{"id":4657,"date":"2022-09-08T12:38:09","date_gmt":"2022-09-08T12:38:09","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=4657"},"modified":"2023-09-13T05:20:18","modified_gmt":"2023-09-13T05:20:18","slug":"brooklyn-housing-market-august-2022","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/brooklyn-housing-market-august-2022\/","title":{"rendered":"Brooklyn Housing Market &#8211; August 2022"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Brooklyn Regains Some Luster<\/h2>\n\n\n\n<p>New York\u2019s economic recovery accelerated later, in line with other large coastal cities, but it is now gaining ground fast, with <a href=\"https:\/\/www.yardimatrix.com\/blog\/brooklyn-housing-market-trends-may-2022\/\"><strong>boosting multifamily fundamentals<\/strong><\/a>. Year-over-year, <strong>Brooklyn rents grew by 11.2%<\/strong> to an average of $3,178, some $200 above the borough\u2019s pre-pandemic figure. Meanwhile, the already tight occupancy rate was up 60 basis points year-over-year through May, to 98.5%.<\/p>\n\n\n\n<p><strong>New York City added 403,000 job<\/strong>s in the 12 months ending in May, for a 5.8% expansion, outperforming the 4.7% U.S. figure. Meanwhile, unemployment reached 4.6%, still above the national average but marking a 150-basis-point improvement since the beginning of the year. Even so, out-migration and economic turbulence have left their mark. Metro New York still had 560,000 fewer employees in April 2022 than it did before the pandemic hit.<\/p>\n\n\n\n<p>Investor interest followed improving fundamentals and transactions gained steam in the first half of 2022, with the total at <strong>$705 million for single-asset sales<\/strong>. This, however, does not capture the Federal Reserve\u2019s most recent interest rate hikes, which are likely to widen the bid-ask spread and dampen capital flowing into the sector. Meanwhile, completions accelerated, with 1,747 apartments coming online during the first two quarters, and an additional 13,677 units under construction as of June.<\/p>\n\n\n\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/2660-MatrixMultifamilyBrooklynReport-August2022\">Matrix Multifamily Brooklyn Report-August 2022<\/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>Brooklyn Regains Some Luster New York\u2019s economic recovery accelerated later, in line with other large coastal cities, but it is now gaining ground fast, with boosting multifamily fundamentals. Year-over-year, Brooklyn rents grew by 11.2% to an average of $3,178, some $200 above the borough\u2019s pre-pandemic figure. Meanwhile, the already tight occupancy rate was up 60 [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":4658,"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-4657","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 - August 2022 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"After a deep trough and a relatively speedy recovery, Brooklyn\u2019s back. Rents are up 11.2 percent year-over-year.\" \/>\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-august-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 - August 2022\" \/>\n<meta property=\"og:description\" content=\"After a deep trough and a relatively speedy recovery, Brooklyn\u2019s back. Rents are up 11.2 percent year-over-year.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/brooklyn-housing-market-august-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-08T12:38:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-13T05:20:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/09\/Brooklyn-iStock-1325108128.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=\"Bogdan Odagescu\" \/>\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 - August 2022 - Yardi Matrix Blog","description":"After a deep trough and a relatively speedy recovery, Brooklyn\u2019s back. 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