Rent rises on New York apartments to help struggling tenants cover rent

Rents for New York’s most expensive apartments rose more than 5% in February, bringing the average price for a three-bedroom apartment to $1,068 a month, according to data released Wednesday by the state Housing Authority.

In a statement, the Housing Authority said its rental market is “at a critical crossroads.”

The agency, which oversees the city’s rental market, said its goal is to “preserve affordable housing by making it available to more families.”

The city’s rent hike came in the wake of a recent report that found the average rent in New York City for a two-bedroom unit was $1.3 million.

A similar increase for a four-bedroom was announced last month.