Lower-income neighborhoods experience highest hikes in rent
A decade after the 2008 recession, rapidly-gentrifying neighborhoods have overtaken high-income neighborhoods in terms of increased rent costs.
A new StreetEasy report demonstrates that as rents climb across New York, the areas that are being hit by the highest increases are those that have been historically considered lower-income neighborhoods.
StreetEasy ran their data from more than a million listings in New York City from the past eight years. They found that, on average, the cost of renting in New York has increased by 31 percent since 2010. However, lower-income neighborhoods are seeing prices rise at a much faster rate.
Neighborhoods in Central Brooklyn are seeing the most drastic increases. Rent prices in Ditmas Park, Prospect-Lefferts Garden and Bedford-Stuyvesant have jumped by more than 40 percent since 2010, while higher income neighborhoods like DUMBO have seen only a 21 percent increase.
The report also found that communities of color are the most heavily burdened by rising prices. “In fact,” the report reads, “the five neighborhoods in which we found the highest rent growth are all historically black or Latino.”