Bushwick is Brooklyn’s rising star — boasting the borough’s highest overall average rent increase: a stunning 29.76 percent for one-bedroom apartments in just one month, according to a new market report.
The average one bedroom apartment rental jumped from $2,040 a month in July to $2,647 in August, according to brokerage firm MNS’s Brooklyn Rental Market Report.
“Bushwick is exploding,” said Andrew Barrocas, CEO of MNS.
“There’s a really good feeling here. Artists are moving here from places like Williamsburg, and there’s great infrastructure, parks and transportation,” he added.
As artists priced out of places like Williamsburg move to Bushwick, businesses are following suit.
“Lots of bars and restaurants from Williamsburg are opening up in Bushwick. They’re looking for long-term leases . . . Bushwick is launched to become one of Brooklyn, and New York’s, greatest neighborhoods,” Barrocas said.
Overall, the MNS report found that Bushwick rents for all size apartments rose 17.59 percent in just one month.
Manhattan’s cool neighborhoods are feeling the pain of Brooklyn’s growth.
East Village vacancy rates jumped to 2.08% in August, and 1.58% in the West Villages, according to Citi Habitats’ market report.