New York’s rent-to-income ratio is at the highest level in at least 25 years, and more than 20 percent of New York homes now pay less than $2,400 a month, according to a new analysis by real estate company RealtyTrac.
Realtytrac, a real estate consulting firm based in New York, is the only company to offer data on how much the average rent-for-income rate in the New York metropolitan area has been moving in the past few years.
The median rent-per-square-foot has increased from $1,935 in 2012 to $2.838 in 2017.
In 2016, the median rent was $1.929.
In 2017, the average was $2-a-square.
Rent-to-$1,000, or $1 per square foot, is currently the highest rent in the city, at $2 a square foot.
The average rent per square-foot for New York renters in the last five years has been $1.,895, according a report by Realty Trac.
“It’s really hard to pay rent in a city like New York,” said Laura Gartrell, Realty trac’s vice president of data and analytics.
“You can rent an apartment for a year and get a decent salary, but you’ll be paying over $1 million a year for a one-bedroom apartment, and then you’ll need to move out to save for a down payment on a two-bedroom.”
Realty-trac is now offering a new tool called RentGem, which allows renters to see how much they’re paying for their apartment, from the rent-and-mortgage process all the way through to when the unit is due to sell.
The tool shows a breakdown of the average monthly rent for New Yorkers, based on the average weekly rent for a four-bedroom rental.
The rent-plus-mortgages rate, which is how much a new tenant would need to pay for the apartment to make it a viable purchase, was also trending downward.
The typical monthly rent in 2017 was $838 for a two bedroom apartment.
In 2020, the rent for the same two-bedroom was $950, according the report.
RentGems are not the only tool available.
New York Mayor Bill de Blasio announced this week that his administration would expand its rent subsidy program, which subsidizes the cost of rent in certain areas of the city.
It’s expected to be implemented in 2021.
This is the second time this year that the city has extended its rent subsidies to new and existing renters.
The city’s housing authority, however, is still reviewing whether to extend the program beyond 2021.
In 2018, the city approved a measure to extend its rent-subsidy program through 2021.
The program is set to cost about $40 million annually, but the city’s Office of Economic Development estimates it could save the city up to $1 billion annually by extending the program.
In the past, the federal government has supported landlords who want to raise rents and lower their monthly rents.
Since 2015, the U.S. Department of Housing and Urban Development has subsidized the costs of new and renovating rental units.
The government is expected to provide another $10 million in funding to help landlords who are in a low-income or middle-income bracket to raise rent and improve the quality of their units.
This year, the department is also providing additional money to help new and vacant units, such as those for senior citizens, seniors with disabilities, and others with disabilities.