NYU Furman Center: NYC Rental Apartment Info, Fall 2011
New York University’s Furman Center for Real Estate and Urban Policy is one of the great repositories of information about the way we physically live, today in New York City.
And though the vast amounts of data held by the Furman Center about NYC rental apartments is obviously invaluable for urban planners both here and elsewhere, it also provides some useful background for NYC apartment hunters, as well as being just plain fun for real estate geeks like us.
Anyway, the reason I bring this up is that last week I came across a terrific infographic that distills some recent Furman Center top-line data into a series of handy, at-a-glance graphs and charts.
Some of the information here simply confirms what you would imagine: for example, on average, people stay in NYC rent-regulated apartments three times longer than their market-price counterparts, 12 years versus 3 years; and that more people live in rentals than in condos or co-ops, though that the percentage-difference is SO high–69% of New Yorkers rent!–did surprise me a bit.
There is also plenty in the Furman Center data about NYC rental apartments that I didn’t know. That 10% of New Yorkers walk to work seem about right (that less than 1% bike is unfortunate but, hopefully, is trending higher with all the new bike lanes), but I never would have predicted that the highest percentage of walkers come from Stuy Town and Turtle Bay, from which a whopping 40% commute by foot. I mean, where do all these people work? The Flatiron? Do they walk to Midtown?
Also somewhat counterintuitive, when you consider population density by borough: that in Manhattan more than 92% of all residential building are within a quarter mile–roughly five street blocks–of a park, whereas in Staten Island, less than two-thirds are as close… but I guess that’s the difference between city living and “suburban” living: green space in Manhattan and the Bronx tends to be shared with others (as in a park), rather than kept private, as in the front lawns of Staten Island, as well as Queens.
In more NYC rental apartment news last week, the September Manhattan and Brooklyn rental apartment report from MNS showed that overall, average rents went up yet again in those boroughs, with Tribeca and Soho leading the way (the average price for a non-doorman Tribeca studio? An astounding $4,150!).
But there was some relief for renters in sight. The average rent for studios apartments city-wide was down almost five percent, for example, and affordable Brooklyn rental apartments remain widely available in neighborhoods such as Bedford-Stuyvesant and Clinton Hill, though Park Slope and Boerum Hill prices continue to rise.
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