NYC Income Growing Faster than Rents

“I think the general trend is going to remain in place for a while. Because we’re seeing weakness in the upper end of the market and that’s where the new supply is coming. The rental development that’s being added to the housing stock is skewed towards the upper half of the rental market,” Miller told Real Estate Weekly.

“The rent is sideways because, if you look under the hood, the upper end of the market showed flat prices and the low rent market showed really strong growth.ˮ

I don't buy thins. If "The rental development that’s being added to the housing stock is skewed towards the upper half of the rental market" how do you have the median rent not increasing?

because median is not affected by skew. see formula for median. only average rent will rise.

This has to be viewed by neighborhood, and by income.

In a skewed distribution the median is often further towards the "fat side" than the mean. It definitely is affected by skewness and if anything skeweness towards the high end would bring the median up.

Some strange numbers in that article such as, '...the growth in median gross rent in New York City was more moderate, increasing by just 3.1 percent from $1,278 to $1,317.' How the heck is median rent only $1,317 per month? I guess that includes all the regulated housing?