Around almost every corner in Brooklyn, a new development is rising to bring more apartments to the city’s most populous borough. So it should come as no surprise that Brooklyn is leading not only New York City, but the rest of the country in the construction of new apartments.
According to Forbes, Brooklyn is expected to gain 6,073 apartments in 2016, which is a nearly unfathomable gain on the 979 apartments that hit the market in the borough this year. And 2017 is already off to a running start, too: 2,001 new apartments are already anticipated. Here’s another mind-boggling number to top all of that off: as of October, the borough’s average rent, minus concessions, was a whopping $3,823.00.
All these new apartments are needed, since existing apartments were 97.4% occupied in October and the demand keeps growing. October’s average effective rent in Brooklyn was 4.8% higher than the October 2014 average. Rental revenue impact was 5.4% more than the year before.