What to Know
- Rents in north Brooklyn are dropping ahead of the planned L train shutdown in 2019, according to StreetEasy
- The StreetEasy rent index in Williamsburg and Greenpoint dropped for the seventh consecutive month in February, to $3,027
- The report also appears to show landlords getting more liberal with discounts to attract more tenants ahead of the dreaded subway closure
Rents in Williamsburg and Greenpoint are continuing to drop ahead of the L train shutdown scheduled to start in 2019, according to a new report released by StreetEasy Thursday.
The February 2018 markets report shows the StreetEast rent index for North Brooklyn -- which includes neighborhoods served by the L train -- dropped slightly for the seventh consecutive month, down to $3,027. That makes February rents 0.6 percent lower than last year.
More rentals in that area were also getting price cuts (about 1 in 4, up 2.6 from last year).
"The L train shutdown is a tidal wave that's been off on the horizon," said StreetEasy senior economist Grant Long. "Now that we’re in the period where new leases will overlap with the shutdown in April 2019, we’re seeing landlords get more liberal with discounts to make sure they attract tenants — and maybe even incentivize them to stay for longer than a year."
Though home sales prices there remained strong, according to StreetEasy, rising about 3.3 percent year over year to $1,104,818, houses were staying on the market longer, taking a median of 108 days to sell, compared to 34 days last year.
But the rental market across Brooklyn and the city in general is moving in the renters' favor: rent indices for Manhattan and Brooklyn remained relatively flat, at about $3,129 and $2,537, respectively. In Queens, the rent dropped 1.9 percent year over year to $2,064, down about $41 a month, according to the StreetEasy rent index. And more rental units were offering discounts across all three boroughs.
"Renters should consider the reality of limited transportation to these areas, but there are bargains to be had if that’s a trade-off they’re willing to make," said Long.
