NEW YORK — With the April 2019 shutdown of the L train looming closer, North Brooklyn rents continue to decline, according to the StreetEasy Market Report for February 2018.
The StreetEasy Rent Index for North Brooklyn — which includes neighborhoods served by the L train, such as Williamsburg and Greenpoint — dropped for the seventh consecutive month, to $3,027, meaning that February rents were 0.6 percent lower than last year. One in four rentals in the area received a price cut in February, up 2.6 percent annually. North Brooklyn surpassed Northwest Brooklyn — which stretches from Red Hook to Clinton Hill — as the submarket with the largest share of rentals discounted in the borough (25 percent compared to 21 percent).
Home sales prices in North Brooklyn remained strong: The StreetEasy Price Index rose 3.3 percent year-over-year to $1,104,818, but the amount of time for-sale homes spent on the market in North Brooklyn increased by 34 days over last year, to a median of 108 days. North Brooklyn homes took longer to sell than those in any other Brooklyn submarket in February.
The rental market across the city moved in renters’ favor, with the StreetEasy Rent Indices for Manhattan and Brooklyn remaining relatively flat since this time last year, at $3,129 and $2,537, respectively. In Queens, the StreetEasy Rent Index continued to fall, dropping 1.9 percent year-over-year to $2,064, meaning that rents dipped by an average of $41 per month. The share of rental units offering a discount increased 4.3 percent in Queens, 1.3 percent in Brooklyn, and 1.4 percent in Manhattan. Across these three boroughs, landlords offered discounts on one in five rental units.
StreetEasy Price Indices rose in Queens and Brooklyn and remained relatively flat in Manhattan year-over-year. The StreetEasy Price Index increased 6.4 percent in Queens to $516,148. StreetEasy Price Indices rose 2.9 percent in Brooklyn, to $751,240, and 0.8 percent in Manhattan, to $1,165,282.
“The L train shutdown is a tidal wave that’s been off on the horizon,” said StreetEasy Senior Economist Grant Long. “Now that we’re in the period where new leases will overlap with the shutdown in April 2019, we’re seeing landlords get more liberal with discounts to make sure they attract tenants — and maybe even incentivize them to stay for longer than a year. Renters should consider the reality of limited transportation to these areas, but there are bargains to be had if that’s a trade-off they’re willing to make.”
February 2018 Key Findings — Manhattan
February 2018 Key Findings — Brooklyn
February 2018 Key Findings — Queens
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