Imminent L Train Shutdown Sends North Brooklyn Rents Plummeting

Bedford Avenue in Williamsburg, Brooklyn is at the center of what has become one of the trendiest places in the city, leading masses of visitors and commuters to rely its L-train daily.

The scheduled shutdown of the L train is still a year away, but the imminent inconvenience is already affecting the rents in North Brooklyn in a negative way.

In February, the neighborhoods of Greenpoint and Williamsburg, which are dependent on the L train, experienced a decline in rent for the seventh consecutive month to $3,027, according to a report from StreetEasy. The biggest share occurred in North Brooklyn, where 25 percent of rentals had its price dashed in February.

In a statement, StreetEasy senior economist Grant Long said, “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. 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.”

According to The Real Deal, “The average home sales price in North Brooklyn stayed fairly strong despite the impending closure, jumping 3.3 percent year-over-year to about $1.1 million. But the time spent on the market hit 108 days — a 34-day increase from a year earlier. And houses in the neighborhood took longer to sell in February than they did in any other submarket in the borough. Queens also saw its share of decreases in rents and sales prices. On the whole, rents in the borough fell by an average of $41 per month to $2,064, and the amount of price cuts offered on homes hit 5.9 percent in February. In the borough’s priciest submarket, Northwest Queens, rents dropped 3.3 percent year-over-year to $2,148. Homes in the area sold relatively quickly, spending a median of 81 days on the market.”

Rents have stayed fairly regulated in Manhattan with little change. The average rent rose a mere 0.6 percent to $3,129 per month. Regarding the overall sales of homes in the borough, prices hit approximately $1.2 million marking a rise of 8 percent. However, certain neighborhoods experienced declines. In Upper Manhattan, prices dropped 1.9 percent, and on the Upper East Side prices fell 1.3 percent. The most decreases in rental prices occurred on the Upper West Side, where one in every four properties lowered its rents.

By Rebecca Gold

 

LEAVE A REPLY

Your email address will not be published. Required fields are marked with *

YOU MAY ALSO LIKE

INTERNATIONAL NEWS