Brooklyn landed eight of the 10 spots on the StreetEasy list of up-and-coming neighborhoods in NYC including Fort Greene and DUMBO. For 2021, the borough is poised to become the default option for New York renters and buyers. Many of the Brooklyn neighborhoods listed had attracted creatives and freelancers for years before COVID-19 hit the city. Now, they’re becoming top choices for those working from home, in part by offering amenities especially desirable amid a pandemic.
The top Brooklyn neighborhoods for 2021 have had rents fall at slower rates than in the rest of the borough — a strong indicator of their popularity. Yet record high inventory for rentals and sales in the borough shows that supply is still outpacing demand. This means that both renters and buyers will be able to find good deals in Brooklyn in 2021.
In Dumbo, Brooklyn’s priciest neighborhood, landlords are offering significant concessions and discounts. A 1-bedroom apartment initially listed for $2,800 has dropped to $2,450. A studio for $2,895 is still pricey, but, with three months’ free rent, offers a net-effective rate of $2,171.
StreetEasy identified the 10 NYC neighborhoods to watch for 2021 using an index of three key performance indicators: annual change in median asking rent, annual change in median sale price, and annual change in user searches that include a given neighborhood on StreetEasy.
