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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 maintained recent gains as we move through the peak spring and summer real estate season.

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 0.18% in April 2018. Overall, almost all of Brooklyn saw a positive month for rentals. The few exceptions where some minor softness was seen include Williamsburg, Cobble Hill, DUMBO, Brooklyn Heights and Bushwick.

DUMBO still holds the title for most expensive apartments in Brooklyn, thanks to new luxury units.

The most affordable rental apartments are being seen in Bay Ridge.

Among the most notable stats over the last month was the almost 7.2% rise in rents in Prospect Lefferts Gardens. Followed by a 6.52% rise in Crown Heights, a 6.19% increase for 2 bedroom apartments in Downtown Brooklyn and a 6.1% bump up for Clinton Hill studio prices.

Month over month, Price per square foot fell by 1.1%. Listing inventory rose 7.1%, and days on market slide further, to 29 days on average.

Year over year, Brooklyn rental prices are still not in much better shape. Rental prices are up an average 1.5% over the same period in 2017. The number of leases being signed also rose by a modest 1.6%. That’s despite an almost 40% rise in OP and concessions. On average landlords are now giving up almost 2 months of free rent to new tenants.

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

For studios

The average price per foot is up slightly to $55

average unit size is up slightly to 650 square feet

23 studios are No Fee, and 124 are Fee apartments

Month over month changes saw rents up 5.4%, though the price per square foot dropped 2.2%.

Year over year rents are down 0.7%

Units with elevators rented for almost $400 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 $500 per month to rents last month.