After several years of rapid rent growth, multifamily rents in the downtown Brooklyn submarket and the Williamsburg submarket have fallen over the past 12 months. Both submarkets have been targeted by developers in recent years, and even with thousands of new units opening, the vacancy rate in these submarkets was close to historic lows at the start of 2020.
Average Apartment Rents in Williamsburg Overtake Downtown Brooklyn
Another Effect of the Pandemic: Williamsburg Now Most Expensive New York Submarket Outside Manhattan
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