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.
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.