Brooklyn Rental Market

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Juking the stats: Brooklyn s developers aim sky-high, but concessions tell the real story Developers want to maintain their listing prices, and th爱上海

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en futz with the numbers behind the scenes

(Credit from front: BagoGames/Flickr, Max Pixel)

Concessions are Brooklyn s worst-kept secret apparently.

In order to fill high-end luxury rental units about 48 percent of developers as of February are cutting deals with tenants to stave off the competition to the point where tenants receive free ren上海贵族宝贝论坛

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t for an average of 1.4 months, according to the New York Times. The number of concessions offered at the same time last year was around 16 percent.

A report prepared by Douglas Elliman appraiser Jonathan Miller found that concessions were most common as in offered 80 percent of the time in Brooklyn s most expensive neighborhoods: D上海千花网龙凤论坛

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umbo, Downtown and Fort Greene.

“Developers want to maintain their listing prices, and then futz with the numbers behind the scenes,” CORE broker Paul Johansen told the Times. “A couple years ago, there were no concessions whatsoever.”

But developers aren t wringing their hands in despair; they re too busy building with more than 6,000 new units are slated to hit the market this year with close to 10,000 in t爱上海同城

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he pipeline for 2019.

Real estate consultant Nancy Packes notes demand, population growth and the job market is strong; sh爱上海同城对对碰

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e expects the oversupply of units and their plush concessions to disappear by next year or 2020. She says those fixated on the deals tenants can currently get in BK are missing the point.

“They’re looking at the trees, not the forest,” Packes told the Times.

Rentals make up 75 percent of Brooklyn s residential market. [NYT] Erin Hudson

Tags: apartment listings, Brooklyn Rental Market, NYC apartments, Residential Real Estate
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