The majority of new rental inventory can be found in Brooklyn, according to a recent report from StreetEasy.
Those looking for new homes should look in Gowanus, Fort Greene, Boerum Hill, Downtown Brooklyn, Midwood, Prospect Heights and Flatbush, as each neighbohood added hundreds of new rental stock, according to StreetEasy’s July Market Report.
Citywide rental inventory rose at more than double the historical pace from June to July, but is down 7.7% year-over-year, thanks to the lack of supply in Manhattan, which saw its 16th consecutive month of inventory decline.
In July, there were 14,742 rental units on the market in Brooklyn, of which 14% were offering price cuts and about 17% offering a lease with a month free rent, according to the report. That said, the units are not affordable: the median asking rent was $3,800 in July, up 6.1% from the same period last year.
In the sales market, the median asking price rose 10.0% from a year ago to $1,099,000 in July, likely due to resilient buyer demand but limited inventory in Brooklyn.
The borough’s condo inventory jumped 13.5% to 1,448 units as condo resale activity accelerated across the city. Rising condo listings, along with new developments, have the potential to ease the competitive pressure and drive price growth in Brooklyn, the report said.
