The G Train's Impact On The Brooklyn Rental Scene

The rental market keeps blooming throughout Brooklyn and so does the number of subway riders. In Williamsburg for instance, the number of commuters has gone up almost 45% at the Lorimer/Metropolitan station. Hence the need to improve transportations with the G train probably being the next target. 

A report published on Monday July 15th by the Metropolitan Transportation Authority released a series of ideas to alleviate the riders’ experience. Among the most needed changes, MTA’s analysts advocated a 25% increase in service along the G train that runs from Queens to Brooklyn between 3pm and 9pm as well as better streamlined timetable. Money is once again the main issue and improvements will be made only if the 2014 budget plan finds room for those projects. 

Meanwhile it is worth noticing that rentals in many of the neighborhoods served by the G train keep increasing at a sustained pace, even sometimes outshining Manhattan’s market. Williamsburg has become pricier than the Upper East Side and in Dumbo the average rent for a studio has skyrocketed by 9.43%, meaning an additional $250 in only one month. Being located on the waterfront obviously helps this neighborhood, but another asset of downtown Brooklyn might also be its workforce, composed by 20% of people in the arts industry, making these hoods real threats to hipster Williamsburg. 

Courtesy of Guillaume Gaudet

At the Brooklyn Real Estate Summit, held on July 11th, downtown Brooklyn is expected to become even more attractive - also hinting at even more expensive - thanks to the many  developments announced for arts and entertainments such as the long-awaited Fulton Mall. Panelists were very enthusiastic about the future, and attendance at the Summit surpassed all expectations. According to Carlo A. Scissura, president and CEO of the Brooklyn Chamber of Commerce, real estate is “hot” and apparently “one of Brooklyn’s biggest economic development engines.” Developers are starting to see a rising demand on the part of what they call “knowledge workers” with the access to more culture, a new Whole Foods that is going to open, and more essentially a more serene environment.

Connecting the main upcoming neighborhood and running along the G train, Bedford Avenue is acknowledged as one of the most desirable streets in Brooklyn - especially among the upcoming Greenpoint where hipsters and strollers mingle in harmony. Here, the average rate for a 2 bedroom apartment is $3,064, along the same lines than the family-friendly Park Slope with $3,145 but still affordable compared to the pricey Dumbo with $5,794. The easy commute to Manhattan with the L train makes Greenpoint all the more loveable as well as its fad organic shops and restaurants. 

The future projects of the Metropolitan Transportation Authority are to watch closely as they will be of tremendous help to keep real estate’s prices increasing and to keep constructions flourishing. If you feel like an entrepreneur spirit, now might be the time to open a new business, whether it is the new trendy shop or a real company, Brooklynites will need you!