{"id":7458,"date":"2024-02-06T06:09:00","date_gmt":"2024-02-06T06:09:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7458"},"modified":"2024-06-12T08:19:44","modified_gmt":"2024-06-12T08:19:44","slug":"january-2024-brooklyn-multifamily-market-report","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/january-2024-brooklyn-multifamily-market-report\/","title":{"rendered":"Brooklyn Multifamily Market Report \u2013 January 2024"},"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>Fundamentals Hold, For Now<\/h2>\n<p>Through the second half of the year, most multifamily markets felt the blow of a slower economy, with overall national rent growth at 0.4% year-over-year as of November. Brooklyn, however, managed to maintain a steadier pace, with rent development on a trailing three-month basis at 0.2% and <a href=\"https:\/\/www.yardimatrix.com\/blog\/brooklyn-multifamily-market-report-january-2023\/\"><strong>year-over-year improvement at 4.9%<\/strong><\/a>, up to an average of $3,524. Occupancy rates point to demand for more housing, with averages for stabilized assets at 99.0% in October, up 30 basis points since last year.<\/p>\n<p><iframe id=\"datawrapper-chart-WPzCy\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Brooklyn vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/WPzCy\/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\u2019s unemployment rate stood at 5.4% as of October, according to preliminary data from the Bureau of Labor Statistics. The city\u2019s labor pool expanded by 2.7% on a 12-month basis through September, above the nation\u2019s 2.4%. Of the 161,500 jobs added during this period, 122,500 were in the education and health services sector. Betting on the sector\u2019s future growth, authorities unveiled a master-planned life sciences career and education hub, the Science Park and Research Campus at Kips Bay, estimated to create more than 3,000 permanent jobs for the sector and provide a $42 million boost to New York City\u2019s economy by 2030.<\/p>\n<p><iframe id=\"datawrapper-chart-sL3ZM\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Brooklyn Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/sL3ZM\/1\/\" height=\"417\" 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>Multifamily development in Brooklyn cooled, with developers bringing 1,654 units online year-to-date through November, down 43.3% since last year. On the upside, the borough had 19,419 units under construction and an additional 39,500 units in the planning and permitting stages.<\/p>\n<p>Read the full Yardi Matrix Brooklyn Multifamily Market Report: <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/5055-MatrixMultifamilyBrooklynReport-January2024\"><strong>January 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Fundamentals Hold, For Now Through the second half of the year, most multifamily markets felt the blow of a slower economy, with overall national rent growth at 0.4% year-over-year as of November. Brooklyn, however, managed to maintain a steadier pace, with rent development on a trailing three-month basis at 0.2% and year-over-year improvement at 4.9%, [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6765,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[447,511],"class_list":["post-7458","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-2024"],"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 January 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Brooklyn rents were up 4.9% on a 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