With less than six months left until transit doomsday, AKA the L train shutdown, markets are beginning to respond to the likely behaviors of renters. People who commute from Brooklyn into Manhattan for work (which is, judging by the state of an L train on a weekday morning, most of North Brooklyn,) will be facing a possible nightmare commute. The city has plans for increased buses, shuttles, and ferry routes, but it’s unclear to residents if that will be enough to facilitate a normal commute. So as renters attempt to move South to avoid the effects of the shutdown, landlords in Williamsburg are responding by lowering rents.
Landlords are betting that rent cuts will be enough to keep North Brooklyn dwellers from making the trek south. Will it work? Who’s to say. There’s an average reduction (thus far) of $250. Would that be enough to satisfy you with a questionable commute? The largest discount reported so far is at 44 Berry St., with a $448 decrease.
There’s a 25% increase in available apartments, notable for one of Brooklyn’s busiest neighborhoods. Newer buildings are also offering concessions in addition to discounts. If you already live in the area, you can also consider negotiating with your current landlord—they might be willing to make offers to get you to stay.
Those who don’t commute into Manhattan, whether working from home or in North Brooklyn itself, could find quite the deal with the advent of the shutdown.