New York ranks 3rd worst city for renters; what’s your take?

STATEN ISLAND, N.Y. — Some people might say you don’t need a study to tell you that rent prices across New York City are rising. In fact, many New Yorkers are finding it hard to find an affordable apartment.

A new study by Wallethub, confirms this. New York is the third worst city for renters, according to the study.

“New York is the third worst city for renters due to mainly its scarce rental affordability,” said Wallethub analyst Jill Gonzalez.

“In terms of rental affordability, it ranked 139th, with a fairly low median household income at $52,737 per year and a high rental cost for a two-bedroom apartment at $1,571 per month. Also, the rental vacancy rate is low, at almost 4 percent, ranking 137th. There are just not enough available units to go around. New York has the 6th highest cost of living in the country, so it’s understandable why residents there have a hard time renting,” she added.

STUDY FINDINGS

With family moving season historically peaking in July, the share of U.S. renter households increased in 2015 to more than 36 percent — the highest since the 1960s, according to Wallethub.

To help prospective renters get the most bang for their buck, WalletHub’s analysts compared the 150 largest cities based on their rental attractiveness and quality of life. In making such a comparison, Wallethub examined each city across 15 key metrics, ranging from historical rental-price changes and cost of living, to jobs availability.

The study findings were as follows:

Renting a Home in New York City (1=Best; 75=Avg.)

  • 139th – Rental Affordability
  • 137th – Rental Vacancy Rate
  • 145th – Cost of Living
  • 114th – Number of Paid-Relocation Jobs per Labor-Force Participants
  • 34th – Safety
  • 71st – Renter Households Spending at Least 50% of Income on Housing
  • 117th – City Satisfaction Ranking
  • 114th – Historical Rental-Price Changes
  • 90th – WalletHub “Jobs Availability” Ranking

STATEN ISLAND RENTS

Despite some encouraging employment trends, Staten Island’s largely middle class population continues to struggle in an economy where rents are rising while salaries are, at best, sluggish.

Realtors admit that rents on Staten Island appear to be rising at a higher rate than the city average, due to lack of rentals for the many residents who need apartments.

While the median asking monthly rent on Staten Island is estimated to be $1,817 by StreetEasy — less than the citywide average of $2,690 — it’s not cheap, especially for low and middle wage earners. In fact, StreetEasy estimates that borough residents need to spend more than 30 percent of their income on rent.

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