New York City’s Decade of Skyrocketing Rents
It’s been a roller coaster of a decade for New York City renters. At the beginning of the decade, the city was coming out of a period when rents had significantly dipped thanks to the 2008 recession. But by the end of 2019, rents had skyrocketed, with back-to-back months where prices hit record highs. (The median rental price is now around $3,600/month, according to Douglas Elliman’s latest rental report.)
But where did the biggest changes happen? We asked StreetEasy to crunch the numbers to show how—and where—rents have changed from 2010 to 2019. The listings company’s economists compared the median asking rent in 2010 versus 2019 in Brooklyn, Manhattan, the Bronx, and Queens, as well as within each borough, and found some interesting—but not exactly surprising—results. (Staten Island was not included in the analysis; StreetEasy didn’t have enough rental data from the borough in 2010 that could paint an accurate picture of median asking rent cumulative over the decade.)
The takeaway: The outer boroughs saw the biggest spikes—both on a broad scale, and when you dig into the neighborhood-specific changes.
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