The fact that renting an apartment in New York City is expensive is as obvious to most people as the fact that the sky is blue.
But a new report by the real estate research firm Reis Inc. said rental prices just went up.
The average rent for an apartment in New York City – excluding Staten Island – was up to $3,017.19 per month, according to a Reuters report.
By comparison, the average rent nationwide is $1,062 per month.
Landlords charge such high prices in the city because of demand. The vacancy rate in New York City is only 2 percent – half of the nationwide vacancy rate.
It is the first time the average rent for the city is above $3,000 since Reis started collecting data in 1980, according to the published report.
(Source: WCBSTV)
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3 Responses
This report is very relevant for frum families. Many of my newly-wed frum friends are simply moving away from the NY/NJ area back to their home towns including Cincinnati, Cleveland, South Florida, Kansas City, etc… If Jewish business owners don’t continue to encourage themselves to hire frum employees many more young couples will simply abandon the NY area. On the bright side, maybe out-of-town Kollels will “pick up business”.
Given the city government favors high rents by discouraging residential construction (through rent control and restrictive zoning), there is no surprise. The truth is that there are many cities to consider moving to (often with friendlier governments, lower taxes, and much cheaper housing). Indeed, New York is probably the worst place for frum Jews based on housing costs, taxes and a government run by Jews who see frumkeit as something to be surpressed.
Charedi people living in out of town areas is great. It increase Yiddishkeit to the masses of secular Jews. There is teacher and families for seculars to learn from