The L train shutdown is now less than a year away and rent prices within the neighborhoods that will be impacted the most are starting to take a heavy hit. A new report from StreetEasy has found the rent prices in Williamsburg have declined to 2015 levels and that 48 percent of apartments in the neighborhood that were previously listed on StreetEasy are now renting for lower prices than two years ago, with an average reduction of $250.
Additionally, inventory is up 25 percent since last year. More and more people are leaving the neighborhood ahead of the 15-month shutdown and landlords with properties near L train stations are being forced to list their apartments for lower prices, says the report. Around 27 percent of rentals in Williamsburg are now offering a discount on the monthly rent and about 18 percent are offering concessions for at least one month of free rent. This will likely increase as we draw closer to the shutdown and inventory continues to increase.
Despite all of this, rents are by no means cheap in North Brooklyn and still hover around an average of $3,000 a month. However, the rental building with the most unit turnover on StreetEasy at a lower rent in the last two years, with average rent drop of $170 was 395 Leonard Street, while 44 Berry Street has seen the most savings for renters, with an average price drop of $448 per unit. So if you’re looking for savings, perhaps start there.
Read the report in its entirety here.