Brooklyn Rents Begin Flattening After Pandemic Decline: Study

BROOKLYN, NY — After reaching record-lows earlier this year, rent prices in Brooklyn might be on their way out of a pandemic-induced free fall, a new study found.

The latest study from Streeteasy, released Wednesday, revealed that Brooklyn rent prices remained flat between March and April after reaching their lowest point in 10 years in the first quarter of 2021.

The median rent price for the borough stood at $2,400 in April, the same as it was in March.

The Brooklyn numbers come as overall citywide prices begin a glacial rise. After declining for 12 consecutive months, the citywide median rent rose in April to $2,499 — $4 higher than in March.

That signals that the city's deal-filled market, a haven for prospective renters, is on its way out. Still, prices are a far cry from where they stood in 2019, before the pandemic, when the median rent was $2,800.

The same is true in Brooklyn.

"In April 2019, the median was $2,595, so while rents have stopped falling for now, they are still far from a full recovery," the researchers wrote.

The April numbers also revealed that the borough's inventory is on its way down from pandemic peaks. There were 18,992 rental units available in Brooklyn in April, down 25 percent from August, when available inventory peaked during the pandemic.

"Similar to the rest of the city, the borough’s recovery will be a slow burn. Inventory is still 34% higher than it was in April 2019," the experts warned.

Find the full StreetEasy study here, including a breakdown by neighborhood.