Williamsburg Rents Soar to Record a Year After Cuomo’s L Train Reversal

(Bloomberg) -- Apartment rents in Brooklyn’s trendy Williamsburg have jumped to a record high since Governor Andrew Cuomo canceled a plan to shutter a major train line for repairs.

The median asking rent was $3,675 in November, making the neighborhood one of the most expensive in the borough, behind Dumbo and Brooklyn Heights, according to a report by StreetEasy. Leasing costs in Williamsburg soared about 27% from the previous November, when renters fled in fear of a commuting nightmare from the scheduled closing of the L train tunnel into Manhattan. Cuomo called off the shutdown last January, restoring demand in the popular area.

Williamsburg’s rent jump was much higher than the 4% increase for Brooklyn as a whole, StreetEasy said. The neighborhood is also drawing more interest from potential buyers: Searches on the listings website for either rentals or for-sale homes rose 32% in 2019.

To contact the reporter on this story: Nic Querolo in New York at jquerolo1@bloomberg.net

To contact the editors responsible for this story: Craig Giammona at cgiammona@bloomberg.net, Christine Maurus, Rob Urban

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