Friday, March 1, 2024

Home Availability for Rent in New York

The housing vacancy rate in New York fell to 1.4%, the lowest in more than half a century, according to a report published this Thursday by the city’s Department of Housing.

Conducted every three years since 1965 in partnership with the US Census, the city’s housing and vacancy survey is used to determine the need for rent control and stabilization.

He warned that, without public investment, low-income New Yorkers will struggle to find a place to live.

In just two years, the rate went from 4.54% to 1.4% (the lowest since 1968), even though the net housing stock grew by 2% (about 60,000 units), which means a lack of availability of houses, which rose. price pressure in a city where the average rent is around $4,100 per month.

Only 33,000 houses, of the nearly 2.3 million apartments available in the megapolis to accommodate its 8.5 million inhabitants, were available for rent between January and June last year, the period in which the survey was conducted.

The most emphasized market is that of houses with rents of less than $2,400, where the available 1%.

“The data is clear: the need to live in our city exceeds our capacity to build housing,” said New York Mayor Eric Adams at the presentation of the report.

With the need for about 275,000 new homes, experts think that to have a liquid market, the vacancy rate should be between 5 and 8%.

Authorities have so far failed to lift restrictions dating back to 1961 that limit the size of buildings in some areas, prevent new construction in many neighborhoods, and make it difficult to change use. in many commercial buildings, which are empty during the pandemic. in COVID for use as housing.

“Without new devices and changes in land use, the available housing supply in New York City will never keep up with the demand to live here,” the report says.

According to a 2022 report commissioned by the real estate group Real Estate Board of New York, cited by the local press, the city needs 560,000 new homes by 2030 to cope with the expected population growth.

World Nation News Desk
World Nation News Desk
World Nation News is a digital news portal website. Which provides important and latest breaking news updates to our audience in an effective and efficient ways, like world’s top stories, entertainment, sports, technology and much more news.
Latest news
Related news