Lower-income neighborhoods experience highest hikes in rent
A decade after the 2008 recession, rapidly-gentrifying neighborhoods have overtaken high-income neighborhoods in terms of increased rent costs.
A new StreetEasy report demonstrates that as rents climb across New York, the areas that are being hit by the highest increases are those that have been historically considered lower-income neighborhoods.
StreetEasy ran their data from more than a million listings in New York City from the past eight years. They found that, on average, the cost of renting in New York has increased by 31 percent since 2010. However, lower-income neighborhoods are seeing prices rise at a much faster rate.
Brooklyn Boro
View MoreNew York City’s most populous borough, Brooklyn, is home to nearly 2.6 million residents. If Brooklyn were an independent city it would be the fourth largest city in the United States. While Brooklyn has become the epitome of ‘cool and hip’ in recent years, for those that were born here, raised families here and improved communities over the years, Brooklyn has never been ‘uncool’.