StreetEasy’s annual rent affordability report is out, which finds that rent increases from Harlem to Hollis have fallen disproportionately on neighborhoods with a greater share of families.
Since the end of the financial crisis, monthly rents for New York City apartments listed on StreetEasy increased 31 percent or $653, according to StreetEasy’s annual rent affordability study. While the pace of rent growth has varied widely across neighborhoods – Inwood, Hamilton Heights, and Washington Heights – were among the top 10 NYC neighborhoods that saw the most rent growth since 2010. More than a third of renters in these areas have children.
“Rents have risen in the city, but not all New Yorkers have felt the same effects,” says StreetEasy Senior Economist Grant Long. “Residents who already struggle to make ends meet and renters dealing with the high costs of childcare are predominantly living in areas that see the most dramatic rent growth. These are often residents who have little financial flexibility, to begin with. As a greater share of their incomes goes towards rent, it’s increasingly difficult for families to save for a down payment on a home, their children’s college education, or emergencies.”
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