Park Slope Rent Has Only Gone Up $21 In The Last Year: Study

PARK SLOPE, BROOKLYN — Renting an apartment in Brooklyn costs $400 more on average this year compared to last, except in Park Slope, where rent has only gone up about $20.

In January, the average rent in Park Slope was $3,331 — a one percent (or $21) increase from last January, when the figure stood at $3,310 according to the new market report by Corcoran, a real estate firm.

By contrast, rent has ticked up by about 14 percent on average in every other Brooklyn neighborhood, as the glut of apartments that entered the market during the pandemic dried up (to almost pre-pandemic levels) amid a surge in demand across the borough, the study found.

Rising rents means a double-digit drop in the number of leases being signed across most of Brooklyn, especially as neighbors wait longer-on-average to sign rental agreements, according to Corcoran, which noted that listings in the borough spent an average of 92 days on the market — one of the longest days-on-market average seen in the past three years.

In Park Slope, leasing activity dropped by 34 percent this January compared to last, with 94 leases signed instead of 143, the study says.

Neighboring Gowanus, though, is one of the only neighborhood that saw an increase in leases signed year-over-year, which mirrors the decrease in rent in the neighborhood — the average apartment costs nearly $500 less this January as compared to last, according to Corcoran.

Still, remarkably, rents across Brooklyn have not fully recovered from their pandemic slump, with the borough's median rent remaining 6 percent below its pre-pandemic cost, the study found.

The cost of purchasing a home in Brooklyn, however, is on the rise, including in Park Slope, where apartments cost $1.2 million on average, according to another report.

Related Article: Park Slope Apartments Cost 8% More Than Last Year: Report