NYC Apartment Rents Grew Seven Times Faster Than Wages Last Year

Last year wages grew faster than rents nationally and in almost half of major US metro areas — but the opposite was true in New York City, where the nation’s largest gap emerged, according to a new analysis of rental data from Zillow and StreetEasy, along with wage data from the Bureau of Labor Statistics.

The study found that rents grew more than seven times faster than wages across New York City’s five boroughs last year. That gap between rent growth (8.6%) and wage growth (1.2%) in New York City was larger than in any of the 50 biggest US metro areas.