It really is the borough of Kings.
The rentals at Magnolia Dumbo, a luxury building on Front Street that launched in early 2022, are reflective of this mighty market presence. Jarrod Whitaker, the senior vice president of operations for RXR — the building’s developer — said that in less than 11 months, all 320 residences are fully leased for between one to two years. “We were estimating rents to be $81 a square foot but ended up getting $91,” he said. “This speaks to the vitality of the market.
Blumstein said that she has seen many more pricey rentals of late in Brooklyn than she ever has before — and even at different price levels than the tippy-top of the market, these homes are still fetching higher sums of money. The top end of the market aside, prices for Brooklyn rentals overall appear to have reached peak levels.
“Rents are high because mortgage rates are high,” Miller said of today’s interest rate climate amid a battle against languishing inflation. “People that are priced out of the purchase market are going to the rental market, and that’s why it’s historically high.” Lee said that the neighborhoods with the most top-tier rentals are Downtown Brooklyn, Greenpoint and Williamsburg — and that, at 9,446 units, current rental inventory is 30% below the average inventory level in 2019. That number is down just 0.1% from last year.
Hideous decor and furnishings.