{"id":3064,"date":"2022-02-03T12:31:26","date_gmt":"2022-02-03T12:31:26","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=3064"},"modified":"2023-09-21T09:58:21","modified_gmt":"2023-09-21T09:58:21","slug":"brooklyn-real-estate-market-trends-january-2022","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/brooklyn-real-estate-market-trends-january-2022\/","title":{"rendered":"Brooklyn Real Estate Market Trends (January 2022)"},"content":{"rendered":"<h2><strong>Brooklyn&#8217;s Multifamily Market Finds Stability<\/strong><\/h2>\n<p><strong>Brooklyn\u2019s multifamily rental market seems ready for a rebound<\/strong>, after a tough interval for New York City overall. <strong>Rents were up 0.7%<\/strong> on a trailing three-month (T3) basis through November, to $3,012, almost double the national figure. Demand for Lifestyle assets resurged after a decline in 2020, while the RBN segment kept its footing throughout the slowest periods. Submarkets such as Greenpoint and Downtown Brooklyn led both rent gains and development activity.<\/p>\n<p><strong>Brooklyn added 221,800 net jobs<\/strong> over a 12-month period ending in September, representing a 7.8% uptick. In October, New York City\u2019s unemployment rate reached its lowest point since the onset of the crisis\u20146.3%\u2014according to preliminary data from the Bureau of Labor Statistics. The figure was 170 basis points below the national average. More than $145 million has been awarded by the state to preserve or create some 1,178 affordable homes across New York, of which $26.6 million was directed toward Brooklyn developments.<\/p>\n<p><strong>New construction amounted to 596 units added year-to-date through November<\/strong>\u201414.5% of the prior five-year average. Some 14,327 units were under construction in the borough as of November, with developers and investors sharing a heightened interest in the Lifestyle segment, which accounted for 65.4% of the pipeline.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1391-MatrixMultifamilyBrooklynReport-January2022\"><strong>Matrix Multifamily Brooklyn Report-January 2022<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Brooklyn&#8217;s Multifamily Market Finds Stability Brooklyn\u2019s multifamily rental market seems ready for a rebound, after a tough interval for New York City overall. Rents were up 0.7% on a trailing three-month (T3) basis through November, to $3,012, almost double the national figure. Demand for Lifestyle assets resurged after a decline in 2020, while the RBN [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":3065,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[447,444],"class_list":["post-3064","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-2022"],"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 Real Estate Market Trends (January 2022) - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Although easing slightly, Brooklyn\u2019s multifamily market struggles continued, with its rent growth at 0.7% on a 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