NYC neighborhoods popular with families see sharper rent hikes

by Steve Randall28 Aug 2018

Rents in New York City have increased 31% since 2010 but a new report suggests that the hikes have been sharper in neighborhoods that are popular with families.

StreetEasy’s analysis of rent data from 2010-2018 shows that median rents have varied from as little as 15% in that period, to as much as 45%.

In those neighborhoods where at least 25% of residents were families, rents rose 5% faster (32%) than those where less than 25% of residents had children (27%).

Rents also saw faster rises in areas with higher shares of low income residents. In the neighborhoods with household incomes below the city's 2010 median of $50,285, rents grew by 33%.

"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,” says StreetEasy Senior Economist Grant Long.  “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."

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 Least 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

 

 


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