January 31, 2017
Out of 20 leading U.S. cities, New York City is the least affordable, according to a new study by AppFolio. The average renter here devotes more than half (58%) of their monthly income to housing costs.
Change is coming, however, as property managers in New York City are lowering rents to compete for tenants, with new developments opening in Brooklyn, Queens and Midtown. Effective rents, which include concessions, fell 0.7% last year. Apartment buildings are 96.5% occupied, according to the report, and the average rent was $2,974 a month.
The next least affordable city is not far behind New York. Renters in Miami pay an average of 54% of their income on housing.
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