In a report that shouldn’t surprise many in the New York City region, New York City rents are on the low end of major cities for being affordable. Apartment List has released a report where they surveyed the top 100 metropolitan regions. The survey is intended to find out what is the state of the national rental market. It showed that over 50.6% of renters are cost- burdened throughout the nation. Cost-burdened is defined as when a renter pays over 30% of their pre-tax income in rent. The survey indicates that nationwide, the amount of cost-burdened renters has decreased by 1.2%. This was attributed by median incomes growing faster than market rents.
The good news nationwide is tempered by the statistics for the NYC metro area. The NYC area includes surrounding regions such as Jersey City and Newark. The report indicates that 54.1% of renters are cost-burdened in the area. In another amazing statistic the increase in rent during the period of 2005-2015 has increased 13.8% while income has only increased 1.9% during the same period.
With overall income in New York City not increasing in the same proportion of rents, renters are looking for more amenities when deciding on a new rental unit. Competition in New York City for qualified renters has also been on an uptick and professional property management will be a key in obtaining and retaining tenants at the rents desirable for landlords. Landlords should be seeking out professional property management companies that have a plan to maximize revenues and have sound customer service to comfort renters. Minimizing upheaval of tenants should be a main objective of NYC property management professionals.
Blue Harbour Property Management is a NYC property management company that can assist landlords reach their income goals while maintaining the highest levels of customer service and professionalism. If you are looking for a new apartment building management company or for you are searching for someone to take over an existing property contact us at 718-843-1185 or e-mail us [email protected]