Here's Where Brooklyn Rents Are Dropping, Rising: Report

BROOKLYN, NY — Rents in Brooklyn that had stayed relatively steady as the coronavirus crisis plummeted prices in Manhattan and Queens have finally started to drop, but not in all neighborhoods, according to a report by Curbed.

Prices in many Brooklyn neighborhoods — including Sunset Park, Red Hook and even high-end Brooklyn Heights — dropped as much as 24 percent in July when compared to last year, the study found.

The diving prices are, as they were in Manhattan and Queens, largely caused by who are leaving the city as they become unemployed or work remotely. And the trend will likely continue, according to the report.

"Broken out by number of bedrooms, median rents continue to reflect job losses at the bottom of the income spectrum — or younger people who can more easily pick up and leave town," Curbed wrote.

"While the city has been able to resume some of its normal economic activity, the long tail of the pandemic’s economic impact will probably linger as the rest of the country grapples with elevated COVID-19 case numbers."

The downward prices come as the number of vacant apartments soar in the borough. According to the appraisal firm Miller Samuel, listing inventory in July was up a 84.2 percent year-over-year, while the number of new leases was down 24.2 percent, the report found.

But not all neighborhoods are the same.

The price-dive was far narrower in neighborhoods with higher-end incomes, like Cobble Hill, Boerum Hill, Greenpoint, and Williamsburg.

Rent prices even increased in some gentrified or gentrifying spots like Clinton Hill, Carroll Gardens, Crown Heights, Park Slope and Bushwick, the study found, though they noted neighborhood-level data tends to be more volatile because of the smaller sample sizes

"...The actual number is less important than the trend line," the report said.

Here's the price trends for the neighborhoods, according to Curbed:

• Clinton Hill: +34.9 percent
• Bay Ridge: +31 percent
• Carroll Gardens: +12.4 percent
• Prospect-Lefferts Gardens: +11.8 percent
• Crown Heights: +7.8 percent
• Park Slope: +5 percent
• Bushwick: +4 percent
• Gowanus: +2.9 percent
• East New York: + 2.3 percent
• Downtown Brooklyn: +.1 percent
• Bed-Stuy: No Change
• Dumbo: -0.7 percent
• Cobble Hill: -2.8 percent
• Boerum Hill: -2.8 percent
• Greenpoint: -3.3 percent
• Fort Greene: -3.5 percent
• Williamsburg: -5.6 percent
• Brooklyn Heights: -11.8 percent
• Prospect Heights: -14.6 percent
• Flatbush: -15.4 percent
• Sunset Park: -20 percent
• Red Hook: -24.3 percent

Read their full report here.