{"id":6025,"date":"2023-06-20T11:05:43","date_gmt":"2023-06-20T11:05:43","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6025"},"modified":"2023-09-12T16:56:53","modified_gmt":"2023-09-12T16:56:53","slug":"brooklyn-multifamily-market-report-may-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/brooklyn-multifamily-market-report-may-2023\/","title":{"rendered":"Brooklyn\u00a0Multifamily Market Report \u2013 May 2023"},"content":{"rendered":"<h2>Mixed Results In Early 2023<\/h2>\n<p>Brooklyn\u2019s multifamily market <a href=\"https:\/\/www.yardimatrix.com\/blog\/brooklyn-multifamily-market-report-january-2023\/\"><strong>recorded a slight improvement in 2022<\/strong><\/a>, but ongoing economic challenges such as scarcer debt and inflation have made their mark. Year-over-year rent gains reached 4.3% as of March, to $3,269. Demand remained strong, with occupancy in stabilized assets still one of the strongest in the nation, at 98.2% as of February, reaching 310 basis points above the U.S. figure.<\/p>\n<p><iframe id=\"datawrapper-chart-2Rihq\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Brooklynvs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/2Rihq\/1\/\" height=\"376\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>After a year of strong gains, New York City job growth cooled slightly to a modest 5.0% expansion as of December, though still remaining above the national 3.7% rate. This accounted for 289,500 jobs gained across all sectors in 2022. According to the New York City Economic Development Corp., the city\u2019s private sector has returned to 99.5% of pre-pandemic job levels. Education and health services led job gains, with 86,700 jobs added, or a 5.6% expansion. Leisure and hospitality remained a strong performer, adding 66,300 jobs, or 11.7%. New York City\u2019s unemployment rate was 5.4% in February, 190 basis points higher than the nation and 120 basis points above the state.<\/p>\n<p><iframe id=\"datawrapper-chart-94gAj\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Brooklyn Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/94gAj\/1\/\" height=\"576\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Brooklyn had a slow first quarter, with only 17,169 units under construction as of March. Last year\u2019s completions were still below the five-year average, though starts were up and the borough\u2019s stock expanded by 2.0%. Investment activity has been low so far this year, though it ramped up last year, with $778.5 million in sales, more than the previous two years combined.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/3924-MatrixMultifamilyBrooklynReport-May2023\" target=\"_blank\" rel=\"noopener\"><strong>Matrix Multifamily Brooklyn Report-May 2023<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mixed Results In Early 2023 Brooklyn\u2019s multifamily market recorded a slight improvement in 2022, but ongoing economic challenges such as scarcer debt and inflation have made their mark. Year-over-year rent gains reached 4.3% as of March, to $3,269. Demand remained strong, with occupancy in stabilized assets still one of the strongest in the nation, at [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6026,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[447,475],"class_list":["post-6025","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-2023"],"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\u00a0Multifamily Market Report \u2013 May 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Brooklyn recovered in Q1 from its summer 2022 dip in rental rate growth, rising 0.5% YoY to 4.3% as of March, Yardi Matrix reports.\" \/>\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-may-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brooklyn\u00a0Multifamily Market Report \u2013 May 2023\" \/>\n<meta property=\"og:description\" content=\"Brooklyn recovered in Q1 from its summer 2022 dip in rental rate growth, rising 0.5% YoY to 4.3% as of March, Yardi Matrix reports.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/brooklyn-multifamily-market-report-may-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-20T11:05:43+00:00\" \/>\n<meta property=\"article:modified_time\" 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