Rents are finally getting a tad cheaper in Williamsburg. With the L shutdown beginning in April of 2019, renters are paying (on average) $250 less than they did in 2016. Streeteasy has more:
rents in the North Brooklyn submarket have declined to 2015 levels, and there are new signals that the market in Williamsburg in particular is trending downward.
Almost half, or 48 percent, of apartments in Williamsburg that were previously listed on StreetEasy are now renting for lower prices than two years ago, with an average reduction of $250. Before the shutdown announcement, fewer than one quarter of Williamsburg apartments were listed at a lower price than when they previously came on the market.
All this means that renters who can cope with at least 15 months of inconvenient travel to Manhattan will likely find good deals in Williamsburg. Landlords are aggressively slashing rents and offering generous incentives to lure tenants: 27 percent of Williamsburg rentals are now offering a discount from the monthly asking rent, and 18 percent are offering concessions in the form of a month or more of free rent…Since the announcement of the L shutdown in June 2016, the share of apartments that relisted at a lower rent in Williamsburg rose from 22 percent to 48 percent. In June 2018, almost 500 units relisted on StreetEasy, with almost half of them renting at a lower price.
Of the apartments that have relisted at a lower rent, three fourths (76 percent) dropped by at least $100, and half (48 percent) by at least $200, with an average drop of $250.