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.
Sales are expected to also rise. Marcus & Millichap expects to see a 5% increase this year to $132,500 per unit. Asking rents for the year are expected to rise by 6.3% to $1,241 per month by December, compared to last year's numbers.
The strengthening of the Brooklyn apartment market mirrors what is going on in much of the country, and certainly in Manhattan. As reported by GlobeSt.com, last month Marcus & Millichap released a report predicting the rise of the city's apartment market. Factors such as increased employment, the fading condo market and the less desirable housing market are all key factors in the rise of the apartment industry.
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