Strong Fundamentals Despite Robust Supply
The Brooklyn multifamily market closed the first quarter on solid ground, as per the latest Brooklyn multifamily market report. Average advertised asking rents were up 0.5%, on a trailing three-month basis, to $3,643 as of March. Meanwhile, the national rate increased a mild 0.1%, settling at $1,755. As of February, the occupancy figure was at 98.8%, unchanged year-over-year but still well above the national average of 94.5%, according to the U.S. multifamily market report.
As of January, New York City’s unemployment rate was 5.3%, according to data from the Bureau of Labor Statistics. NYC gained 15,050 net jobs in the past year with only a single sector contracting. Education and health services led gains with more than 99,000 jobs. Major projects in Brooklyn continue to highlight the borough as a sustainability hub. Following the completion of the all-electric skyscraper at 505 State St., Alloy Development is setting its sights on the second phase of The Alloy Block. One Third Avenue is expected to be the world’s tallest Passive House building. One of the requirements for the 63-story tower to meet
the rigorous Passive House standards is achieving an air-tight building envelope.
As of March, Brooklyn had more than 25,600 units under construction, surpassing the combined underway pipelines of Manhattan and Queens. The borough also had an additional 32,000 units in the planning and permitting stages.
Read the full Yardi Matrix Brooklyn Multifamily Market Report: May 2025
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