Tuesday, June 9, 2015

Report details major rent squeeze

From Curbed:

When adjusted for inflation, rents throughout New York City have risen a staggering 32 percent since 2002. Think that's bad? Well, it is (as seen here), but in certain neighborhoods, rents have soared twice as much, or even almost threefold. A report released by the nonprofit Community Service Society says that rents in Central Harlem have risen 90 percent in the last 12 years, from a median rent of $821 to 2014's $1,560. Central Harlem is the neighborhood that's most acutely felt the rise in rents since 2002, with Bed-Stuy following with a median rent increase of 63 percent from $921 to $1,500. Other neighborhoods that follow close behind are the lumped areas of Fort Greene/Dumbo/Brooklyn Heights with a 59 percent increase, and Washington Heights/Inwood with a 55 percent increase in median rent (h/t NYDN).


Anonymous said...

Anyone have any insight and or idea why South Jamaica/Saint Albans saw a 35% increase ?

Anonymous said...

According to the map rent is up 30% to 45% on Riker's Island.

Anonymous said...

Ask Jerry Caliendo.

Anonymous said...

All costs to operate and maintain a building in this city are skyrocketing out of control therefore all rents have to keep going up. It does not mean that all landlords are evil or greedy, although some are, it is most of the time simple math.

Anonymous said...

I believe the increases are all due to "market" pressures. Supply and demand. You can keep prices artificially low but not artificially high.

Anonymous said...

Nominal 32 percent is 2.5 percent annualized for 13 years.

A lot of things go into the expense of an maintaining an apartment and debt service that are not calculated in the consumer price index (CPI).

A lot of things are in the CPI that are irrelevant to the expense of maintaining an apartment and debt service.

It's really a meaningless article. I wish all my living expenses were capped at the CPI.