Brooklyn Multifamily Report – January 2025
Following two years of outsized growth, the borough is now closer to national trends.
Brooklyn’s average advertised asking rent was down 0.2 percent on a trailing three-month basis through November—to $3,560—in line with U.S. trends. The rate was positive for much of 2024, but turned negative in October, mirroring nationwide trends. Overall occupancy for stabilized assets in Brooklyn was down 30 basis points year-over-year, to 98.6 percent in October, well above the 94.8 percent national rate.
New York City’s unemployment rate was 4.3 percent as of September, 20 basis points higher than the U.S. rate, according to data from the Bureau of Labor Statistics. Job growth stood at 1.7 percent in September, 30 basis points ahead of the U.S. figure. NYC gained 106,700 net jobs in the 12 months ending in September, despite five sectors losing a total of 40,200 jobs. Bolstered by a $164 million federal grant on top of an initial $95 million investment, the Brooklyn Marine Terminal is set for a major upgrade. Another project reshaping the waterfront is Empire Wind 1. Equinor started construction on the first phase of the offshore wind project in June.
Brooklyn developers completed 3,935 units in the first 11 months of 2024. The development pipeline included 28,007 units under construction and 32,000 units in the planning and permitting stages. Transactions totaled $709 million, already outpacing 2023’s total volume of $199 million.
