StreetEasy report shows disparity in NYC rents
Rents in New York City have increased 31% since 2010 but a new report suggests that the hikes have been sharper in neighborhoods that are popular with families.
StreetEasy’s analysis of rent data from 2010-2018 shows that median rents have varied from as little as 15% in that period, to as much as 45%.
In those neighborhoods where at least 25% of residents were families, rents rose 5% faster (32%) than those where less than 25% of residents had children (27%).
Rents also saw faster rises in areas with higher shares of low income residents. In the neighborhoods with household incomes below the city's 2010 median of $50,285, rents grew by 33%.
"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,” says StreetEasy Senior Economist Grant Long. “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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Neighborhoods With the Most Rent Growth, 2010 - 2018 |
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|
Neighborhood |
Borough |
Cumulative Rent Growth Since 2010 |
Median Income (2010) |
Share Renter Families (2010) |
Median Asking Rent (Jan 2018)iv |
|
Ditmas Park |
Brooklyn |
45% |
$51,015 |
37% |
$1,999 |
|
Prospect Lefferts Gardens |
Brooklyn |
45% |
$42,138 |
27% |
$2,020 |
|
Bedford-Stuyvesant |
Brooklyn |
41% |
$35,958 |
37% |
$2,350 |
|
Crown Heights |
Brooklyn |
39% |
$35,874 |
35% |
$2,300 |
|
Inwood |
Manhattan |
39% |
$42,287 |
33% |
$1,850 |
|
Hamilton Heights |
Manhattan |
39% |
$33,766 |
30% |
$2,225 |
|
Midwood |
Brooklyn |
38% |
$59,112 |
31% |
$1,795 |
|
Flatbush |
Brooklyn |
38% |
$39,045 |
38% |
$2,000 |
|
Washington Heights |
Manhattan |
37% |
$37,245 |
32% |
$2,134 |
|
Brighton Beach |
Brooklyn |
37% |
$32,326 |
20% |
$2,013 |
|
Neighborhoods With the Least Rent Growth, 2010 - 2018 |
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|
Neighborhood |
Borough |
Cumulative Rent Growth Since 2010 |
Median Income (2010) |
Share Renter Families (2010) |
Median Asking Rent (Jan 2018) |
|
Ridgewood |
Queens |
15% |
$45,026 |
40% |
$2,387 |
|
Central Park South |
Manhattan |
16% |
$120,409 |
7% |
$7,225 |
|
Midtown |
Manhattan |
16% |
$68,307 |
5% |
$3,900 |
|
Long Island City |
Queens |
18% |
$55,278 |
30% |
$2,828 |
|
Riverdale |
Bronx |
20% |
$78,482 |
19% |
$2,140 |
|
Midtown South |
Manhattan |
20% |
$91,698 |
6% |
$3,554 |
|
Gramercy Park |
Manhattan |
21% |
$97,094 |
5% |
$3,425 |
|
Upper West Side |
Manhattan |
21% |
$93,040 |
14% |
$3,350 |
|
Dumbo |
Brooklyn |
21% |
$90,436 |
38% |
$4,154 |
|
Stuyvesant Town/PCV |
Manhattan |
22% |
$95,378 |
15% |
$4,351 |
