Rent gap turns\u00a0mobility into a financial constraint<\/p>\n
Moving into a typical available unit would expose a New York renter to a rent gap of $1,761 per month. According to the report, that would require more than $70,4400 in additional annual income to stay within the standard 30% affordability threshold.<\/p>\n
\u201cMuch like homeowners who locked\u2011in low, pandemic\u2011era mortgage rates, many of New York City\u2019s renters who have lived there for a few years or more wear their own golden handcuffs,\u201d Danielle Hale, chief economist at Realtor.com, said.<\/p>\n
\u201cThe rent gap between what tenants pay today and what the market asks has grown so wide that leaving your apartment is no longer just a logistical challenge. For most New Yorkers, it\u2019s become a financial near\u2011impossibility.\u201d<\/p>\n
Hale added that with a rent freeze on stabilized units potentially taking effect later this year, the gap could widen further, making it even more expensive to leave a stabilized apartment in the years ahead.<\/p>\n
Borough benchmarks underscore\u00a0affordability stress<\/p>\n