Rents in Some NYC Neighborhoods Have Gone Up as High as 90% Since 2002
Just in time for the hellish summer apartment hunting season in NYC, a new study reveals just how damn high rents have gone up in neighborhoods across the city since 2002 -- and, unfortunately, some are really damn high... thanks to never-ending gentrification and development in many areas of the city.
Citywide, rents have skyrocketed by 32% since 2002, according to the study, or analysis, by the the Community Service Society, an anti-poverty organization, and first reported by the New York Daily News. A handful of neighborhoods, though, saw some of the biggest and most insane increases throughout the years -- like Central Harlem, which topped the analysis with a staggering 90% rise in rent prices. In other words, the median rent in the neighborhood was about $821 per month in 2002, and now, it's about $1,560, according to the NYDN report. Damn.
While Central Harlem is the most extreme, five other neighborhoods in Western Brooklyn and Upper Manhattan experienced increases over 50%. Ultimately, these rising prices combined with decreases in subsidized housing and vacancy regulation resulted in the city losing a crapload -- 440,000 units -- of affordable housing, according to CSS. The analysis is based on data from the U.S. Census Bureau's 2014 New York City Housing and Vacancy Survey, which included 18,000 New Yorkers. Does the survey have a "rent is too damn high" option to check off?
Follow us on Facebook for a steady stream of daily NYC stories, and be the first to get all the food/drink/fun/news New York has to offer.
Tony Merevick is Cities News Editor at Thrillist and thinks this is not the best news to see while in the middle of his apartment hunt. Lovely. Send news tips to email@example.com and follow him on Twitter @tonymerevick.