"New developments have been capturing a larger share of rentals across the city amid low vacancy rates in existing rental buildings,"
"Recent developments have been concentrated in the Brooklyn waterfront and Queens. As new developments continue to grow their market share, property managers have been offering their units at more competitive prices."
"It's being driven by several converging factors including new supply, softening demand at very high price points, lifestyle shifts and broader macroeconomic pressures including cost of living and interest rates,"
Dumbo's median asking rent declined 8.2% year-over-year as of August 2025, one of the steepest drops among high-inventory neighborhoods. Rental listings increased about 3% from the previous August, and 90% of rentals were located in buildings constructed since 2010, signaling heavy new-construction presence. Landlords offered concessions broadly, with 57% of listings including at least one month of free rent. New developments have captured a larger share of rentals amid low vacancy in older buildings, concentrated on the Brooklyn waterfront and in Queens. Additional factors include softening demand at top price points, lifestyle shifts, and macroeconomic pressures such as cost of living and interest rates.
Read at New York Post
Unable to calculate read time
Collection
[
|
...
]