After ‘incredible’ February price jump, Bushwick rents drop in March: new MNS report

TRD New York /
Apr.April 04, 2013 08:30 AM

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


Related Articles

arrow_forward_ios
871 Bushwick Avenue in Brooklyn (Credit: Google Maps)

Joseph Brunner lands $130M refi for massive Bushwick rental building

The Rheingold at 10 Montieth Street in Bushwick (Credit: StreetEasy)

Rabsky Group lands $200M refi for 500-unit Bushwick building

From left: 227 Waverly Place, 29 5th Avenue, and 1487 Broadway in Bushwick (Credit: Renaissance Properties New York, StreetEasy, and Apartments)

Here’s what the $10M-$20M NYC investment sales market looked like last week

CW Realty files plans for 13-story building
in Bushwick

Art storage company closes on Bushwick site for $47M

City set to finally get the ball rolling on North Brooklyn industrial rezoning

Steven Guttman’s art storage company to spend up to $100M on second location in New York

This is the fastest-growing BK nabe

arrow_forward_ios