With studios going for $1775 a month, one-bedrooms that rent for $2240, and a median rental rate for 2-bedrooms that’s gone up 16% in the past year, you may have wondered at some point why rent in Bushwick is skyrocketing. The answer is a complex one that involves many factors– and it goes far beyond the greed of wealthy developers and the basic principles of capitalism. It is no secret that there are a lot of people moving (or trying to move) to Bushwick (which makes a lot of sense to Bushwick Daily, since, as you know, we’re generally of the opinion that this is a great neighborhood) and, obviously, there simply aren’t enough apartments to supply the demand. But rent rates in New York City are also directly influenced by high property values, high construction expenses and astronomical property taxes. Add the presence of a vibrant local creative community, like we have in Bushwick (and consider its proximity to the real estate cash cow that is Williamsburg), and the result is a neighborhood that currently boasts one of the biggest rent spikes in the city.