New York City Rent Prices Moving In the Right Direction

NYC, rental prices, decreasing

March 7, 2018

A recent article of the Wall Street Journal announces great news, NYC rental prices are moving in the right direction as rent prices have lowered quite a bit in response to a boom of new available housing. NYC rental prices have had a market response as the increase in the supply of housing has led to a decrease in overall housing and rental prices.

According to the recent U.S Census bureau survey on housing prices, there has been a record amount of new available housing, 3.47 million units in 2017 in New York. The latest U.S. Census survey conducted in the first half of 2017 showed an increase of 117,000 available housing units since 2011.

This is a sign that NYC is moving in the right direction. Last year, a major piece of my platform was to modernize and prepare NYC for the future by improving the infrastructure and the educational system. New York needs to continue to improve its infrastructure, especially in the area of housing and available rental units. New available housing and rental units are much needed especially if NYC is to prepare it’s city and population for the New Age of the 21st century.

Most of the housing available in NYC were made before 1950, in order to address the population boom of the late 19th and early 20th century.  After WWII, there was another small boom of immigrants to NYC, but this boom eventually caused a dispersal of about 1 million residents during the 1970s.

To prevent NYC from experiencing another massive move away from NYC as it did during the 1970s , caused about the increase in crime and decrease in economic value, NYC needs to continue to focus on two primary areas that will continue to define NYC in the future, and that is infrastructure and education.

While NYC has made slight improvements in rental prices, more has to be done to ensure high standard of living can be achieved for the average NYC resident, by living in an era of cheap available housing and a modern infrastructure prepared to handle the 21st century challenges, and those of the future and beyond.