Brooklyn, NY – Rents in Downtown Brooklyn continued to decline as new construction saturated the market, according to 2017 StreetEasy® Market Reports.
As reported in PR Newswire, “A surge in new construction, particularly at the high end of the market, has had a ripple effect throughout the market and pushed down rents across the city, particularly in Brooklyn,” said StreetEasy Senior Economist Grant Long. “Renters planning on signing a new lease this year are likely to have more negotiating power as competition starts picking up among new buildings vying for the attention of prospective tenants.”
“On the for-sale side, homes spent a bit longer on the market than usual in Q1.” Long added. But most market watchers expect this slow down to recorrect itself over the typically competitive summer season.