{"id":8311,"date":"2024-09-04T09:03:00","date_gmt":"2024-09-04T09:03:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=8311"},"modified":"2025-02-07T09:14:57","modified_gmt":"2025-02-07T09:14:57","slug":"brooklyn-multifamily-market-report-august-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/brooklyn-multifamily-market-report-august-2024\/","title":{"rendered":"Brooklyn Multifamily Market Report \u2013 August 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>Rents on Track, Completions Improve<\/h2>\n<p>Brooklyn closed the first half of the year with a strong performance, considering current economic challenges, notes the latest Brooklyn multifamily market report. Average advertised asking rents were up 0.3% on a trailing three-month basis, to $3,634, as of June. New York City was the top-performing metro for year-over-year rent growth, at 4.8%, with the Brooklyn figure standing at 3.9%. Meanwhile, the national rate was 0.6%, according to the <a href=\"\/blog\/national-multifamily-market-report\/\" rel=\"\"><strong>U.S. multifamily market report<\/strong><\/a>. Overall occupancy for stabilized assets in Brooklyn was down 30 basis points year-over-year, to a still healthy 98.6%, as of May.<\/p>\n<p><iframe id=\"datawrapper-chart-MDY4R\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Brooklyn vs. National Rent Growth\" src=\"https:\/\/datawrapper.dwcdn.net\/MDY4R\/1\/\" height=\"328\" 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 was 4.4% as of May, according to preliminary data from the Bureau of Labor Statistics. This was up 20 basis points year-over-year and 40 basis points above the national figure. Over a 12-month period ending in April, NYC gained 107,300 net jobs, representing a 1.1% rate of growth\u201430 basis points behind the U.S. Major projects in Brooklyn continue to boost the borough\u2019s strong small-business landscape. Revitalization efforts at Christian Cultural Center in East New York hit a milestone earlier this year when the development partners submitted final approval plans for the first two phases, estimated to cost $570 million.<\/p>\n<p><iframe id=\"datawrapper-chart-AtAsY\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Brooklyn Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/AtAsY\/1\/\" height=\"423\" 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>Developers completed 2,447 units in the first half of the year, which was a 36.4% year-over-year improvement. The borough had 25,233 units under construction and an additional 33,000 units in the planning and permitting stages.<\/p>\n<p>Read the full Yardi Matrix Brooklyn Multifamily Market Report: <a href=\"\/publications\/download\/file\/6072-MatrixMultifamilyBrooklynReport-August2024\" rel=\"\"><strong>August 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Rents on Track, Completions Improve Brooklyn closed the first half of the year with a strong performance, considering current economic challenges, notes the latest Brooklyn multifamily market report. Average advertised asking rents were up 0.3% on a trailing three-month basis, to $3,634, as of June. New York City was the top-performing metro for year-over-year rent [&hellip;]<\/p>\n","protected":false},"author":436,"featured_media":7771,"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-8311","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 August 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Advertised asking rents in Brooklyn matched U.S. growth at 0.3 percent on a T3 basis through June, according to Yardi Matrix data.\" \/>\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-2024\/\" \/>\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 2024\" \/>\n<meta property=\"og:description\" content=\"Advertised asking rents in Brooklyn matched U.S. growth at 0.3 percent on a T3 basis through June, according to Yardi Matrix data.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/brooklyn-multifamily-market-report-august-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-04T09:03:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-07T09:14:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/09\/Brooklyn-iStock-1784887053.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=\"Adina Rogoz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tudor Scolca-Seusan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Brooklyn Multifamily Market Report \u2013 August 2024 - 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