RESIDENTIAL

Residential Rents

The average residential rent in Downtown Brooklyn was $4,638 in June 2023, up 2.9% 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 4.4%.

Overall, average rental pricing across Brooklyn increased at a modest pace to $3,620, up 3.3% since last year. Only a few neighborhoods saw double-digit increases, including Boerum Hill, which was up 21.7% year-overyear. DUMBO saw average rents increase 2.8%, on par with Downtown Brooklyn, while Brooklyn Heights saw average rents remain unchanged from last year. Fort Greene and Cobble Hill saw a decrease in rents at -10.7% and -6.1%, respectively.

Source: MNS

Average Residential Rents in Downtown Brooklyn by Unit Size, 2020-2023

Source: MNS

Residential Residential Sales

The median sales price in Downtown Brooklyn for new development condos was $1.95 million in Q2 2023, matching last quarter and increasing 8.4% year-overyear. The median price per square foot hit $1,678, up 6.1% year-over-year. One and two bedrooms comprised the bulk of all sales in Downtown Brooklyn at 30% and 55%, respectively.

Downtown Brooklyn sales accounted for 7.8% of Brooklyn sales volume with 33 units sold in the second quarter. Across Brooklyn, the median sales prices for new development condos decreased year-over-year by 4.3% to $998,000, while the median price per square foot decreased by 10% to $1,253.

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

Source: MNS (Q2 2023). Data includes first-offering sponsor sales at walk-up and elevator new development condominium buildings, as well as new conversion condominiums if the sales were applicable sponsor transactions. Cooperative sales are excluded from this data.