{"id":1021,"date":"2021-05-21T08:09:18","date_gmt":"2021-05-21T08:09:18","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=1021"},"modified":"2023-09-12T15:04:51","modified_gmt":"2023-09-12T15:04:51","slug":"brooklyn-multifamily-market-report-spring-2021","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/brooklyn-multifamily-market-report-spring-2021\/","title":{"rendered":"Brooklyn Multifamily Market Report &#8211; Spring 2021"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Recovery on the Horizon, Even as Hardships Go On<\/h2>\n\n\n\n<p>Like most coastal markets, the beginning of the pandemic translated into sharp rent declines across New York City boroughs. Rent development, however, started gaining ground after hitting bottom in October 2020. As of March, <strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/tag\/brooklyn-housing-market\/\" target=\"_blank\" rel=\"noreferrer noopener\">Brooklyn rents<\/a><\/strong> were up 0.3% on a trailing three-month (T3) basis, with the average at $2,637. Year-over-year, Brooklyn rates were still down 10.5% as of March, but recent activity points to more steady improvement. Meanwhile, occupancy in stabilized communities dropped 100 basis points over 12 months, to 97.8% as of February.<\/p>\n\n\n\n<p>New York City employment contracted by more than 750,000 positions last year, representing an 11.4% drop, with all sectors losing jobs. As with most U.S. metros, coronavirus restrictions and anxiety resulted in sharp declines for the leisure and hospitality sector, which shed nearly 300,000 positions. Meanwhile, the unemployment rate for the New York City MSA hovered close to the 10% mark for the better part of the past six months.<\/p>\n\n\n\n<p>The number of completed units in the 12 months ending in March dropped 35.3% to 2,914 from the previous 12 months, marking a four-year low. Going forward, rent expansion remains the silver lining, with this year slated to erase some of the contractions caused by the health crisis: Yardi Matrix expects the overall average New York City rent to advance 2.2% in 2021.<\/p>\n\n\n\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1251-MatrixMultifamilyBrooklynReport-Spring2021?utm_source=Matrix-Blog&amp;utm_medium=Social\" target=\"_blank\" rel=\"noreferrer noopener\">Matrix Multifamily Brooklyn Report-Spring 2021<\/a><\/strong><\/p>\n\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Recovery on the Horizon, Even as Hardships Go On Like most coastal markets, the beginning of the pandemic translated into sharp rent declines across New York City boroughs. Rent development, however, started gaining ground after hitting bottom in October 2020. As of March, Brooklyn rents were up 0.3% on a trailing three-month (T3) basis, with [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":1022,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[447,221],"class_list":["post-1021","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-brooklyn","tag-multifamily-outlook-2021"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Brooklyn Multifamily Market Report - Spring 2021 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Brooklyn rents were up 0.3% on a trailing three-month basis through March, to $2,637.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/brooklyn-multifamily-market-report-spring-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brooklyn Multifamily Market Report - Spring 2021\" \/>\n<meta property=\"og:description\" content=\"Brooklyn rents were up 0.3% on a trailing three-month basis through March, to $2,637.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/brooklyn-multifamily-market-report-spring-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-21T08:09:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-12T15:04:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/05\/Brooklyn-Metro-Report-iStock-1302410024.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"lilianam\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Razvan Cimpean\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Brooklyn Multifamily Market Report - Spring 2021 - Yardi Matrix Blog","description":"Brooklyn rents were up 0.3% on a trailing three-month basis through March, to $2,637.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.yardimatrix.com\/blog\/brooklyn-multifamily-market-report-spring-2021\/","og_locale":"en_US","og_type":"article","og_title":"Brooklyn Multifamily Market Report - Spring 2021","og_description":"Brooklyn rents were up 0.3% on a trailing three-month basis through March, to $2,637.","og_url":"https:\/\/www.yardimatrix.com\/blog\/brooklyn-multifamily-market-report-spring-2021\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2021-05-21T08:09:18+00:00","article_modified_time":"2023-09-12T15:04:51+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/05\/Brooklyn-Metro-Report-iStock-1302410024.jpg","type":"image\/jpeg"}],"author":"lilianam","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Razvan Cimpean","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.yardimatrix.com\/blog\/brooklyn-multifamily-market-report-spring-2021\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/brooklyn-multifamily-market-report-spring-2021\/"},"author":{"name":"lilianam","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/877efe30f5be34ed3f8b5f334c96a8e0"},"headline":"Brooklyn Multifamily Market Report &#8211; 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