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