Gothamist
A non-profit newsroom, powered by WNYC.
Gothamist
Listen Live
News
NYC Rents Have Risen Faster Than Inflation
By
Rebecca Fishbein
Published Feb 25, 2015
Modified Feb 25, 2015
Share
FacebookTwitterRedditEmail
Never miss a story
Email address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .
via Elliman
By
Rebecca Fishbein
Published Feb 25, 2015
Modified Feb 25, 2015
Share
FacebookTwitterRedditEmail
We rely on your support to make local news available to all
Make your contribution now and help Gothamist thrive in 2026. Donate today
Gothamist is funded by sponsors and member donations
Lest you think you're the only one leaving tear stains on your rent checks, a new housing report says that NYC rents have increased faster than inflation, with median rents shooting up 3.4 percent over a three year period.
The Times reported on the Census Bureau's Housing and Vacancy survey today, which covered tenant and housing information from 2011 to 2014. According to the report, inflation-adjusted median rents shot up 3.4 percent, to $1,200/month from 2011 to 2014; with utilities, that increase clocks in at 4.3 percent, to $1,325/month.
But while rents have spiked, incomes have remained primarily stagnant, with median household incomes rising only 1.1 percent from 2010 to 2013. Tenants in market-rate apartments have had better luck, with an average household increase of 7.7 percent in that time period, but things are far worse for rent-stabilized tenants, who now spend an average of 33.1 percent of their incomes on rent. For comparison's sake, renters need to spend 30 percent or less on their housing in order to fall under the "affordable housing" threshold.
This isn't new news—back in April, the City Comptroller's office released a report noting that households earning under $40K "literally may not be able to find an apartment they can afford," thanks to this city's dearth of affordable housing. Currently, median household income is $41,500 a year, according to the census report—median market rate rents are $1,500 a month, and median rent-stabilized rents are $1200 a month.
The good news is that new housing developments have contributed to a big increase in market rate apartment availability, which has helped mitigate the rent spike, though housing stock increases still aren't outpacing the city's population growth. And though rent-stabilized tenants are still struggling, 2014 saw the addition of about 9,200 more such units, which is welcome data considering those units were previously decreasing in number.
Still, finding affordable housing in this city is incredibly challenging, and the report found that about 56 percent of city renters were spending about a third of their income on rent and utilities, which is well above that 30 percent line. Continue sobbing on the 1st of the month, and don't even think about moving to Queens.
Tagged
census
rent
the rent is too damn high
Rebecca Fishbein
Read more
Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
MORE news
NJ early voting begins Saturday. Here's everything you need to know.
Our 2026 New Jersey voter’s guide for this year’s midterm elections.
By
Mike Hayes
Published Oct 23, 2026 at 11:01 a.m. ET
Countdown clocks are coming to an NYC bus stop near you
New York City bus service isn't exactly reliable, but new digital countdown clocks will give riders a better sense of how long they have to wait.
By
Stephen Nessen
News
Countdown clocks are coming to an NYC bus stop near you
New York City bus service isn't exactly reliable, but new digital countdown clocks will give riders a better sense of how long they have to wait.
By
Stephen Nessen
Are NJ schools unconstitutionally segregated? It's back to the courts to decide.
By
Colleen O'Dea
Early Addition: New Jersey considering a ban on chewing gum because of microplastics
By
James Ramsay
Queens mother charged with murdering her son after failed suicide attempt, NYPD says
By
Brittany Kriegstein
Never miss a story
Catch up on the most important headlines with a roundup of essential NYC stories, delivered to your inbox daily.
Sign upEmail address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .