6,000+ New Apartments set for Brooklyn in 2016


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.

Brooklyn’s apartment surge is just the largest part of a New York-area apartment boom in which 24,575 new units have been identified to come to market next year. The metropolitan division, which includes Jersey City and White Plains in addition to the city, is expected to receive the most new apartments in 2016, surpassing Houston and Dallas, which have traded the top spot since 2013. The New York City area as a whole is expecting nearly 25,000 new apartments in 2016.