RESIDENTIAL

Residential Rents

The average residential rent in Downtown Brooklyn was $4,444 in March 2023 – a 6% increase year-over-year. Average rental prices in Downtown Brooklyn were up across all unit sizes. Rent for two-bedroom apartments rose most dramatically over the past year at over 9% as remote work trends have created a higher demand for more space.

Average Residential Rents in Downtown Brooklyn

Overall, average rental pricing across Brooklyn increased 13% year over year. Average rents were up double digits across areas surrounding Downtown Brooklyn. Boerum Hill, Brooklyn Heights, Cobble Hill and Fort Greene and saw rent increases year-over-year by 22%, 18%, 11% and 10%, respectively. Dumbo also saw average rents increase by 6%, on par with Downtown Brooklyn.

Average Residential Rents in Downtown Brooklyn by Unit Size, 2019-2022

Residential Sales

The median condo sales price in Downtown Brooklyn was $1.95 million in Q1 2023, a 28.8% increase from the previous quarter and a 15.3% increase year-over-year. The median price per square foot hit $1,648, up 13% year-over-year. One and three-bedrooms comprised the bulk of all sales in Downtown Brooklyn, at 42% and 33% respectively.

Over the past quarter, the median price paid for sponsor units across all of Brooklyn decreased by 19.7% from $1.3 million to $1 million. Downtown Brooklyn accounted for the highest share of three-bedroom sales by any neighborhood in Brooklyn, making up 24% of all threebedroom units sold throughout the Borough. Overall, Downtown Brooklyn sponsor sales volume reach 24 units in the first quarter, making up 10.8% of all sponsor unit sales borough-wide, trailing behind just Crown Heights (12.2%) and Williamsburg (11.3%).

Median Residential Sale Price Per Square Foot - Downtown Brooklyn New Development