{"id":6238,"date":"2023-09-08T13:02:06","date_gmt":"2023-09-08T13:02:06","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6238"},"modified":"2024-03-11T15:06:33","modified_gmt":"2024-03-11T15:06:33","slug":"brooklyn-multifamily-market-report-august-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/brooklyn-multifamily-market-report-august-2023\/","title":{"rendered":"Brooklyn Multifamily Market Report \u2013 August 2023"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/brooklyn-multifamily-market-report\/\">Brooklyn Multifamily Market Report<\/a><\/strong>.<\/p>\n\n\n<hr \/>\n<h2>Rent Growth Endures, Sales Struggle<\/h2>\n<p>Brooklyn\u2019s multifamily market outperformed national figures in a few key areas. As of June, <a href=\"https:\/\/www.yardimatrix.com\/blog\/brooklyn-housing-market-august-2022\/\"><strong>rates in the metro were up 4.0% year-over-year<\/strong><\/a>, 220 basis points above the U.S. average. The borough\u2019s rates rose to $3,338, while the national average reached $1,726. The overall occupancy rate in stabilized assets across Brooklyn was a strong 98.7%, 370 basis points above the U.S. figure.<\/p>\n<p><iframe id=\"datawrapper-chart-y3X6x\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Brooklyn vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/y3X6x\/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>New York City added 209,600 jobs in the 12 months ending in April. The figured marked a 3.7% improvement year-over-year, 80 basis points above the national average. All but two economic sectors gained jobs during this period. Meanwhile, New York City\u2019s unemployment rate was 5.4% in April, well above the national 3.4% rate.<\/p>\n<p><iframe id=\"datawrapper-chart-mQuup\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Brooklyn Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/mQuup\/1\/\" height=\"416\" 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>In the first half of the year, the borough recorded a single transaction, bringing its multifamily investment total for the year to $101 million. This came on the heels of a solid 2022, when multifamily sales volume reached nearly $850 million, far outpacing the borough\u2019s $550 million average for the prior decade. While investment was at a standstill, construction activity in the borough continued, with 18,879 units under construction. An additional 41,500 units were in the planning and permitting stages, although deliveries this year amounted to only 135 units.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/4223-MartixMultifamilyBrooklynReport-August2023\"><strong>Matrix Multifamily Brooklyn Report-August 2023<\/strong><\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Rent Growth Endures, Sales Struggle Brooklyn\u2019s multifamily market outperformed national figures in a few key areas. As of June, rates in the metro were up 4.0% year-over-year, 220 basis points above the U.S. average. The borough\u2019s rates rose to $3,338, while the national average reached $1,726. The overall occupancy rate in stabilized assets across Brooklyn [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6239,"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-6238","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 Multifamily Market Report \u2013 August 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Brooklyn rents increased 0.6% on a T3 basis through June to $3,338, well above the national average, Yardi Matrix data shows.\" \/>\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-august-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brooklyn Multifamily Market Report \u2013 August 2023\" \/>\n<meta property=\"og:description\" content=\"Brooklyn rents increased 0.6% on a T3 basis through June to $3,338, well above the national average, Yardi Matrix data shows.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/brooklyn-multifamily-market-report-august-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-08T13:02:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-11T15:06:33+00:00\" \/>\n<meta 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