Last year, real estate blog The Brick Underground took on the daunting task of mapping rents along the L line, proving unsurprisingly that Williamsburg and Bushwick are not cheap. In the year since, a million new luxury developments and creepy spin-the-bottle-themed bars have opened, and it looks like these things are bringing the rents UP: Brick Underground's new numbers show a startling spike, with median rents going up as much as $400/month off the Lorimer and Jefferson stops.
Once again, the site teamed up with Streeteasy to take a look at median rents within a five-block radius of stops ranging from Bedford Avenue to Broadway Junction, finding that most zones saw rent spikes this year. Median rents went up about three percent off Bedford Avenue, clocking in at $3450/month; there was a six percent jump off Grand Street, up to $3,122/month; and Myrtle-Wyckoff went up nine percent, at $2,500/month.
Those were just the baby spikes—the Montrose stop saw a 12 percent rise, and both the Lorimer Street and Jefferson Street stops—the latter of which has experienced an explosion of bars and restaurants—spiked up a traumatic 19 percent from last year. There were a few modest decreases—rents went down eight percent off Morgan and seven percent off Graham, but even those were attributed less to downward trends than to a "fluke of the market."
Not that any of this is surprising, considering the Bourbon monarchy horrorshow that the rental market in this city has become. Still, renters are suffering, and it's unclear where those of us who aren't swimming in oil cash are expected to go once we're eventually pushed out of Tottenville. Though we hear there's not a lot of sanitation truck noise in the Yukon, so that sounds nice.