

21

May

21

The Corcoran ReportMAY 2021 | BROOKLYN | RENTAL MARKET

Average Median

1

5,856 +182% VS. MAY 2020 +57% VS. APRIL 2021

Days on Market

75 +24% VS. MAY 2020 +10% VS. APRIL 2021

120

100

80

60

40

20

0

$2,600 -13% VS. MAY 2020 -4% VS. APRIL 2021

May 2020 $3,288

$3,188 -3% VS. MAY 2020 +2% VS. APRIL 2021

May 2021 Median Rent

May 2021 Average Rent

Listed InventoryDays on Market


Leases Signed by Bedroom


Leasing activity expanded annually across all unit types and generally also matched or exceeded the pace seen late last summer and early fall. Compared to their respective lows during the market pause, three bedrooms have seen the largest percentage gain in lease activity.

Average Rent by Bedroom

Rents fell annually across all unit types, though just minimally for studio and one bedrooms. Rents for smaller residences have seen monthly gains for the past five to six months, whereas the gains in rent rates for larger residences have yet to gain consistent traction.

AVER AGE RENT BY BEDROOM

AV

ER

AG

E R

EN

T

$5,500

$5,000

$4,500

$4,000

$3,500

$3,000

$2,500

$2,000

Jan

19Fe

b 19

M

ar 1

9 A

pr 1

9M

ay 1

9 Ju

n 19

Ju

l 19

Aug

19

Sept

19

Oct

19

Nov

19

Dec

19

Jan

20Fe

b 20

M

ar 2

0 A

pr 2

0M

ay 2

0 Ju

n 20

Ju

l 20

Aug

20

Sept

20

Oct

20

Nov

20

Dec

20

Jan

21Fe

b 21

Mar

21

Apr

21

May

21

SIGNED LEASES BY BEDROOM T YPE

NU

MB

ER

OF

LEA

SES

SIG

NE

D

900

800

700

600

500

400

300

200

100

0

Jan

19Fe

b 19

M

ar 1

9 A

pr 1

9M

ay 1

9 Ju

n 19

Ju

l 19

Aug

19

Sept

19

Oct

19

Nov

19

Dec

19

Jan

20Fe

b 20

M

ar 2

0 A

pr 2

0M

ay 2

0 Ju

n 20

Ju

l 20

Aug

20

Sept

20

Oct

20

Nov

20

Dec

20

Jan

21Fe

b 21

Mar

21

Apr

21

May

21

Days on Market by Bedroom

Marketing time from list date to reported leased date increased for smaller residences but decreased for larger ones. The elongated marketing timeline for smaller residences correlate to rising rents and many customers still expecting lower values.

DAYS ON MARKET BY BEDROOM

AV

ER

AG

E D

AY

S O

N M

AR

KE

T

120

100

80

60

40

20

0

2

StudiosOne BedroomsTwo BedroomsThree Bedrooms

324762624251

159%109%135%195%

YoYYoYYoYYoY

One BedroomsStudios Two Bedrooms Three Bedrooms


$2,363$2,827$3,403$3,908

-1%-1%-8%

-18%

YoYYoYYoYYoY


105816458

63%71%-13%-23%

YoYYoYYoYYoY

May 2020 April 2021 May 2021





May 2021: Compared a year ago, lease activity improved across all neighborhoods. The increase in Dumbo was exaggerated due to its relatively small volume compared to other areas. Rents across a majority of neighborhoods fell versus last year. The average rent increase in Prospect Heights was driven by a new development which began leasing in May.

Leases Signed by NeighborhoodMay 2021 May 2020 YoY

Greenpoint 63 25 152%North Williamsburg 110 66 67%South Williamsburg 99 67 48%DUMBO 57 11 418%Brooklyn Heights 94 37 154%Boerum Hill / Cobble Hill 100 37 170%Carroll Gardens / Gowanus / Red Hook 110 32 244%Downtown Brooklyn 168 89 89%Park Slope 178 78 128%Fort Greene / Clinton Hill 144 58 148%Prospect Heights 77 21 267%Crown Heights / Prospect-Lefferts 136 54 152%Bedford-Stuyvesant 159 73 118%East Williamsburg 116 46 152%Bushwick 100 24 317%Prospect Park South 148 64 131%South Brooklyn 154 117 32%

ANNUAL CHANGE IN LEASES S IGNED

GreenpointNorth WilliamsburgSouth Williamsburg

DUMBOBrooklyn Heights

Brm Hl / Cbl HlCrl Grds / Gwns / Rd Hk

Downtown BrooklynPark Slope

Fort Gr. / Clinton HillProspect Heights

Crwn Hts / PLGBedford-Stuyvesant

East WilliamsburgBushwick

Prospect Park SouthSouth Brooklyn

0% 50% 100% 150% 200% 300%

3

350%

Average Rent by NeighborhoodMay 2021 May 2020 YoY

Greenpoint $3,329 $3,560 -6%North Williamsburg $3,902 $4,529 -14%South Williamsburg $3,398 $3,895 -13%DUMBO $5,264 $5,351 -2%Brooklyn Heights $3,983 $4,102 -3%Boerum Hill / Cobble Hill $3,815 $4,197 -9%Carroll Gardens / Gowanus / Red Hook $3,613 $3,665 -1%Downtown Brooklyn $3,449 $3,758 -8%Park Slope $3,254 $3,488 -7%Fort Greene / Clinton Hill $3,544 $3,606 -2%Prospect Heights $3,464 $3,332 4%Crown Heights / Prospect-Lefferts $2,595 $3,674 -3%Bedford-Stuyvesant $2,506 $2,616 -4%East Williamsburg $2,965 $3,175 -7%Bushwick $2,493 $2,601 -4%Prospect Park South $2,455 $2,749 -11%South Brooklyn $2,125 $2,106 1%

ANNUAL CHANGE IN AVER AGE RENT

GreenpointNorth WilliamsburgSouth Williamsburg

DUMBOBrooklyn Heights

Brm Hl / Cbl HlCrl Grds / Gwns / Rd Hk

Downtown BrooklynPark Slope

Fort Gr. / Clinton HillProspect Heights

Crwn Hts / PLGBedford-Stuyvesant

East WilliamsburgBushwick

Prospect Park SouthSouth Brooklyn

-15% -10% -5% 0% 5%

Prospect Park South includes Windsor Terrace, Greenwood Heights, Prospect Park South, Kensington and Flatbush. South Brooklyn includes neighborhoods south of Foster Avenue, west of McDonald Avenue south of Greenwood Cemetery, east of Utica Avenue south of Fulton Street, and east of East New York Avenue south of Clarkson Avenue.

250% 400% 450%

may 2021 brooklyn rental market - ecorcoran.com

Documents