After an almost 20 percent hike in February, rents in Bushwick dropped in March, according to a new report by MNS Real Estate seen by DNAinfo.
February’s “incredible” rent increase of 17 percent was due in part to the opening of a few top-drawer projects in the neighborhood such as 949 Willoughby Avenue, MNS chief executive officer Andrew Barrocas told DNAinfo.
In March, a considerable amount of new inventory hit the market but many of the new properties were more affordable, bringing rents back in line, he said.
“A new product came into the area at a higher price point,” he said of the Willoughby building, “and if there’s no new inventory in that building left the next month prices drop back down.
Barrocas predicted, however, that Bushwick’s rent increase was not a one-time occurrence. “Rent’s still higher [in Bushwick] than it was before and it’s going to go even higher.”
Rents in March, even with the drop, still far eclipsed those from the same time last year. Average rent for a studio was $1,750, compared with $1265. A one-bedroom went for $1,882, compared with $1,612; and average rent for a two-bedroom was $1,977, compared with $1,871.
The spiraling prices have been a source of concern for longtime residents, including members of Bushwick’s Community Board 4, who are pushing for a rezoning of the neighborhood that would keep high-rise projects at bay. [DNAinfo] –Hiten Samtani