Economy August 11, 2022 | 2:18 pm

Dominicans in NY keep the cry to the sky over high rents

New York. Dominicans residing in Upper Manhattan and the Bronx, counties where 75% of their fellow citizens in NYC reside, are crying foul over the high rents of apartments and single rooms to live in.

They talk about it in beauty salons, barbershops, bodegas, stores, doctors’ offices, agencies, and bus and train stops, among other public places.

Now that the contagions are decreasing in the Metropolis, experiencing an economic recovery with new pre-pandemic normality, rents have gone up again, they agree.

According to The New York Times, rents in the Big Apple rose 33% between January 2021 and January 2022.

That’s nearly double the national rate and the highest increase among the 100 largest US cities.

According to the joint report by real estate agencies Samuel Miller and Douglas Elliman, the average price of a Manhattan rental surpassed $5,000 per month last June.

It was $5,058 per month in June, up 29% from a year earlier. According to analysts, this figure reflects the high inflation in the US, which in June was 9.1%.

Overall, the average rental price in Manhattan is up 27.02% from last year.

Read more: New York’s rent prices are on par with its skyscrapers
In Brooklyn borough, the median rental price has increased 3.52 % over the past month, from $3,385.05 to $3,504.15. The median price of ONE studio increased by 1.85 %, from $2,691.83 to $2,741.63.

In The Bronx, some neighborhoods analyzed in a report by MNS Real State noted that the price increased 1.39%, from $2,236.27 to $2,267.33.

In Queens, the city’s most diverse neighborhood, it highlights that through June, the median price increased 4.60 %, from $2,506.88 to $2,622.16, and a study increased 4.10 %, from $1,964.23 to $2,044.71.

The report states that this is the most significant increase in the last 40 years. According to records, the last time a significant increase was approved was in 2013.

Regardless of the devastation wrought by the pandemic on tenants, the NYC Rent Guidelines Board allowed a rent increase that affected nearly two million New Yorkers. 3.25% for one-year leases, and for two-year leases 5%.

Mayor Eric Adams has said that raising prices is a risk and threatens people’s quality of life. NYC is already one of the most expensive cities in the United States.

0 0 votes
Article Rating

3 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
Alfredo
August 11, 2022 9:55 pm

NY has become unlivable…a rat experiment in the making…

Paul Tierney
August 12, 2022 9:01 am

It seems rent control is not controlled. The rent costs are outrageous.

Italman
August 12, 2022 4:32 pm

Best thing they can do to preserve their self-interests is to vote with their feet and MOVE! It’s not like they’re stuck there. Go build a new Dominican community elsewhere where your talents may prove very useful. Don’t feed that ugly beast called NYC.