Williamsburg Rents Plunge As Locals Flee L Train Shutdown: Study

WILLIAMSBURG, BROOKLYN — Rents are plummeting in Williamsburg as residents flee the impending L train shutdown, a new study found.

Williamsburg landlords are listing apartments near the L train — slated to stop running between Brooklyn and Manhattan in April — at lower prices as the number of vacant units rises, according to real estate analysts at StreetEasy.com.

North Brooklyn rents dropped to 2015 levels and almost half of the Williamsburg apartments listed on StreetEasy are renting at lower prices than they did in 2015, at an average of $250 less, according to the report.

More than a quarter of Williamsburg rentals come with discounts on the monthly rent and almost 20 percent include a month or more of free rent, analysts wrote.

“These figures are only likely to increase as inventory grows and the L shutdown moves closer,” they said, “as renters begin to flee the neighborhood.”

This drop was good news for New Yorkers who don’t mind a longer commute, the report concluded.

“Landlords are aggressively slashing rents and offering generous incentives to lure tenants,” analysts wrote.

“Renters who can cope with at least 15 months of inconvenient travel to Manhattan will likely find good deals in Williamsburg.”

For more information about how the L train is affecting rent prices, check out the full report at StreetEasy.com.

Photo by Kathleen Culliton