Rents in New York City are up 75 percent since the year 2000, according to a new report from the New York City Comptroller’s office.
“The data from the report is chilling,” says Comptroller Scott Stringer.
Since 2000, median incomes are down, but rents are up far more than elsewhere in the U.S. And, there are fewer apartments available to the middle class.
“We’ve actually lost 400,000 apartments renting for less than a $1000,” Stringer says.
But the median rent — the point at which half of rents are below and half above — might not be what you think. In New York, it’s now $1,100 a month, according to the report.
Anyone who notices New York real estate knows that rent averages are often reported to be much higher. Reis, one company that compiles such data, says it’s now around $3,200 a month.
But that number only looks at apartments on the open market. In New York, more than 60 percent of rentals are public housing, or subsidized or rent regulated.
Ryan Severino, a senior economist at Reis, says that can limit supply and, “It can make apartments more expensive for anyone who has to compete in the more competitive market.”
And, yet, people keep moving here, far faster than new units are built.
We’re here to help you navigate this changed world and economy.
Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.
In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.
Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.