Park Slope Rental Discounts Rise After Coronavirus, Study Finds

PARK SLOPE, BROOKLYN — Rent prices in normally-pricey Park Slope ticked downward as the new coronavirus struck the city — and the declines could last all year, a new study found.

A StreetEasy analysis of apartment listings in May found that more and more landlords across New York City have been offering rent discounts.

About 17 percent of Park Slope's rental units were discounted in May, the analysis found.

"For renters whose leases are up later in 2020, don’t worry: The growth in discounts now suggests that rent levels could decline through the year," StreetEasy wrote. "The COVID-19 pandemic has changed the landscape for NYC apartments, with falling rents a likely result."

Pricey Manhattan areas generally saw the steepest dips, but some spots scattered across Brooklyn did as well.

In fact, the biggest discounts in Brooklyn aren't far from Park Slope.

Downtown Brooklyn had 39 percent of its rents discounted, the study found.

The discounts across the city didn't apply to all types of apartments equally, though.

Researchers said that rent cuts are most frequent on units priced between $2,000 and $5,000 and that discounts are rarer for apartments under $2,000.

Even so, potential renters should ask landlords about a price cut even when discounts aren't advertised in the listing, given that the changing market may make them more open to negotiating, the researchers advised.

To read the full study click here.

Patch writer Anna Quinn contributed to this report.