MNS Year-End Market Reports | Real Estate Weekly

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Today MNS is releasing its Year End Market Reports for Manhattan, Brooklyn, Queens and the Bronx today. 

You can view the full reports here:  

Manhattan: https://www.mns.com/manhattan_year_end_report

Brooklyn: https://www.mns.com/brooklyn_year_end_report

Queens: https://www.mns.com/queens_year_end_report

Bronx: https://www.mns.com/bronx_year_end_report

Manhattan Highlights 

·       Compared to last year, the average rental price in Manhattan for non-doorman units decreased by 5.0%, the average rental price for doorman units increased by 1.02%, respectively.

o   Non-doorman studio units are down by 6.29%, from $2,364 to $2,215 in 2021.

o   Non-doorman one-bedroom units are down by 5.11%, from $3,105 to $2,946 in 2021.

o   Non-doorman two-bedroom units are down by 4.16$%, from $4,028 to $3,860 in 2021.

·       Compared to last year, the average rental price in Manhattan for doorman studio units are down by .88%, while one- and two-bedroom units are up by .75% and 2.16%, respectively.

o   Average Doorman studio units are down by .88%, from $3,023 to $3,005 in 2021.

o   Average Doorman one-bedroom units are up by .75%, from $4,198 to $4,229 in 2021.

o   Average Doorman two-bedroom units are up by 2.16%, from $6,025 to $6,155 in 2021.

·       Growth & Borough Trends

o   The doorman market in Chelsea and Financial District saw the largest increase in average rents. Chelsea doorman studio units are up 7.49%, one-bedroom units up by 6.36%, and two-bedroom units up by 5.46%. In the Financial District, doorman studio units are up by 3.20%, one-bedroom units up by 5.43%, and two-bedroom units up by 9.77%.

o   The hardest hit areas of 2020, saw the greatest comeback. For example, the doorman supply in the Financial District whose rent decreased by double-digit percentages across the board, and this past year reported studio units up by 3.33%, one-bedroom units up by 10.76%, and two-bedroom units up by 15.06%.

Brooklyn Highlights 

·       Compared to last year, the average rental price in Brooklyn has remained relatively stable, down .95%, from $2,806 to $2,779 in 2021.

o   Studio unit prices increased by .02%, from $2,205.87 to $2,206.31 in 2021.

o   One-bedroom unit prices decreased by .73%, from $2,704 to $2,685 in 2021.

o   Two-bedroom unit prices decreased by 1.72%, from $3,506 to $3,446 in 2021.

·       Growth Rate and Borough Trends

  • The greatest overall positive price change was observed in Downtown Brooklyn, where the average rental price increased by 5.52%, followed by Bushwick with a 3.13% increase.
  • The largest negative price change was observed in Boerum Hill, where the average rental price decreased by 9.20%.
  • Of the 16 neighborhoods analyzed, six areas reported slight increases in pricing, while the remaining reported slight decreases.

· 2021 Mean Brooklyn Rental Prices

o   Studios: $2,206

o   One Bedrooms: $2,685

o   Two Bedrooms: $3,446

Queens Highlights 

·       Compared to last year, overall rental prices in Queens remained relatively stable, down .94%, from $2,269 to $2,248 this past year.

o   Studio unit prices decreased by 1.86%, from $1,851 to $1,817 in 2021.  

o   One-bedroom units decreased by .43%, from $2,177 to $2,167 in 2021.  

o   Two-bedroom unit prices decreased by .72%%, from $2,781 to $2,761 in 2021.  

·       Growth & Borough Trends 

o   Compared to last year, the average rental price in Queens for the July-December period is up by 5.74%, from $2,204 to $2,331 in 2021.

o   The largest average rent increase was observed in Jamaica, where the average rental price increased by 2.18%. Not far behind was Long Island City, which increased by 1.83%, and Rego Park, which increased by 1.23%, respectively. 

·       2021 Mean Queens Rental Prices

o   Studios: $1,817

o   One Bedrooms: $2,167

o   Two Bedrooms: $2,761

Bronx Highlights  

· Compared to last year, overall rental prices in the Bronx are up 3.27%, from $1,959 to $2,023 in 2021 this past year.  

o   Studio units increased by 0.68%, from $1,675 to $1,687 in 2021.

o   One-bedroom unit prices increased by 3.68%, from $1,883 to $1,953 in 2021 

o   Two-bedroom unit prices increased by 4.81%, from $2,318 to $2,429 in 2021.

·       Growth & Borough Trends

o   Mott Haven saw the year’s largest overall increase in rent. This upward trend is largely the result of various ground-up new development rental buildings arising throughout the year, setting a new pace for the Mott Haven market.  

·       2021 Mean Bronx Rental Prices

o   Studios: $1,686

o   One Bedrooms: $1,953

o   Two Bedrooms: $2,429

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