Demand for Williamsburg rentals dips ahead of L train shutdown

Williamsburg is the only New York neighborhood that saw a decrease in rental demand over the past year

After what feels like years of discussion, the shutdown of the L train for repairs to the Canarsie Tunnel on April 27 is now just five months away. With the major inconvenience just on the horizon, it's little surprise that new numbers from StreetEasy show that the availability of Williamsburg rentals on the market is near an all-time high.

The StreetEasy study, based on market and user data, found that the demand for Williamsburg rentals is down one percent since October of last year—and while that doesn't sound like much, the severity of that statistic is put into perspective when noting that Williamsburg is the only neighborhood in all of New York City that experienced a decline in rental demand since last year.

With the vacancies, landlords are increasingly willing to compromise with new renters. The total share of rent cuts—StreetEasy notes it's preferable for landlords to secure tenants for a year even if it means giving them one of two months off rent—rose above 30 percent in October and is nearing an all-time high after briefly dipping in the summer months. The share of rent cuts was only ever over 30 percent in the winter of 2017.

In neighboring Greenpoint and Bushwick, rental demand has grown one and two percent over the last year, respectively, owing in part to alternative subway lines that run through the neighborhoods. That said, New Yorkers who are expecting to rely on the G to get where they're going have an array of choice in Williamsburg: There were 72 percent more rentals on the market as of the end of this October than October 2017.

Even with the increasing availability, the median price of rentals in Williamsburg remains the same at $3,000. However median rents have risen in the surrounding neighborhoods. So in short: For New Yorkers who don't plan on taking the L but want to live in North Brooklyn, it's time to sign a lease in Williamsburg. With a bounty of choice and bargaining power on their side, they could end up with some pretty sweet, though briefly inconvenient, digs.

• Williamsburg rent prices keep dropping ahead of L train shutdown [Curbed]
• How New Yorkers will get around during the L train shutdown [Curbed]
• The L train shutdown will begin on April 27 [Curbed]
• All L train shutdown coverage [Curbed]