Bushwick Rents Increase 20 Percent, Down Elsewhere

Rents rose dramatically — nearly 20 percent — in Bushwick in one month, even while they dropped in other Brooklyn neighborhoods, a report showed, according to a story in DNAinfo. Average rents are now $2,400 for a studio, $2,800 for a one-bedroom, and $3,000 for a two-bedroom, according to real-estate firm MNS, which authored the report. For those not keeping track, consider that in 2009, a Bushwick studio ranged from $900 to $1,200 — and that was up from $500 to $800 just a few years before. “It was very, very abnormal …incredible,” remarked MNS Chief Executive Officer Andrew Barrocas of the February increase. The reasons for the sudden jump include low inventory, new buildings coming on the market, and the increasing popularity of Bushwick. In particular, “the February opening of brand new apartments on 949 Willoughby Avenue had helped push rental averages up,” noted Barrocas. Another neighborhood popular with recent college graduates and other new arrivals to New York City because of its relatively affordable rents, Crown Heights, has also seen an increase in prices in the last few months. Where do you think people will go next? Is Brooklyn running out of cheap neighborhoods?
Brooklyn Rental Market Report February 2013 [MNS]
“Abnormal” Leap Hikes Bushwick Rents by Nearly 20 Percent, Report Says [DNAinfo]
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