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NYC apartment boom intensifies with a new wave of new renters

NYC apartment boom intensifies with a new wave of new renters

NEW YORK (AP) New York’s apartment vacancy rate hit a record high in November, but it’s also a record low in terms of new rentals, according to a survey released Friday by the Department of Housing and Urban Development.

It’s been more than a decade since apartment rents in New York City hit the all-time high of 2,100 per month, when they were at their highest level in nearly 40 years.

The new figures show just how tight supply in New New York has become for the past several months as a number of apartment buildings have closed and rents have risen significantly.

The city has been a hotbed for new apartment construction in recent years, but the uptick in new units has been the most dramatic in the nation’s capital.

More than 2,300 new apartment units have been built or leased in the city since January 1, according the report.

The average number of new units built per month since the start of this year is 1,933.

The latest report by the department said that New York renters are spending a third less on housing than a year ago.

The gap between renters and buyers has narrowed from a record 6.1 percent to 2.3 percent since mid-March.

The percentage of renters spending less than 30 percent of their income on housing increased to a record 28.6 percent in November.

The increase was even sharper among those with incomes under $30,000.

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