These types of statistics are usually released by people who don't like it or were forced to leave the city, but rent has skyrocketed in most major urban centers for years. To give you an idea of how that compares, the city has about a million unregulated rental units, so 75,000 additional unavailable apartments would more than compensate for any population drain. Economists have long argued that rent control provides security for some, but raises the price of unregulated housing for others. The perpetual villain of New York City's rental market will continue to consume apartments, because the city has virtually banned the construction of new hotels.
The number that matters in determining the numerator in the city's rental market is not people, but households. As the city recovers from the economic cost of the pandemic, residents are returning to New York and this has brought rents to new levels. These rental prices are a shock to New Yorkers who moved here during the pandemic and to those who lived here long before. It is, real estate reporter Bridget Read writes for Curbed, a season of “utter indignity” for the city's tenants.
Rents are rising faster than salaries in New York and that means that locals are ruining their finances to call the Big Apple home. New York City's rental market is ranked according to an unusual degree of coexistence between unrelated adults, because housing here is very expensive and the housing stock doesn't fit the city's demographics. Overcoming that opposition is a top priority for people like Gross, the affordable housing activist from Suffolk County, who currently lives with his aunt in Huntington but is looking for his own rental apartment. While the city's housing boom has helped stimulate the local economy, it's bad news for renters who are faced with affordability.
Skyrocketing rents in New York City don't usually make headlines, but all parties agree that something out of the ordinary is afoot. This is in addition to the fact that, as a major metropolis, New York already has significantly higher rents. New York City builds less housing per capita than almost any other major city in the U.S. In the United States, one of the reasons why it has the highest rents in the country.
Those who prefer to rent in the city but don't want to pay astronomical prices are focusing on Brooklyn and Queens, which is also raising rental prices there.
