clock menu more-arrow no yes

Filed under:

Median Rents Rose 75% from 2000 to 2012; Income... Didn't

New, 12 comments

Like we needed another study or report to tell us NYC rents have skyrocketed out of control. Well, Comptroller Scott Stringer's office has released another compendium of data with the same gist: over the last decade or so, rents have risen entirely out of scale with changes in income and inflation, and the number of housing units available at many affordable price brackets is also shrinking.

Between 2000 and 2012—basically, during Bloomberg's tenure—median apartment rents in New York City spiked a whopping 75 percent, while median real incomes actually dipped 5 percent in that same time period (median income, a different measure, rose 26.7 percent). Going back to that rent rise, it's 31 percent bigger than any rise in any other city in the country. Stringer is publishing these stats to bring more attention to the city's lack of affordable housing and fodder for de Blasio's plans to build more. The situation is especially tough on the city's poorest, such as those households that make between $20,000 and $40,000 a year, which felt the biggest squeeze. He claims, however, that it's "not gentrification's fault" and that the cause stems more from a lack of supply that is out of step with high demand.
· The Growing Gap: New York City's Housing Affordability Challenge [official]
· New York City Housing Push Should Aim at Poorest, Report Says [NYT]
· Rent Is Meant To Be 1/3 of Income, But Not for New Yorkers [Curbed]
· Rental Market Reports [Curbed]