Aug. 9, 2018 By Christian Murray
Rental prices are falling in Williamsburg as the L train shutdown looms.
A new research report by StreetEasy indicates that many residents are fleeing or electing to live elsewhere. The trend is becoming more apparent since the 15-month closure of the L train begins in April 2019 and all new leases overlap that period.
The number of apartments available for rent has shot up 25 percent compared to a year ago, with rental prices slipping back to 2015 levels. This trend is going to continue as the shutdown comes closer, according to the report.
Almost half of the apartments in Williamsburg buildings that were previously listed on StreetEasy are now renting for lower prices that two years ago, with an average reduction of $250.
The report noted that that landlords are aggressively slashing rents and offering incentives, which are only going to increase as April nears.
In June, nearly a third of listed apartments across Williamsburg received a price cut — more than any other Brooklyn neighborhood, according to the report.