Bushwick rents drop 16% on quadrupling of supply: report
But rental prices on new units expected to steadily rise: MNS
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