Prospect Heights Apartments Still Have Pandemic Prices: Study

PROSPECT HEIGHTS, BROOKLYN — It isn't too late to get a pandemic-level deal on an apartment in Prospect Heights — but it might not be that way for long, according to a new StreetEasy study.

Prospect Heights was one of five Brooklyn neighborhoods where the real estate experts found that rental prices are still below pre-pandemic levels.

The study — which analyzed median prices between July and September — found that even with recent increases, rental prices in the neighborhood are around $150 less than they were before the coronavirus crisis, which sent New York City's real estate market into a nosedive.

But the gap might be closing in soon, the researchers said.

"Apartment hunters should expect prices to keep climbing, and potentially reach pre-pandemic levels soon," they wrote. "However, outside of some of the most expensive and popular areas mentioned earlier, like Greenpoint and Williamsburg, renters can still find great deals in many areas of Brooklyn."

Prospect Heights had one of the smallest gaps between its current and pre-pandemic prices of the neighborhoods where rentals were still affordable, according to the study.

Price levels are even more affordable in Boerum Hill, Brooklyn Heights and Cobble Hill, where median rent prices are between $289 and $538 less than their pre-pandemic levels, the study found.

Those deals are compared to neighborhoods where the real estate market has fully rebounded. Williamsburg, Greenpoint and Downtown Brooklyn have all surpassed their pre-pandemic price points, as had several Manhattan neighborhoods, the study found.

Here's a look at the median prices in neighborhoods where renters can still find a deal:

• Bay Ridge:
  • Median Rent 2019: $1,899
  • Median Rent 2021: $1,750
• Boerum Hill:
  • Median Rent 2019: $3,388
  • Median Rent 2021: $2,850
• Brooklyn Heights:
  
  • Median Rent 2019: $3,389
  • Median Rent 2021: $3,100
• Cobble Hill:
  • Median Rent 2019: $3,600
  • Median Rent 2021: $3,075
• Prospect Heights
  • Median Rent 2019: $3,200
  • Median Rent 2021: $3,050