Here's How Much Less Park Slope Apartments Cost In 2021

PARK SLOPE, BROOKLYN — Tenants who moved to Park Slope last month likely paid hundreds of dollars less than they would have in January 2020, but it might not stay that way for long, a new study shows.

A study from MNS on apartment prices in January 2021 shows that while overall prices for Park Slope apartments still decreased in the first month of the year, some types of apartment prices are going up in the neighborhood. Overall prices decreased by 0.16 percent in the neighborhood, according to the study.

But even with the smaller dip, Park Slope's prices are still a far cry away from where they were last year. Prices in Brooklyn, like most of the city, dropped significantly in 2020.

"Compared to this time last year, rental prices are down across-the-board with studio, one-bedroom, and two-bedroom prices being down by 16.02%, 15.31%, and 15.53%, respectively," the researchers wrote. "Overall, average rental pricing in Brooklyn is down 15.59% from this time last year."

In Park Slope, an average studio in January 2020 would have cost $2,096 per month, while a one-bedroom would go for $2,759 and a two-bedroom for $3,698.

January 2021 prices were still hundreds of dollars less, with studios averaging at $1,901, one-bedrooms at $2,459 and two-bedrooms at $2,951, the study shows.

The overall drop in prices in Park Slope in January 2021 was driven by a 2.5 percent drop in average two-bedroom prices. Prices for studio and one-bedroom apartments went up by 1.2 and 1.7 percent, respectively.

Only four neighborhoods saw overall prices go up in January 2021 — Bed-Stuy, Borough Park/Sunset Park, Clinton Hill and Crown Heights. Borough Park/Sunset Park had the biggest increase with a 2.4 percent price spike.

The biggest price drop was in Brooklyn's most expensive neighborhood, Dumbo, where studios deceased by more than 13 percent.

See the full Brooklyn study here.