Given the ever-upward, certainly-not-a-bubble trajectory of Brooklyn real estate, it’s appropriate to ask: is a huge increase in rental prices ever really that surprising or abnormal? It’s a cause for concern, because not everyone is an i-banker or has their own fabulously successful app keeping them rolling in dough. But given that everyone wants to live in Brooklyn, especially around artists, we have a hard time believing a 20 percent rise in Bushwick rental prices should be greeted with words like “abnormal” or “incredible.”
DNA Info points out that according to a report by MNS Realty, rent fell in other places around the borough, but that in Bushwick, prices for a studio and two-bedroom apartment went up to $2400 and $3000 per month, respectively. Maybe everyone is just really excited about the possibility of the mall and wants to get to Bushwick before it gets built? The actual given reasons for the rent spike are a lack of housing inventory, and paradoxically, some new developments opening up. So tails they win, heads you lose. The real estate people DNA talked to also said that they don’t see the rents going down anytime soon. So if you’re renewing your lease in the next month or two, maybe try to sign a two-year lease and get your current rent locked down.