May 18, 2022

New survey highlights NYC’s rental housing crisis, showing few affordable apartments available

The city's Department of Housing Preservation and Development (HPD) released a report this week revealing the first findings from the 2021 New York City Housing and Vacancy Survey (NYCHVS). The report illuminates a trove of information on the city's housing realities since the pandemic began. The survey shows that the city’s overall median household income would have to double in order to cover the median asking rent of $2,750/month. It also reveals an extreme shortage of vacant units among the city's low-cost housing: The vacancy rate for homes listed below $1,500/month was less than 1 percent,  the lowest in 30 years. And New York City saw a substantial net loss of low-cost units–and a net increase of higher-cost units–since 1991.
More on the state of NYC's rental housing, this way