Bushwick Experiencing “Abnormal” Spike in Rents


Oh, Bushwick. Getting a little ahead of ourselves, aren’t we? I don’t know, I get that the neighborhood is popular, and all, but a 17 percent jump in rents in the past month alone seems pretty excessive. Or, in the words of the experts at MNS Real Estate, “abnormal.”

Per a new report from the company, the average rent in February for a studio in the neighborhood was $2,400, for a one-bedroom, $2,800, and for a two-bedroom, $3,000. Just a month before, the median had been around $1,815.

Geez. So, is this typical for a trendy, rapidly gentrifying neighborhood? Apparently not. “It was very, very abnormal… incredible,” said MNS CEO Andrew Barrocas, citing expensive new apartments that just opened up on 949 Willoughby Ave, a lack of available condos in the area, and a variety of other factors. “It takes a combination of low inventory, lower rents in the previous month and new property to see that spike. There’s not a lot of large inventory in Bushwick — it’s mainly smaller configured apartments with multiple bedrooms which drives up the price-per-foot.”

Still, not everyone thinks this insane spike is actually that insane. “Honestly, I’m not shocked at all,” said the director of Nooklyn, a Bushwick-based real estate company. “Bushwick is exploding in popularity.”

Barrocas did note, though, that this dramatic rate of price increase probably isn’t sustainable on a month-to-month basis. “I think you could see this kind of jump on an annual basis. I always say the L train is the line of gold.” So, good news for real estate agents, I guess, bad news for just about everyone else hoping to live in New York and still afford occasional luxuries. Like food.

Follow Virginia K. Smith on Twitter @vksmith

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  1. I feel it’s because they see a lot of white people moving in from around the country, not just Mahattan and presumeably they claim to have lots of money to they hike up the rents, food and everything else inbetween. Really bad for the economy. Shame on them. White people come here to get away from all the high cost of living, including those who already live here and here they are making the economy and people lives more miserable than ever. Have a heart and brain and stop kidding yourself with GREED!

  2. To the above commenter: Yes, us white people love to move into neighborhoods and demand higher rent. Every white person is rich, amirite?! Shame on all the white people for wanting to make it in New York City but only making enough to pay $600 in rent per month so we move to Bushwick. Yeah! We’re so fucking greedy.
    In other words, get over your racist self and stop assuming every single white person is loaded.

  3. Hey Mel, I have news for you- My grandparents and parents lived in Bushwick in the 1940s-1960s- long before you. It was a nice place to live then-and animals burned it down in the late 70’s It will once again be a safe family oriented neighborhood