If you’re dreaming of moving to Williamsburg, now is the time.

According to a February 2018 StreetEasy Market Report, rents in North Brooklyn — which includes neighborhoods such as Williamsburg and Greenpoint — dropped for the seventh consecutive month, to $3,027, ahead of the doomed L train shutdown. February 2018 rents were 0.6 percent lower than last year.

“Now that we’re in the period where new leases will overlap with the shutdown in April 2019, we’re seeing landlords get more liberal with discounts to make sure they attract tenants — and maybe even incentivize them to stay for longer than a year,” said StreetEasy Senior Economist, Grant Long in a statement.

While rents in North Brooklyn have seen a substantial decrease, home sale prices have risen 3.3 percent to just a little over $1.1 million. The homes in that region have also taken the longest to sell than those in any other Brooklyn submarket in February. The amount of time North Brooklyn homes spent on the market grew 34 days since last year, to a median of 108 days.
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Rent approximates for Manhattan and Brooklyn remained relatively flat since this time last year, at $3,129 and $2,537, respectively. In Queens, the StreetEasy Rent Index continued to fall, dropping 1.9 percent year-over-year to $2,064, meaning that rents dipped by an average of $41 per month. The share of rental units offering a discount increased 4.3 percent in Queens, 1.3 percent in Brooklyn, and 1.4 percent in Manhattan.

“Renters should consider the reality of limited transportation to these areas, but there are bargains to be had if that’s a trade-off they’re willing to make,” said Long.