Bet you never thought you'd be seeing this: in the past year, average rents in Bushwick have dropped 16 percent due to a massive increase in housing units available.
According to the most recent MNS rental report and DNAinfo, between August 2014 and August 2015, rents decreased from an average of $2,485/month to $2,090/month, and the number of available apartments on the market quadrupled. But don't start celebrating yet, because this is Bushwick, rents are expected to rise steadily in coming months, with MNS CEO Andrew Barrocas citing the "tremendous amount of demand" for housing in the neighborhood.
"The demand is there, for the younger demographic especially," he added. "People are getting priced out, and [those who] might have once gone to Williamsburg are going to Bushwick."
So it goes.
· Bushwick's Average Rents Drop 16 Percent as Inventory Rises, Report Says [DNAinfo]
· Brooklyn Rental Market Report, August 2015 [MNS]
· All Rental Market Reports [Curbed]