NYC rents hiked by most in 10 years: Only 1 out of 5 full-time workers can afford it

Updated : Jul 31, 2022 11:03
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Editorji News Desk

For those hoping to get an affordable rent-controlled flat like Carrie-Bradshaw or Monica and Rachel, that may be a distant dream now. 2.4 million New York City tenants will face the biggest rent hikes they’ve seen in nearly a decade. 

New York's rent regulation panel has approved to hike rents on more than one million rent stabilized apartments by 3.2%, the biggest jump in 10 years. 

Also read/watch| Price of scooter and bikes to be hiked from July 1

As per experts, if you wanted to rent an apartment in NY city you will need to shell out the average asking rent of $2,750 per month for available apartments. Bloomberg cites a New York City Department of Housing Preservation and Development report that found only 23% of full-time workers in the city can afford median rent. So only 1 out of 5 full-time workers can afford to live in the city that does not sleep. 

New York CityNew York

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