North Brooklyn Rents Rising Fastest Across the City, Says New Report

NORTH BROOKLYN — North Brooklyn has the city’s fastest rising rents, according to a new report by Street Easy published on Monday.

Brooklyn rents are rising the fastest across all boroughs, however North Brooklyn in particular — Greenpoint, Williamsburg, and East Williamsburg — is leading as the rents continue to skyrocket in the quickly gentrifying area.

The overall real-estate value for Brooklyn homes has surged by 50% in the last decade according to PropertyShark study.

The median asking rent for a 1-bedroom apartment in North Brooklyn jumped 19.1% to a whopping average of $3,200 per month, suggesting the area rebounded from the canceled L-train shutdown, bringing up the prices as we approach the end of the L-train construction in Spring of 2020. 

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Overall, the rate of Manhattan, Queens, and Brooklyn rents are rising the fastest since 2015.

While this time of year rent cuts typically peaks — and while October did bring the highest share of discounts of 2019 — the percentages this low have not been seen since October 2015, according to StreetEasy data. Landlords in Brooklyn offered the fewest discounts, with only 17% of rentals getting a cut.

 

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Irina Groushevaia

Irina Groushevaia

Irina Groushevaia is the Managing Editor and covers Bushwick, Williamsburg, and beyond. Questions & tips: Irina@bklyner.com

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