And we’re (almost) back!
Signed leases rise across Brooklyn, while rents edge closer to pre-COVID levels
BY CRAIG HUBERT
The rental market in
Brooklyn continues to climb
toward — but not yet reaching
— pre-pandemic levels.
Listing inventory and new
leases continue to grow at a
rapid pace, while rental prices,
while still down from the same
time last year, are slowly ascending,
according to a July
rental report prepared by appraiser
Jonathan Miller of
Miller Samuel and published
by Douglas Elliman Thursday
morning.
According to Miller, the
rental market in Brooklyn
could see a return to normal
by the start of next year.
“New leasing activity remained
unusually elevated
and has been driving rental
prices higher,” Miller told
Brownstoner in an email.
“However, prices have not
reached pre-COVID levels, but
the gap continues to close and
with billions in federal stimulus
fl owing through the regional
YOU ALWAYS
KEEP THEM SAFE.
WITH VACCINES,
THEY’LL BE
EVEN SAFER.
CHILDREN AGES 12-17 CAN NOW BE VACCINATED AGAINST COVID-19.
Get your child vaccinated for a safe return to school. Children who have been
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COURIER L 20 IFE, AUGUST 20-26, 2021
economy and growing
vaccine adoption. Depending
on the impact of the Delta variant,
the market may experience
parity with rental prices
before the pandemic by 2022.”
One thing is for certain: the
low rents that became such a
topic of conversation during
the pandemic are quickly disappearing.
In July, the average
rental price in Brooklyn
was $3,324, a decline of just
2.2 percent, or $74, from the
average rental price of $3,398
in July 2020. The average rent
per square foot was $47.42 in
July, a growth of 2.8 percent
from $46.12 the year prior.
New leases keep hitting
higher peaks, with 1,870
signed in July, a 40.3 percent
increase from the same
period a year prior. Listing
inventory also saw a massive
increase of 237.8 percent
since July of 2020, from
3,639 to 12,293. It’s the first
annual rise in listing inventory
since January of 2021,
Listing inventory and new leases continue to grow at a rapid pace in Brooklyn. Pexels/Brandon Nickerson
according to the report.
Interestingly, between
June and July, there was a
37.5 percent decline in studio
apartment new leases and a
16.2 percent decrease in new
leases for one-bedroom apartments.
New leases for twobedroom
apartments, meanwhile,
shot up 5.7 percent,
while new leases for threebedroom
apartments rose
9.9 percent during the same
period, perhaps signaling
a clamor for more space as
back-to-offi ce plans are stymied
by the long tail of the
pandemic.
LET’S KEEP OUR CHILDREN SAFE AND OUR SCHOOLS COVID-FREE.
For more information about COVID-19 vaccines
and where to get one, visit nyc.gov/covidvaccine.
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