New York City's Wealthiest Neighborhoods Witness 60% Rent Surge Since Pandemic
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House rental rates in New York City's wealthiest neighborhoods have surged over 60% since the COVID-19 pandemic, affecting high-income earners. Tribeca and SoHo saw the highest increases, with median rents around $8,000. Citywide rents rose 27% from 2020 to 2024, surpassing increases in other major cities. Approximately 65,000 households earning $100,000 to $300,000 now spend a third or more of their income on rent. Factors contributing to this surge include landlords recovering from pandemic losses, high interest rates, and new luxury developments.
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