Rents Fall in North Brooklyn

Apartments rents grew slowly in most of New York City in the third quarter.

But North Brooklyn — the submarket that includes Williamsburg and Greenpoint – was the only submarket where rental prices fell in the third quarter, dropping 0.5% since last year to $3,067. The neighborhood also had the most listing discounts, and was the only submarket where the share of discounts rose: 31% of rental listings saw a price cut during the quarter, up 2 percent since Q3 2016, according to StreetEasy.

Overall, Brooklyn rents grew at their slowest pace on record. Median rents rose 0.6% to $2,460, marking the slowest growth rate since 2011. At this time last year, rents grew nearly three times faster (1.6%).

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