It’s no secret that Manhattan developers have cast their gaze on Bushwick. The steady stream of construction projects, rezoning plans and community outrage are there for all to see. If you are new to the neighborhood or have been turning a blind eye, it’s time to tear through your gossamer veil.
Developers are creating massive new buildings to fill with all the wanna-be Bushwickers, and it’s got the real estate market booming. According to recently released data from StreetEasy, the number of places to live in Bushwick has skyrocketed over last year.
The number of spots available to rent is up 27 percent. To put that in perspective, the average increase in rental inventory in Brooklyn was only 2 percent. That means that the number of rental units in Bushwick grew at more than 10 times the rate when compared with the borough overall.
This increase was mostly in the number of one-bedroom units, which is up almost 50 percent over last year. The number of two bedroom apartments available for rent increased 30 percent, while the number of three plus bedroom units increased by 20 percent. The spike in one-bedrooms shows that developers are overwhelmingly targeting single renters and couples who are looking for one-bedroom apartments.
The cost of living stayed relatively flat over last year, but that doesn’t mean living in Bushwick comes cheap. The median asking rent in Bushwick is around $2,475, which reflects a 0.08 increase over last year. And if you’re looking to buy (which, if you can afford to, good for you), the median asking price for sales is $1.18 million, up 7 percent over last year. These increases are relatively in line with prices and growth trends in Bed-Stuy and Stuyvesant Heights.
Renters and buyers in East Williamsburg got slammed with some of the highest increases in the area. The median asking rent rose by 7 percent (to $2,500) and the median asking price rose by a shocking 40 percent (to $1.12 million).
So, that’s your Fun Fact of the week, Bushwick. Have a question about the neighborhood that you want us to try and answer using data? Leave a comment below!
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Cover image courtesy of Ben White