NEW YORK CITY-Investors who fear that rents in the ultra-hip and trendy Williamsburg, Brooklyn have topped out will be pleasantly surprised by this one. A new report from the Marketing Directors future rental and sale trends in the area indicates that prices are on the rise and new condominium developments can achieve over $ 1,100-per-square-foot, provided they are efficiently sized and have quality finishes, a comprehensive amenity program and proper promotional support.
"Renters are definitely willing to pay more for the right type of apartment,” says Jackie Urgo, president of the Marketing Directors. "Inventory will remain scarce and the neighborhood will continue to be a desirable place to live with its easy accessibility to Manhattan and trendy restaurants and boutiques.”
According to the report, while rental prices remained steady this past year, prices will increase significantly for studio/lofts. Meanwhile, two-bedroom homes will experience a strong rebound too. And with only 16 active listings available in newer rental developments, potential tenants are paying a premium for larger one-bedroom and two-bedroom apartments along the Williamsburg waterfront, the research states.
In addition to rental properties, the report examines the sales market. In the last six months of 2012 the average resale price was $631,132 and the average sold price was $990,923. The analysis also shows that the pricing trend for new developments will dramatically increase due to lack of inventory and an unprecedented demand for condominium housing.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
