March 14, 2017
Median apartment rents in Brooklyn fell 1.1% in January 2017, compared to the year before. That’s the biggest year-over-year decline since October 2010 — back when unemployment was close to 10%, according to StreetEasy.
“The luxury decline seems to be affecting the market in a big way,” said StreetEasy economist Krishna Rao. “The most expensive areas have seen the greatest rent declines, while competition has remained relatively heightened in less expensive areas.”
South Brooklyn and East Brooklyn, the borough’s least expensive submarkets, were the only locations in which rents continued to increase from December to January. Median rent in North Brooklyn, the borough’s most expensive submarket, declined the most, down 6.2% year-over-year to $2,956.
How bad is it? Many landlords now have to offer concessions.
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