Following the country’s economic recession, neighborhoods throughout the United States have witnessed an apartment boom. According to a report by RENTCafe, since 2010, apartment buildings have been popping up at an increasingly faster rate. Unsurprisingly, Long Island City came in first for the largest number of new rental apartments, with 41 new apartment buildings and 12,533 new units built in the past seven years. Nearly 36 percent of all apartments are brand new in this Queens waterfront neighborhood.
Out of all of the world’s cities, New York City surprisingly does not have the most unaffordable rental market. In a report released by RENTCafe, Mexico City beats Manhattan as the worst urban area for renters, with 60 percent of their income being spent on housing. However, Manhattan continues to be extremely unaffordable, with residents putting 59 percent of their income toward rent. Affordability levels are not much better in the three other U.S. cities that made the list; Chicago, San Francisco and L.A. have rent-to-income ratios of 38, 41, and 47 percent respectively.
With little surprise, Manhattan comes in first for the highest apartment rents in the country, with Battery Park City leading the way for the most outrageous prices. According to data collected by RentCafe and assembled into an interactive map, the average rent in this downtown ‘hood is about $6,000 per month, followed by the Upper East Side averaging $4,898 per month and the Upper West Side $4,892. Other pricey Manhattan zip codes that made the top ten include the Lower East Side, Soho and Clinton.