‘It will take time to rebound’
Brooklyn rents became cheapest in a decade in early 2021: report
BY KEVIN DUGGAN
Brooklyn rents were
cheaper than they’ve been
in a decade, according to a
recent analysis of the fi rst
three months of 2021 by the
real estate site StreetEasy.
During the year’s fi rst
quarter, median asking rent
in the borough was $2,390,
the lowest it’s been since
2011, according to the April
23 report.
Prices dropped 10 percent
compared to the same period
in 2020 — the largest annual
decline ever recorded in the
borough — and more than
one-in-four rental units were
offering at least one month
free rent, a jump up from 15.2
percent of listings offering a
deal like that last year.
The real estate gurus attribute
this to the wealth of
available apartments as many
units remain unoccupied after
city-dwellers left Gotham
during the pandemic.
The number of available
rentals citywide during the
fi rst quarter of 2021 was still
more than double what it was
during that time last year.
Brooklynites looking for
a good deal needn’t rush, according
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COURIER L 6 IFE, APR. 30-MAY 6, 2021
to an economist for
the site, who said the market
will likely take some time to
come back to pre-pandemic
levels.
“It will take time for
prices to rebound. But the
rentals market does react
to economic activity much
more quickly than the sales
market,” said Nancy Wu. “As
the city continues to recover,
competition will slowly start
to pick up.”
Meanwhile, Brooklyn’s
sales market has been on
the up during the fi rst three
months of the year, according
to a separate report published
by the real estate fi rm
Douglas Elliman, which
showed home sales and prices
rising in the borough during
that time.
The borough set a new
record average sale price of
$1,114,193 during the fi rst
quarter, an almost 10 percent
increase from the same time
last year, according to that
report.
Kings County also experienced
the highest number of
fi rst-quarter transactions in
14 years in 2021, with 2,822
sales, an almost 12 percent
bump from the same time
last year.
Condos in particular sold
well with a 34 percent increase
of units hawked compared
to the same time last
year, while co-op sales increased
by 16 percent. One- to
three-family home sales declined
slightly by 2.2 percent
from the beginning of 2020.
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