Here's How Much Less Crown Heights Apartments Cost In 2021

BROOKLYN, NY — Tenants who moved to Crown Heights 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 show that Crown Heights was one of the only Brooklyn neighborhoods where overall average rent prices increased in the first month of the year. Overall prices increased by 0.5 percent in the neighborhood, according to the study.

But even with the small spike, Crown Heights' 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 Crown Heights, an average studio in January 2020 would have cost $1,963 per month, while a one-bedroom would go for $2,287 and a two-bedroom for $2,612.

January 2021 prices were still hundreds of dollars less, with studios averaging at $1,744, one-bedrooms at $1,993 and two-bedrooms at $2,358, the study shows.

The other neighborhoods that saw prices go up in January 2021 were 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.