You have undoubtedly noticed that rent costs have been steadily rising since 2020 if you withstood the COVID-19 pandemic in New York City.
With a median asking rent of $3,800 in August of this year, the average rent price in New York City has increased by an astounding 36% since before the pandemic, according to data from Zillow and StreetEasy. Compared to just five years ago, the cost has increased by more than one-third.
As if that weren’t bad enough, it turns out that there is a 389,924 home deficit nationwide, making it a rather terrible housing crisis.
Rent And Salary
Furthermore, your salary at work probably does not even keep pace with the growing cost of living. According to the survey, rents have increased seven times faster than salaries over the past year, making it more difficult than ever to pay rent if you haven’t seen a large gain in your salary.
The survey claims that demand for apartments in Queens, the most popular borough, is exceeding availability, which has caused asking prices to rise by 9% annually. That’s only one illustration of how dire things have gotten.