Report Finds New York City Rents Rising Fastest in Neighborhoods With Families

(NEW YORK, NY) — Rents in New York City have increased 31 percent since 2010, according to a study by the online, real estate marketplace StreetEasy.

While some neighborhoods saw rents rise as little as 15 percent and others as much as 45 percent, according to the study, rents in neighborhoods where at least a quarter of residents were families with children grew 5 percent faster than neighborhoods in which less than a quarter of residents were families.

Since the end of the financial crisis, while the pace of rent growth has varied widely across neighborhoods — from 15 percent in Ridgewood, Queens, to 45 percent in Ditmas Park, Brooklyn — rents are growing fastest in areas with higher shares of low-income residents and renter households with children, according to the study.

NEIGHBORHOODS WITH THE MOST RENT GROWTH, 2010 – 2018

Neighborhood

Borough

Cumulative Rent Growth Since 2010

Median Income (2010)

Share Renter Families (2010)

Median Asking Rent (Jan 2018)iv

Ditmas Park

Brooklyn

45%

$51,015

37%

$1,999

Prospect Lefferts Gardens

Brooklyn

45%

$42,138

27%

$2,020

Bedford-Stuyvesant

Brooklyn

41%

$35,958

37%

$2,350

Crown Heights

Brooklyn

39%

$35,874

35%

$2,300

Inwood

Manhattan

39%

$42,287

33%

$1,850

Hamilton Heights

Manhattan

39%

$33,766

30%

$2,225

Midwood

Brooklyn

38%

$59,112

31%

$1,795

Flatbush

Brooklyn

38%

$39,045

38%

$2,000

Washington Heights

Manhattan

37%

$37,245

32%

$2,134

Brighton Beach

Brooklyn

37%

$32,326

20%

$2,013

NEIGHBORHOODS WITH THE LEST RENT GROWTH, 2010 – 2018

Neighborhood

Borough

Cumulative Rent Growth Since 2010

Median Income (2010)

Share Renter Families (2010)

Median Asking Rent (Jan 2018)

Ridgewood

Queens

15%

$45,026

40%

$2,387

Central Park South

Manhattan

16%

$120,409

7%

$7,225

Midtown

Manhattan

16%

$68,307

5%

$3,900

Long Island City

Queens

18%

$55,278

30%

$2,828

Riverdale

Bronx

20%

$78,482

19%

$2,140

Midtown South

Manhattan

20%

$91,698

6%

$3,554

Gramercy Park

Manhattan

21%

$97,094

5%

$3,425

Upper West Side

Manhattan

21%

$93,040

14%

$3,350

Dumbo

Brooklyn

21%

$90,436

38%

$4,154

Stuyvesant Town/PCV

Manhattan

22%

$95,378

15%

$4,351

Grant Long, Senior Economist at StreetEasy

“Rents have risen in the city, but not all New Yorkers have felt the same effects,” said StreetEasy Senior Economist Grant Long in an Aug. 27 statement. “Residents who already struggle to make ends meet and renters dealing with the high costs of childcare are predominantly living in areas that see the most dramatic rent growth. These are often residents who have little financial flexibility to begin with. As a greater share of their incomes goes towards rent, it’s increasingly difficult for families to save for a down payment on a home, their children’s college education, or emergencies.”

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