I know it seems like we’re hurtling towards a dystopian New York City where we’re all priced out to the South Bronx or Staten Island, but it turns out that average rents in Bushwick have actually DROPPED over the past year. Crazy right?
Rents in the neighborhood went from an average of $2,485 per month in August 2014 to $2,090 in August of 2015 — a deeper drop than any other popular Brooklyn neighborhood, according to a report by real estate firm MNS.
Quite honestly, $2,485 and similar figures I’ve seen reported over the past couple of years always seemed a tad high to me (shhhh, I’m still in a one-bed for hundreds less than the August 2015 number), so it sounds like the pollsters were in for a market adjustment towards the 2k range. Don’t get ready to break your lease with hopes of copping a cheap railroad on Troutman just yet though, friends. The drop in price seems to have a lot to do with an influx of new units which may have finally satiated the frantic demand for rentals between Flushing Ave and the graveyard.
But the dramatic decrease was largely due to a huge increase in the number of apartments that went on the market last month, with available rentals increasing four-fold in the last year, MNS said.
Plus, luxury rentals like 1209 Dekalb — where rent for a two-bedroom currently starts at $3,150 — went on the market around this time last year, spiking last August’s average rental price, added Andrew Barrocas, CEO of MNS.
Bushwick’s rental market has grown so much in the last year that it’s difficult to directly compare rent prices, he said.
“There’s a tremendous amount of demand,” Barrocas said. “There’s [now] supply to meet that demand”
Read more here.
Photo via Eric Lau.