February 22, 2017
In Brooklyn, landlords offered concessions on more apartments than ever before in January 2017. More than 18% of apartment listings studied by Douglas Elliman offered concessions averaging 1.7 months of rent-free living to attract residents. That’s more than three times the 5.4% of listings that offered concessions 12 months ago.
Offers of free rent used to be unheard of in New York City. But, landlords now have to compete with new apartment deliveries. The inventory of listings in Brooklyn totaled 2,469 apartments in January, up nearly 25% from 1,969 the year before.
The median rent in the Brooklyn listings also dipped in January to $2,750 a month, down 1.9% from the year before. That’s still more than $600 a month less than the Manhattan median.
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