Brooklyn is better known as the trendiest place in America. This place doesn't have enough homes, and the ones that are on the market are way too expensive. So it's surprising to read in the New York Times that there is an imminent oversupply of housing units. There are signs in the area that read "of the white-hot Brooklyn rental market'' cooling down. "As a torrent of new inventory washes across the borough, a handful of REITs, analysts and developers are sounding warnings about a possible supply glut that could play out over the next couple of years," the Times said.
"Developers are pegging thousands of rentals to the luxury market, intensifying competition for the same pool of moneyed millennials, hip techies and so-called broken-hip-sters, empty nesters and baby boomers flocking to the urban core," it said.
Realtor said when will the oversupply of apartments in Brooklyn trickle down to the lower echelons of the market? Even the pioneers who brought affordable housing in the borough don't see it coming anytime soon.
"Normally, I'd say the market is getting too saturated," Brooklyn Borough President Eric Adams told the Times. "But the normal equation doesn't apply. ... The big-bang theory says the universe exploded from the center and continues expanding. The same can be said of Brooklyn."
Naked Apartments reported that Brooklyn has loads of commuters going to work daily. More than half of the total residents living in Brooklyn commute to go to work. Fortunately, there is a good way for commuters to travel from Brooklyn to Manhattan and other work centers by way of the New York transit system. With the daily commute of Brooklyn residents, there are still many people seeking apartment in Brooklyn which gives reason why prices of apartment don't go down.
If searching for an apartment in Brooklyn, check the availability of apartments and choose the best place people wish to live - but remember that some neighborhoods are pricey because of its popularity.