The reports from the Furman Center?an NYU research center focused on real estate and urban policy?address segments of the market, like stabilized renters, rarely covered by other data sources. The center's latest report, State of the City's Housing & Neighborhoods, released today, is a treasure trove of data on rents, rent regulation, and rents as compared to incomes. We dug into the report and pulled out some of the most interesting facts. And they are:
1) Most NYC renters live in apartments that are subsidized in some way: 8.2 percent live in public housing, 8.4 percent in subsidized housing, and 45.4 percent in units that are under rent stabilization or rent control.
2) Median monthly rents increased from $999 in 2007 to $1,084 in 2011, a difference of 8.5 percent.
3) Median gross rent (the base rent plus estimated utilities) rose 10 percent between 2005 and 2011, but median household income in New York City fell.
4) That rent-income gap means that New Yorkers' rent burden?the percentage of household income spent on rent and utilities?has also gone up. In 2007, the median rent burden was 29.9 percent of income spent on rent; in 2011, it was 32.5 percent. A rent burden between 30 and 50 percent of income is considered moderate.
5) A severe rent burden is spending more than 50 percent of one's household income on rent, and 31 percent of New Yorkers were severely rent burdened as of 2011 (compared to 27 percent in 2007). The Furman report compares the NYC data to that of four other cities, and Philadelphia had a higher percentage of severely rent-burdened residents at 37 percent.
Here's some of that data in a more visual form:
· State of New York City's Housing & Neighborhoods [Furman Center]
· How Much Does a Rent-Stabilized NYC Apartment Cost? [Curbed]
· Rental Market Reports archive [Curbed]