"The good news for renters is that we're starting to head into the colder months, which is when rents in the city tend to be at their lowest, so if you're looking now, you're more likely to snag a deal," said Casey Roberts, emphasizing seasonal trends in rent prices.
"Rents have grown seven times faster than wages in the past year, according to the report, meaning that if you haven't received significant salary increases, it's harder than ever to pay for rent," highlighting the widening gap between income and housing costs.
According to data by Zillow and StreetEasy, the average New York City rent price has gone up by a staggering 36% since before the pandemic, with a median asking rent of $3,800 in August of this year,
There's a deficit of 389,924 homes across the country, exacerbating the housing shortage and increasing competition among renters in popular areas like Queens, where demand has led to a 9% year-on-year increase in asking price.
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