Figure reects 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 gures based on last asking prices for leases reported signed but actual rents may be lower. Figure reects units actively
listed as of the last day of the report month. Days on market only reects 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 Anywhere Real Estate LLC.
Leases Signed
March 2024: New Price Records Drive Slowest March since 2020
The number of reported signed leases decreased by 11% compared to March 2023. Median and average rent increased for the 30th consecutive month,
both setting new records. Fewer leases caused the number of active listings to climb annually.
SIGNED LEASES
NUMBER OF LEASE SIGNED
3,000
2,500
2,000
1,500
1,000
500
0
Reported signed leases decreased by 11% annually but increased 9%
compared to February. The monthly gain was typical of seasonality
but the 9% gain was lower than the previous ve-year average.
1,072
-11% VS. MARCH 2023
+9% VS. FEBRUARY 2024
Rent Rates
Average Listings
Feb 2023
Feb 2021
1,210
1,203
March marked the 30th consecutive month of annual growth for
median and average rent. Median and average rent reached new
highs. Median rent is nearly $1,000 higher (33%) compared to
March 2020.
Mar 2023
$3,640
Active listings rose 17% year-over-year as slower annual lease activity
caused availabilities to pile up. However, new-to-market supply
contributed to lower days on market.
Mar 21
Apr 21
May 21
Jun 21
Jul 21
Aug 21
Sep 21
Oct 21
Nov 21
Dec 21
Jan 22
Feb 22
Mar 22
Apr 22
May 22
Jun 22
Jul 22
Aug 22
Sept 22
Oct 22
Nov 22
Dec 22
Jan 23
Feb 23
Mar 23
Apr 23
May 23
Jun 23
Jul 23
Aug 23
Sept 23
Oct 23
Nov 23
Dec 23
Jan 24
Feb 24
Mar 24
MONTHLY RENT
MEDIAN RENT
$4,600
$4,400
$4,200
$4,000
$3,800
$3,600
$3,400
$3,200
$3,000
$2,800
$2,600
$2,400
Mar 21
Apr 21
May 21
Jun 21
Jul 21
Aug 21
Sep 21
Oct 21
Nov 21
Dec 21
Jan 22
Feb 22
Mar 22
Apr 22
May 22
Jun 22
Jul 22
Aug 22
Sept 22
Oct 22
Nov 22
Dec 22
Jan 23
Feb 23
Mar 23
Apr 23
May 23
Jun 23
Jul 23
Aug 23
Sept 23
Oct 23
Nov 23
Dec 23
Jan 24
Feb 24
Mar 24
LISTED INVENTORY AND DAYS ON MARKET
AVERAGE RENT
12,000
10,000
8,000
6,000
4,000
2,000
0
Mar 21
Apr 21
May 21
Jun 21
Jul 21
Aug 21
Sep 21
Oct 21
Nov 21
Dec 21
Jan 22
Feb 22
Mar 22
Apr 22
May 22
Jun 22
Jul 22
Aug 22
Sept 22
Oct 22
Nov 22
Dec 22
Jan 23
Feb 23
Mar 23
Apr 23
May 23
Jun 23
Jul 23
Aug 23
Sept 23
Oct 23
Nov 23
Dec 23
Jan 24
Feb 24
Mar 24
The Corcoran Report
MARCH 2024 | BROOKLYN | RENTAL MARKET
Average
Median
1
3,655
+17% VS. MARCH 2023
-2% VS. FEBRUARY 2024
Days on Market
41
-49% VS. MARCH 2023
0% VS. FEBRUARY 2024
120
100
80
60
40
20
0
$3,988
+10% VS. MARCH 2023
+1% VS. FEBRUARY 2024
Feb 2023
$4,172
$4,502
+8% VS. MARCH 2023
+1% VS. FEBRUARY 2024
March 2024 Median Rent
March 2024 Average Rent
Listed Inventory
Days on Market
DAYS ON MARKET
Feb 2021 1,738
Figure reects 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 gures based on last asking prices for leases reported signed but actual rents may be lower. Figure reects units actively
listed as of the last day of the report month. Days on market only reects 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 Anywhere Real Estate LLC.
Leases Signed by Bedroom
The Corcoran Report
MARCH 2024 | BROOKLYN | RENTAL MARKET
Reported signed leases decreased annually for all bedroom types.
Leasing slowed the most for two and three bedrooms, both of which
experienced the largest annual average rent gains.
Average Rent by Bedroom
Average rent increased year-over-year for all bedroom types.
Studios and one bedrooms surpassed their previous peaks,
reaching new records. Two and three bedrooms each had double-
digit increases as still-high mortgage rates pushed prospective
buyers to rent larger product.
AVERAGE RENT BY BEDROOM
AVERAGE RENT
$7,000
$6,500
$6,000
$5,500
$5,000
$4,500
$4,000
$3,500
$3,000
$2,500
$2,000
Mar 21
Apr 21
May 21
Jun 21
Jul 21
Aug 21
Sep 21
Oct 21
Nov 21
Dec 21
Jan 22
Feb 22
Mar 22
Apr 22
May 22
Jun 22
Jul 22
Aug 22
Sept 22
Oct 22
Nov 22
Dec 22
Jan 23
Feb 23
Mar 23
Apr 23
May 23
Jun 23
Jul 23
Aug 23
Sept 23
Oct 23
Nov 23
Dec 23
Jan 24
Feb 24
Mar 24
SIGNED LEASES BY BEDROOM TYPE
NUMBER OF LEASES SIGNED
1,000
900
800
700
600
500
400
300
200
100
0
Mar 21
Apr 21
May 21
Jun 21
Jul 21
Aug 21
Sep 21
Oct 21
Nov 21
Dec 21
Jan 22
Feb 22
Mar 22
Apr 22
May 22
Jun 22
Jul 22
Aug 22
Sept 22
Oct 22
Nov 22
Dec 22
Jan 23
Feb 23
Mar 23
Apr 23
May 23
Jun 23
Jul 23
Aug 23
Sept 23
Oct 23
Nov 23
Dec 23
Jan 24
Feb 24
Mar 24
Days on Market by Bedroom
Days on market declined drastically year-over-year, with all unit
types decreasing by double-digits. Renters gravitated toward
less expensive options, shortening the marketing time for studios
and one bedrooms to 37 days.
DAYS ON MARKET BY BEDROOM
AVERAGE DAYS ON MARKET
90
80
70
60
50
40
30
20
10
0
2
Studios
One Bedrooms
Two Bedrooms
Three Bedrooms
161
445
329
107
-7%
-5%
-12%
-32%
YoY
YoY
YoY
YoY
One BedroomsStudios
Two Bedrooms
Three Bedrooms
Studios
One Bedrooms
Two Bedrooms
Three Bedrooms
$3,321
$3,859
$4,909
$6,532
6%
8%
12%
25%
YoY
YoY
YoY
YoY
Studios
One Bedrooms
Two Bedrooms
Three Bedrooms
37
37
47
44
-29%
-57%
-38%
-48%
YoY
YoY
YoY
YoY
Mar 2023 Feb 2024 Mar 2024
One BedroomsStudios
Two Bedrooms
Three Bedrooms
One BedroomsStudios
Two Bedrooms
Three Bedrooms
Figure reects 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 gures based on last asking prices for leases reported signed but actual rents may be lower. Figure reects units actively
listed as of the last day of the report month. Days on market only reects 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 Anywhere Real Estate LLC.
The Corcoran Report
MARCH 2024 | BROOKLYN | RENTAL MARKET
March 2024: Despite the market wide slowdown, leasing activity increased in ve of sixteen neighborhoods. DUMBO doubled its leasing from last
year due to strong leasing activity at newly built rental properties. Park Slope and Crown Heights / Prospect-Lefferts had the most signicant increase
in rent expanding by 18% due to an inux of high-end townhouse rentals.
Leases Signed by Neighborhood
Mar 2024 Mar 2023 YoY
Greenpoint
64 83
-23%
North Williamsburg
104 88
18%
South Williamsburg
61 73
-16%
DUMBO
42 20
110%
Brooklyn Heights
37 62
-40%
Boerum Hill / Cobble Hill
38 55
-31%
Carroll Gardens / Gowanus / Red Hook
28 60
-53%
Downtown Brooklyn
154 105
47%
Park Slope
75 85
-12%
Fort Greene / Clinton Hill
79 92
-14%
Prospect Heights
54 65
-17%
Crown Heights / Prospect-Lefferts
57 76
-25%
Bedford-Stuyvesant
88 78
13%
East Williamsburg/Bushwick
53 74
-28%
Prospect Park South
70 58
21%
South Brooklyn
67 136
-51%
ANNUAL CHANGE IN LEASES SIGNED
Greenpoint
North Williamsburg
South Williamsburg
DUMBO
Brooklyn Heights
Brm Hl / Cbl Hl
Crl Grds / Gwns / Rd Hk
Downtown Brooklyn
Park Slope
Fort Gr. / Clinton Hill
Prospect Heights
Crwn Hts / PLG
Bedford-Stuyvesant
East Williamsburg/Bushwick
Prospect Park South
South Brooklyn
0%
3
Average Rent by Neighborhood
Mar 2024 Mar 2023 YoY
Greenpoint
$4,852 $4,513
8%
North Williamsburg
$5,003 $4,871
3%
South Williamsburg
$4,954 $4,452
11%
DUMBO
$6,292 $6,048
4%
Brooklyn Heights
$7,366 $6,829
8%
Boerum Hill / Cobble Hill
$4,950 $5,116
-3%
Carroll Gardens / Gowanus / Red Hook
$4,418 $4,306
3%
Downtown Brooklyn
$4,652 $4,539
3%
Park Slope
$5,191 $4,408
18%
Fort Greene / Clinton Hill
$4,277 $4,406
-3%
Prospect Heights
$4,651 $4,616
1%
Crown Heights / Prospect-Lefferts
$4,055 $3,441
18%
Bedford-Stuyvesant
$3,549 $3,269
9%
East Williamsburg/Bushwick
$3,596 $3,300
9%
Prospect Park South
$3,116 $3,081
1%
South Brooklyn
$2,913 $2,502
16%
Greenpoint
North Williamsburg
South Williamsburg
DUMBO
Brooklyn Heights
Brm Hl / Cbl Hl
Crl Grds / Gwns / Rd Hk
Downtown Brooklyn
Park Slope
Fort Gr. / Clinton Hill
Prospect Heights
Crwn Hts / PLG
Bedford-Stuyvesant
East Williamsburg/Bushwick
Prospect Park South
South Brooklyn
0%
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.
40%
ANNUAL CHANGE IN AVERAGE RENT
-10%
80%-80% -60%
10% 20%
-40% -20% 20% 60%