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Brooklyn Apartment Market Surges

BROOKLYN, NY-Mirroring many parts of the country, the renters market has rebounded this year as the residential and condo markets continue to cool.

By Katie Hinderer | Updated on November 26, 2006

BROOKLYN, NY-Apartments are in high demand here thanks to low unemployment numbers, a limited number of affordable houses on the market, according to a recent Marcus & Millichap. Even with these factors though the vacancy rates are rising due to the number of new apartments complexes coming online.

According to the report, Brooklyn’s employment numbers will increase 1.2% with the additional 5,900 jobs that entered the market this year. The increased employment will bring vacancy to 3.7% by year-end.

To meet the shrinking supply and increased demand, developers will have created 4,500 units in the area by the end of December. This year’s number is almost 2,000 units more than 2005 when developers brought 2,600 units to the market.

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