Matrix Multifamily Brooklyn Report-August 2022 August 30, 2022

Brooklyn Bounces Back

After a deep trough and a relatively speedy recovery, Brooklyn’s back. Rents are up 11.2 percent year-over-year, mainly fueled by upscale communities, bringing the average rate $200 above the figure recorded in 2020, prior to the pandemic. With strong demand fueling these rate increases, occupancy improved even as completions accelerated in the New York City borough.