Here's how much you need to make to land apartments in hottest NYC neighborhoods, according to new Streeteasy report
But despite the new construction bolstering supply in the borough, the growth in available inventory has slowed significantly. StreetEasy says the spike in mortgage rates last year had some potential buyers sticking put. The number of homes newly up for rent sunk compared to 2019, due in part to more renters renewing their leases instead of packing up and finding a new home.
Between all five boroughs in March, Brooklyn felt the greatest drop in overall inventory, down by a third. Manhattan and Queens fell too, but they were each closer to 20%. The Bronx went relatively unchanged compared to 2019, while Staten Island's numbers broke from the pack and shot up in the borough nearly 33%.
That means renters need to bring home nearly $134,000 in annual income to keep monthly housing costs below the recommended 30% of income. Right now, that's close to double the city's median household income. As of 2021, that figure stood at $70,663.Prospective renters wait outside to enter an apartment unit during an open house in the Williamsburg neighborhood in Brooklyn.
The city's rental inventory last month rose by about 10% from the month prior. Homeowners looking to strike while the iron's hot are likely to take advantage of higher rents and put their vacant homes on the market.
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