July 2012 Economic Snapshot: Housing Units and Rents in NYC
For our July 2012 Economic Snapshot, NYCEDC’s Research & Analysis team looked at housing units and rents in New York City. According to the latest New York City Housing and Vacancy Survey:
- In 2011, there were nearly 3.1 million occupied housing units in New York City, of which 68.1% (2.1 million) were rentals, and 38.6% of the rentals were unregulated (market rate).
- Of the regulated rental units, almost three-fourths (74.3%) were rent stabilized; public housing accounted for 14.3%, and rent-controlled and other regulated units accounted for 3 and 8.4%, respectively.
- Almost two-thirds (62.1%) of the City’s public housing units were located in Brooklyn or Manhattan. The majority of rent-controlled units were located in Manhattan and approximately one-quarter in Brooklyn.
- There is variation in rental vacancy rates across boroughs. In 2011, the rental vacancy rate in the City was 3.12%. Brooklyn had the lowest rate (2.61%), while Staten Island, with the fewest rental units, had the highest rental vacancy rate (6.65%).