In our last post, we highlighted a number of ways to obtain the ideal rent, given that the rental market remains strong for those seeking places to live. While the market has not dropped in Manhattan, it appears that over-saturation may be imminent in Brooklyn.
According to a recent curbed.com report, the rental market across New York City boroughs has more inventory than demand, and the number of developments expected over the next three years suggests that inventory will continue to increase. This ostensibly will keep rent prices flat; which is a good for consumers.
In Brooklyn, the median rent declined year over year for the second month in a row. Specifically, the median rental price fell to $2,895 (a 1.9 percent decrease), and the average rent dropped to $3,219 (a 1.5 percent decrease). As fall takes hold and the temperatures cool, demand for housing may dwindle as well; meaning that this trend will likely continue.
The price declines may reflect the increase in the number of landlord concessions; especially given the increase in leases to rental properties. Brooklyn properties saw a 35 percent increase in the number of new leases signed and the number of concessions doubled from 5.2 percent to 10.5 percent. The types of concessions varied from a month of rent-free living to broker fees being waived.
Suffice it to say, good rental deals are still out there to be had. If you have additional questions about negotiating rental agreements in New York City, an experienced real estate attorney can advise you.