New Yorkers are feeling the squeeze from the city’s rising rents over the last decade, according to a new report released by Comptroller Scott Stringer.
With median rents for one- and two-bedroom apartments increasing 4 percent each year, city dwellers saw a 61 and 53 percent rent increases, respectively, from 2005 to 2017, Curbed reported, citing the report. That comes as incomes lag behind. Over the same time period, typical single-adult households saw a 1.9 percent increase in income, while other households saw a 3 percent increase.
Single-parent households see 47 percent of income gobbled up by rent, compared to 26 percent for married couples.
Stringer’s latest “Affordability Index” echoes previous reports showing the dwindling number of affordable apartments in New York City. One 2018 affordable housing report had a math error that resulted in a gross overstatement of the number of apartments that rented for $900 or less by more than half a million. [Curbed] — Georgia Kromrei