The impending L train apocalypse has rents in Williamsburg plunging
- Rents in Williamsburg continue to drop as residents move out ahead of the L train shutdown, according to StreetEasy.
- The portion of the subway line that connects Brooklyn to Manhattan will be closed for 15 months beginning in April 2019 to repair damage caused by Hurricane Sandy.
- Landlords are offering more discounts to people who will soon renew their leases.
New Yorkers looking for a bargain on rent and willing to endure a longer commute may be able to find a sweet spot in Williamsburg.
It's one of the city's trendiest neighborhoods, but residents are fleeing before a portion of the L train is shut down for 15 months beginning in April 2019, according to the real estate-listings site StreetEasy.
To entice anyone who's willing to move in as others relocate, landlords are slashing rents. In June, the monthly costs of 48%, or nearly half of all Williamsburg apartments listed on StreetEasy were lower compared to two years earlier, the website said in a report released on Thursday.
The average reduction was $250, but rents dropped by as much as $400 in some buildings. StreetEasy found that over the last two years, the luxury building Leonard Pointe had the most number of units relisted on its platform at a discount. And, rents at 44 Berry Street dropped by $448 on average, the most in the neighborhood.
"These figures are only likely to increase as inventory grows and the L shutdown moves closer," Nancy Wu, a data analyst at StreetEasy, said.
New York's Metropolitan Transportation Authority is shutting down the section of the L train that connects Manhattan and Brooklyn to repair damage caused by Hurricane Sandy in 2012. It plans to increase service on alternatives to the L train including the G, J, M, Z, and 7 lines. But as recently as Tuesday, those lines - like many in the city - were jam-packed during the morning rush hour commute, previewing what may be in store when the L train shuts down, Gothamist reported.
Williamsburg residents who plan to stay and will soon be renewing their leases have a good bargaining chip in the subway disruptions. Some buildings are already extending the number of months of free rent to three from one or two, Wu said.
"While lower rents are attracting renters to live in (or stay in) Williamsburg, landlords have to compete with each other in a market that has 25% more inventory than it did last year," Wu said. "In June 2018, almost a third of listed apartments across Williamsburg received a price cut, the highest rate of any Brooklyn neighborhood."
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