rising rents

affordable housing, real estate trends

house for rent

Complaining about high rents is nothing new for New Yorkers, but we’re actually not alone in our misery. According to a new study from Harvard University’s Joint Center for Housing Studies and Enterprise Community Partners, reported in the Washington Post, “nearly 15 million [U.S.] households could be ‘severely cost-burdened’ by 2025, meaning they’ll be spending more than half their money on housing.” Today, that statistic applies to 11.2 million households (one in four households), which increased by three million since 2012.

What’s leading to this staggering rise?

affordable housing, maps, real estate trends

NYC rent increases 2002 to 2014, NYC rent map

Take everything you think you know about “affordable” alternatives to pricey neighborhoods and throw it out the window. This map from the Community Service Society (first shared by the Daily News) analyzes newly released census data that compares median rents between 2002 and 2014. The data is drawn from a New York City Department of Housing Preservation and Urban Development survey of 18,000 New Yorkers every three years who had recently moved, which “eliminates the tendency of lower rents paid by long-time tenants to smooth out market changes and mask the changes that affect tenants who are looking for a place to live,” according to CSS.

The report shows that rents citywide have increased 32 percent over the past 12 years, not a new or surprising figure. But it also shows drastic increases in neighborhoods that have been traditionally thought of as more affordable. Central Harlem saw the biggest jump at 90 percent; the average rent in 2002 for new residents was $821 and now it’s skyrocketed to $1,560. Other no-longer-affordable neighborhoods are Bed-Stuy at a 63 percent increase and Washington Heights/Inwood at 55 percent. The other ‘hoods topping the list include less surprising areas like Brooklyn Heights/DUMBO/Fort Greene at 59 percent and Williamsburg/Greenpoint at 53 percent.

More findings from the report

Brooklyn, Queens, real estate trends

Ridgewood, Queens, Row House, Historic, Townhouse,

Ridgewood via Cameron Baylock

A new report released today by Douglas Elliman shows that Queens has surpassed Brooklyn in most expensive rents. The median montly rent in Western Queens rose to $2,905 in January, a 30.7 percent jump from the same time last year. That’s $4 more than North and Northwest Brooklyn’s median rent, which only rose 2.5 percent to $2,901.

We shouldn’t be so surprised, though. With constant news of skyrocketing prices in Brooklyn, a lot of attention has been turned to Queens, especially up-and-coming neighborhoods like Ridgewood, as well as already-established hip spots such as Long Island City and Astoria.

Read more

Real Estate Wire

ace hotel nyc
  • Is Jared Kushner plotting to turn 20 apartments into one giant West Village mansion? [Curbed]
  • ACE Hotel is indeed coming to Downtown Brooklyn. Permits were just filed for a site along Bond Street. [Brownstoner]
  • Harlem rents are up and a landlord is looking to rent a penthouse at 1080 Amsterdam Ave. for $10,500 a month. [NYDN]
  • The city’s Industrial Development Agency, an offshoot of the Economic Development Corporation, will vote on $170M tax break for Tishman Speyer’s $3.2 billion Hudson Yards office-and-retail tower. [Capital NY]
  • Cities and real estate developers are all peddling bike lanes. [Treehugger]

Images: Ace Hotel in Manhattan (left); Harlem penthouse (right)


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