{"id":8927,"date":"2025-01-30T06:26:00","date_gmt":"2025-01-30T06:26:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=8927"},"modified":"2025-06-24T06:33:19","modified_gmt":"2025-06-24T06:33:19","slug":"brooklyn-multifamily-market-report-january-2025","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/brooklyn-multifamily-market-report-january-2025\/","title":{"rendered":"Brooklyn Multifamily Market Report \u2013 January 2025"},"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>Short-Term Rent Growth Negative, Supply Strong<\/h2>\n<p>Brooklyn\u2019s average advertised asking rents were down 0.2% on a trailing three-month basis through November\u2014to $3,560\u2014in line with U.S. trends, as per the latest Brooklyn multifamily market report. The rate was positive for much of 2024, but turned negative in October, mirroring nationwide trends. Overall occupancy for stabilized assets in Brooklyn was down 30 basis points year-over-year, to 98.6% in October, well above the 94.8% national rate, according to the <a href=\"\/blog\/national-multifamily-market-report\/\" rel=\"\"><strong>U.S. multifamily market report<\/strong><\/a>.<\/p>\n<p><iframe id=\"datawrapper-chart-Ui2Fy\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Brooklyn vs. National Rent Growth \" src=\"https:\/\/datawrapper.dwcdn.net\/Ui2Fy\/3\/\" 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 4.3% as of September, 20 basis points higher than the U.S. rate, according to data from the Bureau of Labor Statistics. Job growth stood at 1.7% in September, 30 basis points ahead of the U.S. figure. NYC gained 106,700 net jobs in the 12 months ending in September, despite five sectors losing a total of 40,200 jobs. Bolstered by a $164 million federal grant on top of an initial $95 million investment, the Brooklyn Marine Terminal is set for a major upgrade. Another project reshaping the waterfront is Empire Wind 1. Equinor started construction on the first phase of the offshore wind project in June.<\/p>\n<p><iframe id=\"datawrapper-chart-pkTzg\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Brooklyn Employment Share by Sector \" src=\"https:\/\/datawrapper.dwcdn.net\/pkTzg\/1\/\" height=\"433\" 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 developers completed 3,935 units in the first 11 months of the year. The development pipeline included 28,007 units under construction and 32,000 units in the planning and permitting stages. Transactions totaled $709 million, already outpacing 2023\u2019s total volume of $199 million.<\/p>\n<p>Read the full Yardi Matrix Brooklyn Multifamily Market Report: <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/6779-MatrixMultifamilyBrooklynReport-January2025\" rel=\"\"><strong>January 2025<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Short-Term Rent Growth Negative, Supply Strong Brooklyn\u2019s average advertised asking rents were down 0.2% on a trailing three-month basis through November\u2014to $3,560\u2014in line with U.S. trends, as per the latest Brooklyn multifamily market report. The rate was positive for much of 2024, but turned negative in October, mirroring nationwide trends. Overall occupancy for stabilized assets [&hellip;]<\/p>\n","protected":false},"author":436,"featured_media":8313,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[447,513],"class_list":["post-8927","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-2025"],"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 2025 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Brooklyn\u2019s average advertised asking rents were down 0.2 percent on a T3 basis through November, mirroring the national shift.\" \/>\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-january-2025\/\" \/>\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 January 2025\" \/>\n<meta property=\"og:description\" content=\"Brooklyn\u2019s average advertised asking rents were down 0.2 percent on a T3 basis through November, mirroring the national shift.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/brooklyn-multifamily-market-report-january-2025\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2025-01-30T06:26:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-06-24T06:33:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/09\/Brooklyn_iStock-2186927857-feature.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\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=\"Agota Felhazi\" \/>\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 January 2025 - 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