{"id":4054,"date":"2022-05-25T11:11:03","date_gmt":"2022-05-25T11:11:03","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=4054"},"modified":"2023-09-13T11:06:15","modified_gmt":"2023-09-13T11:06:15","slug":"brooklyn-housing-market-trends-may-2022","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/brooklyn-housing-market-trends-may-2022\/","title":{"rendered":"Brooklyn Housing Market Trends &#8211; May 2022"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Brooklyn&#8217;s Rental Sector Set For Strong Year<\/h2>\n\n\n\n<p><strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/brooklyn-real-estate-market-trends-january-2022\/\">New York City multifamily rebounded significantly <\/a><\/strong>across all metrics last year. The city\u2019s most populous borough is no exception, with rent growth soaring to new heights. <strong>Brooklyn rates were up 0.6% <\/strong>on a trailing three-month (T3) basis through March, to $3,123\u2014almost double the $1,642 U.S. rate. Although rent gains tapered off after last year\u2019s third-quarter spike, the average rate was up 16.4% year-over-year in Brooklyn, with the priciest submarkets recording growth above the 30% mark. However, in alignment with the national level, some deceleration is expected in 2022.<\/p>\n\n\n\n<p>New York\u2019s job market recorded significant gains across most sectors. <strong>Employment expansion was at 5.4%, with 389,600 jobs added in the 12 months ending in February 2022<\/strong>. Leisure and hospitality added the most jobs (155,400), followed by professional and business services (68,300) and trade, transportation and utilities (59,000). Construction, which shed 600 positions, was the only sector to contract.<\/p>\n\n\n\n<p><strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/brooklyn-housing-market-august-2022\/\">Development is bound to pick up <\/a><\/strong>the pace this year.<strong> As of March, Brooklyn had 14,455 units under construction<\/strong>, with another 39,000 in the planning and permitting stages. Mixed-use projects gained more traction, along with redevelopments that aim to revitalize neighborhoods\u2014such as the recently approved Gowanus Neighborhood Plan.<\/p>\n\n\n\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/2249-MatrixMultifamilyBrooklynReport-May2022\"><strong>Matrix Multifamily Brooklyn Report-May 2022<\/strong><\/a><\/p>\n\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Brooklyn&#8217;s Rental Sector Set For Strong Year New York City multifamily rebounded significantly across all metrics last year. The city\u2019s most populous borough is no exception, with rent growth soaring to new heights. Brooklyn rates were up 0.6% on a trailing three-month (T3) basis through March, to $3,123\u2014almost double the $1,642 U.S. rate. Although rent [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":4055,"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-4054","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 Housing Market Trends - May 2022 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Brooklyn\u2019s multifamily rents recorded a steady pace of growth during the first quarter and exceeded pre-pandemic levels at $3,123 in March.\" \/>\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-housing-market-trends-may-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brooklyn Housing Market Trends - May 2022\" \/>\n<meta property=\"og:description\" content=\"Brooklyn\u2019s multifamily rents recorded a steady pace of growth during the first quarter and exceeded pre-pandemic levels at $3,123 in March.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/brooklyn-housing-market-trends-may-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2022-05-25T11:11:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-13T11:06:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/05\/Brooklyn-iStock-1390848323.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=\"Tudor Scolca-Seusan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Brooklyn Housing Market Trends - May 2022 - Yardi Matrix Blog","description":"Brooklyn\u2019s multifamily rents recorded a steady pace of growth during the first quarter and exceeded pre-pandemic levels at $3,123 in March.","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-housing-market-trends-may-2022\/","og_locale":"en_US","og_type":"article","og_title":"Brooklyn Housing Market Trends - May 2022","og_description":"Brooklyn\u2019s multifamily rents recorded a steady pace of growth during the first quarter and exceeded pre-pandemic levels at $3,123 in March.","og_url":"https:\/\/www.yardimatrix.com\/blog\/brooklyn-housing-market-trends-may-2022\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2022-05-25T11:11:03+00:00","article_modified_time":"2023-09-13T11:06:15+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/05\/Brooklyn-iStock-1390848323.jpg","type":"image\/jpeg"}],"author":"lilianam","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Tudor Scolca-Seusan","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.yardimatrix.com\/blog\/brooklyn-housing-market-trends-may-2022\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/brooklyn-housing-market-trends-may-2022\/"},"author":{"name":"lilianam","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/877efe30f5be34ed3f8b5f334c96a8e0"},"headline":"Brooklyn Housing Market Trends &#8211; 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