May 15, 2023

Crain's reported in January that Mott Haven has seen substantial attention from local investors such as RXR and Brookfield , which plan to deliver thousands of apartment units in the coming years. For the StreetEasy report, the research team used the term “fees” to refer to broker fees. New developments are more often no-fee because they usually are run by property management firms that have their own in-house leasing teams that manage the marketing and leasing process rather than external brokers. StreetEasy said the percentage of apartment listings with no broker fees as of April in Jamaica, Queens, and in Flatbush, Ocean Hill, Bushwick , Clinton Hill and Stuyvesant Heights in Brooklyn range between 71% and 77%. Kings County, which according to StreetEasy has the most neighborhoods offering no-fee apartment listings, had 13,915 apartments under construction as of November, according to a separate report by Santa Barbara-based proptech firm YardiMatrix. Renters are more likely to pay broker fees during the summer months, the company said, but it is possible to find no-fee apartments throughout the year, especially in December and January, when close to 60% of all listings are advertised as having no fees. The report from the real estate firm comes one month after it found new listings for apartments in Brooklyn declined by 26% compared to 2019, hinting at increased competition among renters . StreetEasy expects the number of new listings to rise in all boroughs throughout the year. However, renters in Brooklyn can expect pricing to continue to rise as high demand and a short supply of new apartments will eat away at renters’ bargaining power.