Has your rent gone up recently? Or, are you (gulp) anticipating a rent increase in the very-near-future?
Well, you’re not alone. Rents have been steadily going up for almost a decade now, in fact, they’ve risen 31 percent since 2010. And adding to that, 7 out of 10 rent hikes were in Brooklyn from 2010 and 2018.
If you’re living in a family-friendly nabe, those areas saw the most rapid increases. Street Easy reported: “Rents in neighborhoods where families make up at least 25 percent of residents grew 32 percent on average, 5 percent faster than neighborhoods where less than one quarter of residents had children.”
For Brooklynites, that means rent upticks in Ditmas Park, Elmhurst, and University Heights. And, this also affects families in low-income neighborhoods like “Prospect Lefferts Gardens and Midwood, dozens of apartments now ask for rents more than 40 percent higher than at the beginning of the decade.” Yikes.
At the end of the day, these rent hikes are hurting families and single people alike. It needs to stop.
Read the full NYC rent affordability report here.
[H/t via Street Easy]