Brooklyn rents are rising the fastest in the city, and North Brooklyn — which includes Greenpoint Williamsburg and Bushwick — is leading the sub-market pack with skyrocketing rents, according to a new Streeteasy report.
The report which was published on Monday shows that, altogether, the rate of Manhattan, Queens, and Brooklyn rents are rising the fastest since 2015.
Credit is partially due to the L train’s Canarsie Tunnel repairs that are set to wrap next year; one-bedroom apartment rental prices in Williamsburg and Greenpoint now average $3,200, which is up 19 percent from last October.
According to the website: “StreetEasy Rent Indices are monthly indices that track changes in rent for all housing types and are currently available from January 2007 in Manhattan, January 2010 in Brooklyn, and January 2012 in Queens.”
A look at the key findings from the October report shows the index rose the fastest in North Brooklyn in October.
October 2019 Key Findings — Brooklyn
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Rents rose at their fastest pace since 2015. The StreetEasy Brooklyn Rent Index jumped 4.3% to $2,720 — the fastest pace of growth in the city. Rents in North Brooklyn rose the most, as the area rebounded from the canceled L-train shutdown, up 4.3% from last year to $3,208.
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The fewest rent cuts were offered by landlords. The share of rent cuts dropped 3.1 percentage points in the borough, down to 17.0% — the lowest share of the boroughs analyzed.
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North Brooklyn 1-bedroom asking rents spiked. The median asking rent for a 1-bedroom apartment in North Brooklyn jumped 19.1% to $3,200. This significant price jump is likely due to the submarket returning to normalcy following the cancellation of the L-train shutdown.
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Home prices were unchanged. Brooklyn price growth remained flat at $702,517.
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The share of price cuts dropped the most since 2014. Some 4% of sellers made a price cut in the borough — 2.2 percentage points fewer than last year. Potential buyers were more likely to find price reductions in North Brooklyn, where the share of price cuts jumped 5.2 percentage points to 19.7%.
In a neighborhood like Greenpoint that was recently a bastion of working-class housing, some newer apartment listings, like this Green Street apartment with a bathtub in the living room, exemplify what renters will tolerate for a relative bargain.
Commercial property transactions in Williamsburg are also setting records this month as high-profile buyers are scooping up more square-footage.