NEW YORK — New data shows the rental vacancy rate for apartment complexes in New York City hit a record high of 15.1 percent in April, as the city battled an acute housing shortage.
The median price of a home in Manhattan hit $1.1 million in April as the price of apartments in the borough hit a 10-year low.
The median rent for an apartment in Manhattan reached $2,851, up from $1,500 in April.
New York’s rent has been the highest in the nation for two consecutive months, according to the Census Bureau, rising 4.3 percent in May to $2.17 million.
The census bureau said the increase was driven largely by a surge in apartment occupancy in the suburbs, where rents have risen by a more than 13 percent since May.
According to the census bureau, New York has one of the highest vacancy rates in the country at 15.3% and the lowest average rent at $2 in May.
The city has been working to address the housing crisis, which has seen rents rise for the first time since 2008, with the latest figures showing a 7.5 percent increase in median rents in May, according a report by the American Community Survey.
The rental market has been strained by the construction of several high-rise apartment buildings in the city, including the Empire State Building and the Chrysler Building.
With more people moving out of the city and more apartments being built, rents have been rising, and the number of people moving into a rental unit has been growing, said Tom Rennie, president of the New York Communities for Change Housing Institute.
“It’s not just apartments,” Rennis said.
“It’s apartments that are going up.
And the reason is because the economy is not doing as well as it should.
The government needs to take steps to help people get into housing.”
New York City is facing a housing shortage that has seen rental prices skyrocket in recent months, as more and more people are moving out to the suburbs and in search of higher paying jobs, according for the U.S. Census Bureau.
The housing shortage is especially severe in the Bronx, where the average median price increased by almost 8.5% in May compared to the previous month, according the bureau.
New York is also in the middle of a state-wide emergency housing shortage with more than 17,000 people in New Jersey and about 15,000 in the state of New York who are homeless.
New Yorkers in New Orleans, one of several large cities in the region, have had to rely on the federal government for emergency housing in the wake of Hurricane Katrina in 2005.
The National Guard was deployed to the area after the storm and the city’s Emergency Management Agency provided emergency shelter to some 300,000 residents.