Rents continue to rise across the cityand more than one data-driven report corroborates the priciness of the market right now. Now official Census Bureau statistics drive home the point: New York City rents are climbing faster than both inflation and income growth. Here are the numbers: "In a city where two of every three homes is a rental, the median rent rose 3.4 percent, after adjusting for inflation, to $1,200 a month from 2011 to 2014. ... While housing became more expensive, the survey found that the median household income for all renters changed minimally, rising by 1.1 percent, to $41,500, from 2010 to 2013."
Here's more intel on the state of the city right now:
The median rent in 2014 was $1,500 for market-rate apartments, $1,200 for rent-stabilized units, $900 for rent-controlled homes and $583 for other apartments, a category that includes public housing. The study also revealed that 30 percent of area renters are "severely rent burdened," which is housing-analyst code for when rent takes up more then half of a household's income. This information is important beyond scaring renters into submission: it provides even more justification for Mayor Bill de Blasio's ambitious affordable housing plan. Plus, the state government is set to debate whether to beef up rent-regulation laws in order to keep housing affordable. Reports like this are fuel for the pro-tenant sidesorry, landlords.
· NYC Housing and Vacancy Survey [official; PDF!]
· New York Rents Outpaced Inflation Over 3 Years, Census Data Say [NYT]
· All Rental Market Reports coverage [Curbed]
· All Affordable Housing coverage [Curbed]