{"id":429,"date":"2021-01-14T09:32:12","date_gmt":"2021-01-14T09:32:12","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=429"},"modified":"2023-03-10T08:14:15","modified_gmt":"2023-03-10T08:14:15","slug":"brooklyn-real-estate-market-trends-winter-2021","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/brooklyn-real-estate-market-trends-winter-2021\/","title":{"rendered":"Brooklyn Real Estate Market Trends &#8211; Winter 2021"},"content":{"rendered":"<h2>Rents Drop, Completions Stumble<\/h2>\n<p>After performing well throughout 2019, Brooklyn\u2019s multifamily market recorded significant hardship amid the health crisis and resulting economic volatility. As of November, rents were down<br \/>\n2.0% on a trailing three-month basis, with the overall average at $2,621, still above the $1,465 U.S. rate. Meanwhile, the borough\u2019s occupancy rate in stabilized communities dropped 30 basis points year-over-year through October, to 98.5%.<\/p>\n<p>New York City employment contracted by more than 800,000 positions in the 12 months ending in September, down 15.3% year-over-year, with all sectors recording drops. Like most U.S. metros, leisure and hospitality took the hardest hit, shedding nearly 300,000 positions. The effects of returning restrictions meant to curb a new rise in COVID-19 infections during the winter months could spell continued volatility for the tri-state area\u2019s job market and economy at large. However, the $900 billion federal relief package negotiated at the end of 2020 should alleviate some of the most serious effects in the short term.<\/p>\n<p>A total of 2,750 units came online this year through November, a more than 30% decline compared to the same interval in 2019. However, with almost 11,000 units under construction as of the<br \/>\nfourth quarter\u20144,500 of which are slated to come online this year\u2014deliveries could record a rebound in 2021.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1175-MatrixMultifamilyBrooklynReport-Winter2021?utm_source=Matrix-Blog&amp;utm_medium=Social\"><strong>Matrix Multifamily Brooklyn Report-Winter 2021<\/strong><\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rents Drop, Completions Stumble After performing well throughout 2019, Brooklyn\u2019s multifamily market recorded significant hardship amid the health crisis and resulting economic volatility. As of November, rents were down 2.0% on a trailing three-month basis, with the overall average at $2,621, still above the $1,465 U.S. rate. Meanwhile, the borough\u2019s occupancy rate in stabilized communities [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":430,"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-429","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 Real Estate Market Trends - Winter 2021 - Yardi Matrix Blog<\/title>\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-real-estate-market-trends-winter-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brooklyn Real Estate Market Trends - Winter 2021\" \/>\n<meta property=\"og:description\" content=\"Rents Drop, Completions Stumble After performing well throughout 2019, Brooklyn\u2019s multifamily market recorded significant hardship amid the health crisis and resulting economic volatility. As of November, rents were down 2.0% on a trailing three-month basis, with the overall average at $2,621, still above the $1,465 U.S. rate. Meanwhile, the borough\u2019s occupancy rate in stabilized communities [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/brooklyn-real-estate-market-trends-winter-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-14T09:32:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-10T08:14:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/02\/Brooklyn-Winter-2021-iStock-1283082820.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=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Brooklyn Real Estate Market Trends - Winter 2021 - Yardi Matrix Blog","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-real-estate-market-trends-winter-2021\/","og_locale":"en_US","og_type":"article","og_title":"Brooklyn Real Estate Market Trends - Winter 2021","og_description":"Rents Drop, Completions Stumble After performing well throughout 2019, Brooklyn\u2019s multifamily market recorded significant hardship amid the health crisis and resulting economic volatility. 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