May 31, 2017
Apartment managers in Brooklyn offered twice as much free rent to lure potential residents in April 2017 as they did the year before.
And apartment rents are barely rising — the net effective median rent of $2,765 a month in April was up just 0.3 percent compared to the year before, according to the latest report on the apartment market from Douglas Elliman.
It’s all because of the flood of new apartments hitting the market in Brooklyn. The inventory of apartment listings rose 24.4 percent compared to the year before. The demand for these new apartments has kept up with the supply — but only just barely. The number of new leases signed, excluding renewals, was also up 25.9 percent.
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