The 10 Year Rent Increase in the Hudson Valley
With many Hudson Valley residents struggling to find (and afford) a place to live, it's hard not to turn attention to the past. The phrase "rent is too high" is often followed by "these days"... but how does the cost of rent in 2023 actually compare to a decade ago?
Price increases are an unfortunate fact of life, but they don't necessarily mean things are getting more expensive, especially when taking inflation into consideration. Here's how it breaks down.
Rent Increases in the Hudson Valley
A study of "fair market rent" has been ongoing since 2006. Tracking rent increases across the country, the data is able to show both "fair" rent costs as well as actual average prices by county. Here's how the Mid-Hudson Valley shook out:
Hudson Valley Rent in 2013
Back in 2013 the fair market rent price in Orange and Dutchess counties was roughly $984 for a 1-bedroom, $1,211 for a 2-bedroom, and $1,517 for a 3-bedroom. While those are the "fair" prices, the median rents were higher, at $1,042, $1,282, and $1,606 respectively. Rents have obviously increased over the last decade, but has it out-paced inflation?
Hudson Valley Rent in 2023
In 2023, the fair market price to rent a 1-bedroom dwelling is listed as $1,233, with a median cost of $1,333. Using an inflation rate of 3.5% per-year, these rents would actually be $1,328 and $1,406, which means that in keeping pace with inflation, rent prices have actually lowered. But what about real-world Hudson Valley prices?
"Real Life" Rent in the Hudson Valley, NY
On Zillow, a quick search for 1-bedroom rentals in Orange County, NY reveals that most options are more expensive than both the fair market price of $1,233 and the median cost of $1,333. The most affordable option listed is for a 650 square-foot apartment for $1,100 per-month, and the most expensive is a 1,000 square-foot apartment hovering around $2,300 per-month.
It's a similar story in Ulster and Dutchess counties as well. While several rentals are available for fair market price, the vast majority are hundreds, if not thousands, of dollars more per-month. So is rent higher after all? The Hudson Valley may need to write a strongly-worded letter to the minds behind this rental study to push for a more accurate representation. Or let's pool our money and splurge on one of these luxury rentals below instead.