Brooklyn is now officially the fastest growing apartment submarket in the country, according to Forbes. Last year, 969 new apartment units came to market. And this year Brooklyn will gain an unfathomable 6,073 apartments.
And demand is high! 97.4% of Brooklyn apartment units are rented and occupied.
What does that mean for you, dear Williamsburg resident? In terms of inventory, Williamsburg made up 21% of the new units in 2015, the most amongst Brooklyn neighborhoods. And Williamsburg also saw the greatest increase in average rents, rising 10.5%: $3,167 up to $3,499. Great. So we’ll get a majority of the units, which will also be the most expensive.
This large increase is mostly attributed to the 509 rental unit building at 1 N.4th Place that you’ve undoubtedly seen advertised in your social feeds.
In a sentence: in 2016 Williamsburg will get thousands of new apartments, the most expensive apartments in Brooklyn.
Hell, 2017 is already slated for 2,001 new apartments.
And the Whole Foods opens next month.