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Brooklyn Apartment Rents Fell in July for the First Time in 2016

  • Median of $2,826 a month is down 0.8% from a year earlier
  • Building boom gives renters more choices, negotiating power

An apartment-construction boom in Brooklyn is putting a cap on rents in the New York borough as a surge of new units erodes landlords’ pricing power.

The median monthly rent declined last month for the first time this year, dropping 0.8 percent from last July to $2,826, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. The number of apartment listings jumped 30 percent to 2,424, the most units available for any month in records dating back to November 2008.