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All Boroughs May 13, 2024 11:29PM undefined
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HOUSING
(AP Photo/Ted Shaffrey, File)
HOUSING


REPORT: RENT HIKES FAR OUTPACE WAGE GROWTH IN NYC

By Patrick Adcroft New York City
PUBLISHED 8:30 AM ET May 13, 2024 PUBLISHED May 13, 2024 @8:30 AM
SHARE


Wages may have ticked up in New York City over the past year, but rents have
surged in comparison, a new study has found.

From 2022 to 2023, wages rose 1.2% across the five
boroughs, but rents increased more than seven times faster, according
to StreetEasy. 

The study analyzed Zillow and StreetEasy rental data, combined with data from
the U.S. Bureau of Labor Statistics.

The economic trend is not just found in New York City: Since 2019, rents have
grown faster than wages in 44 of the 50 largest metro areas, the report said. In
2023, rents grew faster than wages in approximately half of major metros,
with NYC having the largest gap in the country.

Report author StreetEasy economist Kenny Lee, author of the report, said the
solution to high demand for apartments and low inventory is building more
housing. 

"Fortunately, inventory in NYC has been rising steadily. I think that can
decrease the competitive pressure in the market,” Lee told NY1 in an interview.
“Also what’s special about the markets in the U.S. where wages actually
increased faster than rents, they built a lot of new apartments in their
respective areas. I think that can make a huge difference in NYC, too. Long
term, increasing the supply of affordable apartments can go a long way for the
city's renters."

Lee also said the city's strong job market keeps attracting more people
to live to the city, but that has also put pressure on the housing
market and adding to the demand at a time when inventory is low. 





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