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Rents Slide in L Train Neighborhoods Even as Shutdown Averted
The dreaded L train shutdown between Brooklyn and Manhattan didn’t happen. But neither did the expected rebound in apartment rents for areas that would have been affected most by the 18-month suspension of service.
An analysis by StreetEasy found that asking rents in North Brooklyn—including Williamsburg and Greenpoint—actually declined 0.5% year over year in the first quarter, during which the planned shutdown became a slowdown instead.
“As the L train slowdown officially begins — and as rents continue to rise across New York City — more than half of the apartments in areas served by the L are reappearing on the market at lower rents, as landlords try to fill a large number of vacant units,” according to StreetEasy.
However, competition for renters is also leading some Manhattan landlords to lower prices, StreetEasy says. In Midtown, for example, 55% of units listed in Q1 were priced lower than previous years.
Pictured: Greenpoint waterfront in Brooklyn
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