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Rental Prices in North Brooklyn Surge, Follows Cuomo’s Decision to Scrap L-Train Shut Down Plan

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Nov. 26, 2019 By Kristen Torres

Brooklyn rental prices jumped more than in any other borough over the past year, with rental prices in northern Brooklyn seeing the largest spike of all, according to a new report.

The report, released Monday by StreetEasy, revealed the borough saw rents rise at its fastest pace since 2015, with the largest increases being in Williamsburg, Bushwick and Greenpoint.

The median rental price for a one-bedroom apartment in northern Brooklyn during October 2019 was $3,200, up 19 percent for the same month a year ago.

The report notes that Gov. Andrew Cuomo’s decision to scrap the closing of the L train for 15 months to repair the Canarsie Tunnel played a role in the price jump. Many people last year decided not to renew their lease in anticipation of the shut down that was expected to begin in April 2019.

Many people are now flocking back, according to the report. The report did not mention the luxury apartments that have opened on the waterfront.

Meanwhile, average rents for the entire borough jumped 4.3 percent, to $2,720 in October, compared to the same month in 2018. This increase was greater than the other boroughs.

The number of rent reductions offered by landlords across the borough also dropped, according to the report. Just 17 percent of rentals units offered came with price cuts— down from 20.1 percent last year– the lowest number of the boroughs.

The StreetEasy report comes just weeks after Brooklyn was named the least affordable county in the nation for renters, according to the research group AdvisorSmith.

AdvisorSmith’s list revealed Brooklyn residents spend about 40 percent of their income on rent alone.

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