By NATHAN DUKE
New York City rents have increased by 31 percent in the past eight years. According to a study by real estate brokerages and listings aggregator StreetEasy, Elmhurst lead the way with the greatest rent growth in Queens, while Ridgewood and Long Island City had the smallest rent increases.
The study found that rents are on the rise in neighborhoods primarily inhabited by families or low-income residents. In the former case, increases were 5 percent faster than those in other communities over the past 10 years. A household that spent $2,000 per month on rent in 2010 was found to be paying an additional $620 per month—or $7,440 more per year—in 2018.
The highest spikes in rent occurred in Brooklyn’s Ditmas Park, Prospect Lefferts Gardens and Bedford-Stuyvesant.
In Queens, Elmhurst was the neighborhood with the highest rent increases—at 36 percent. More than one-third of its renters have children.
The neighborhoods with the smallest rent increases were Ridgewood—which saw a 15-percent increase, the lowest of any community in the five boroughs—and Long Island City, which had an 18-percent increase.
According to the study, rent increases have hit low-income households especially hard. In communities with household incomes below the city’s 2010 median of $50,285, rents grew by 33 percent, whereas rents in neighborhoods with an above-median income rose by 27 percent.
“Rents have risen in the city, but not all New Yorkers have felt the same effects,” said Grant Long, StreetEasy’s senior economist. “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. As a greater share of their income 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.”
According to the study, seven of the top-10 neighborhoods with the fastest increase in rents were downzoned during the past 20 years. At the same time, three of the top-10 neighborhoods with the slowest rent growth—including Long Island City—were upzoned between 2007 and 2009.