Read the latest Yardi Matrix Brooklyn Multifamily Market Report.
Short-Term Rent Growth Negative, Supply Strong
Brooklyn’s average advertised asking rents were down 0.2% on a trailing three-month basis through November—to $3,560—in line with U.S. trends, as per the latest Brooklyn multifamily market report. The rate was positive for much of 2024, but turned negative in October, mirroring nationwide trends. Overall occupancy for stabilized assets in Brooklyn was down 30 basis points year-over-year, to 98.6% in October, well above the 94.8% national rate, according to the U.S. multifamily market report.
New York City’s unemployment rate was 4.3% as of September, 20 basis points higher than the U.S. rate, according to data from the Bureau of Labor Statistics. Job growth stood at 1.7% in September, 30 basis points ahead of the U.S. figure. NYC gained 106,700 net jobs in the 12 months ending in September, despite five sectors losing a total of 40,200 jobs. Bolstered by a $164 million federal grant on top of an initial $95 million investment, the Brooklyn Marine Terminal is set for a major upgrade. Another project reshaping the waterfront is Empire Wind 1. Equinor started construction on the first phase of the offshore wind project in June.
Brooklyn developers completed 3,935 units in the first 11 months of the year. The development pipeline included 28,007 units under construction and 32,000 units in the planning and permitting stages. Transactions totaled $709 million, already outpacing 2023’s total volume of $199 million.
Read the full Yardi Matrix Brooklyn Multifamily Market Report: January 2025
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