It might come as a surprise, but Harlem is the neighborhood with the biggest increase in rents since 2002—a stunning 90 percent increase according to recent analysis.
"Median rent costs in Central Harlem increased by a vertiginous 90% between 2002 and 2014," reports John Del Signore, using data found in a recent study authored by the Community Service Society.
According to a post by Thomas J. Waters for the Community Service Society (the report is also available on the same page), the report finds that "[r]ents rose by 32 percent citywide since 2002, even after removing the effect of inflation. The sharpest increases occurred in neighborhoods surrounding the traditionally high-rent area of Manhattan below Harlem. Central Harlem led the way with a shocking 90 percent increase, with Bedford-Stuyvesant second at 63 percent."
Del Signore's coverage includes an infographic that clearly illustrates the incredible rate at which rents have increased around New York City, according to the finding of the report. Del Signore also notes that the state of New York is on the verge of letting rent stabilization laws to expire, which could lead to an additional increase in median rents.
Read the full story: Harlem Rents Are 90 Damn Percent Higher Than In 2002
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