The Brooklyn Rental Market

When you look at the numbers it might surprise you. At one point, Brooklyn had nearly 6,000 new rental units available (2017) which was a 50yr high. Last year the number decreased to about 4,600, a sign that the demand is strong and absorbing the bulk supply. The current median rent is $3k a month which is a record. 34% of leases in July featured some form of incentives, which was down from 41% in July last year. Rising land prices in Manhattan, the expiring 421a program (which later became Affordable New York) and a pullback on banks' willingness to lend on condominiums projects all had an effect on the spike of the initial rental development. The slow sales market has also played nicely into the hands of landlords.

Supporting Post

Supporting Author

Recent Posts

See All