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NYC median rent up 21% since 2002 December 15, 2006

Posted by farshadf in NYC.
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(AP) — New York’s citywide median rent increased by 21% in the four years ending in 2005, marking the steepest increase in more than a decade, according to a study released Thursday.

The New York City Housing and Vacancy Survey found that the median increase between 2002 and 2005 was the highest since 1993, according to the Community Service Society of New York, a nonprofit agency that advocates for low-income New Yorkers. During the same period, the median annual income of renters rose by only 6%.

The number of apartments in New York renting for up to $1000 monthly declined by 26% between 2002 and 2005, the study found.

Of New Yorkers at or below the poverty line, 39% paid at least half their income in rent, up from 33% ten years ago, according to the study. That left New York’s poor families with $32 a week per family member after rent, according to the study.

http://www.newyorkbusiness.com/apps/pbcs.dll/article?AID=/20061214/FREE/61214009/1059

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