Lower Williamsburg rents may sweeten effect of L-Train shutdown
If there is a silver lining to the looming 15-month shutdown of the L train between Brooklyn and Manhattan, it may be found in lower rents. The real estate site StreetEasy reports that some residents are moving out to avoid the effects of the shutdown, which is slated to begin in April.
However, says Business Insider, “To entice anyone willing to move in as others relocate, landlords are slashing rents. In June, the monthly costs of 48 percent of Williamsburg apartments relisted on StreetEasy were lower than their rents two years ago.” While the average reduction was $250, rents dropped by as much as $400 in several buildings. “These figures are only likely to increase as inventory grows and the L shutdown moves closer,” Nancy Wu, a data analyst at StreetEasy, said.