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Brooklyn Bounces BackAfter 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.
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.
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