Bushwick rents drop 16% on quadrupling of supply: report

But rental prices on new units expected to steadily rise: MNS

TRD New York /
Sep.September 11, 2015 01:00 PM

An influx of residential development in Bushwick is having an effect on the neighborhood’s rent prices — which dropped 16 percent on average over the past year as the number of apartments on the market quadrupled.

Bushwick rents dropped to an average of $2,090 per month in August, from $2,485 per month in the same month last year – the steepest drop of any neighborhood documented in real estate firm MNS’s market report for last month.

The sharp decline in Bushwick rents is attributed to a significant increase in the number of apartments available in the neighborhood, which increased four-fold over the last year, according to DNAinfo.

A surge of new apartments south of Myrtle Avenue, closer to the J, M and Z trains, may be driving rents down, according to MNS CEO Andrew Barrocas — who noted that rent prices in the southern end of Bushwick can be up to 10 percent lower than more popular areas closer to the L train.

Despite the decrease in rents, the growing number of Bushwick apartments doesn’t bode well for people looking to the neighborhood for a lower cost of living – with much of the new inventory coming from landlords buying out tenants and either renovating apartments or building new property, Barrocas said.

Rental prices on those newly available units are expected to steadily rise, he added. [DNAinfo]Rey Mashayekhi


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

Benchmark Real Estate Group's Aaron Feldman (left) and Jordan Vogel (right) with 25 Monroe Place in Brooklyn (Credit: LinkedIn)

Benchmark looks to sell BK Heights rental building for $70M

From left: 278 Henry Street and 296 Sackett Street

Brooklyn’s resi market saw 20 contracts close above $2M last week: Stribling

Brooklyn and Queens rents rise as incentives decline: Elliman

Brooklyn and Queens rents rise as incentives decline: Elliman

Why Brooklyn and Queens buyers are “camping out”

Why Brooklyn and Queens buyers are “camping out”

CW Realty files plans for 13-story building in Bushwick

CW Realty files plans for 13-story building
in Bushwick

arrow_forward_ios