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New York City Rent Prices Rise While Vacancy Rates Fall

Courtesy of: Anthony Quintano/ Flickr

Apparently, warmer weather coupled with high consumer demand this past June contributed to higher rental prices in New York City. The latest Elliman report shows that the median rental price for Manhattan rose to $3,300 - a 3.3% increase from the same month last year and the highest it has been in more than 5 years. The June vacancy level fell to 1.64% from last period's 1.83%, and is the lowest June level in the 5 years the metric has been tracked.

Rent Stabilization Association Fights Rent Freeze

rent stabilization association

President of the Rent Stabilization Association: Joseph Strasburg 

The Rent Guidelines Board (RGB) will be making a highly debated decision next week in regards to a percentile increase of rent stabilized apartments. Although this vote takes place every year, this year’s decision has been exceptionally publicized due to a potential rent freeze. Bill de Blasio, the first mayor to ever run on the platform of a rent freeze, may come through on his promise—considering that over half the board has been given a seat via his appointment. Although the board favors implementation of the first rent freeze in NYC history, the Rent Stabilization Association (RSA) has other ideas.

De Blasio Appoints New Rent Guidelines Board Members

Bill de Blasio Renters Guideline Board

Mayor de Blasio has so far stayed in consistency with his plan to create more affordable housing here in NYC. One method of making NYC a more affordable city would be pursuing a renters’ freeze of regulated rents. The Rent Guidelines Board, which is comprised of nine people, had five seats on this board that were recently up for re-appointment or new appointments in March. De Blasio had finally filled these five of the nine seats. The other four seats left for re/new-appointment will be filled in December 2014.

De Blasio Appoints New Guidelines Board: Will NYC's Next Freeze Be Rent?

New York City renters are hoping that Mayor de Blasio will follow through with his campaign promise of a renting freeze. The NYC Mayor will be appointing the nine members that make up the Rent Guidelines Board (RGB). This board decides how much regulated rents will increase per year.

Top 5 Mistakes 20-Somethings Make When Renting in NYC

Twenty-somethings have all the responsibilities of adulthood, but more often than not, they lack apartment hunting experience. Renting in New York City can even prove challenging for the most learned rental veteran, so for someone fresh into the market, it can easily overwhelm. It doesn't have to, though. We're here to help learn from mistakes of renters past. From budgeting to neighborhood research to lease comprehension, these are the top 5 mistakes 20-somethings make when renting in New York City.

Seventy Years of Rent Control in NYC

Rent Control Limits in NYC

People will do crazy things to get their hands on a rent controlled apartment, from pretending to be someone’s relative to pretending their dead relative that owned the home is in fact, still alive and kicking. A book by Robert Fogelson entitled The Great Rent Wars: New York 1917-1929, explains the tumultuous story of the many attempts to fix a terrible housing situation before rent control. Enacted 70 years ago, the story of rent regulations started with a government that could care less about the issues happening with housing.

Looking for a Roomie in NYC?

Moving in and out might be an exciting experience but it’s also tiresome, and when it is in New York City, that experience can turn into a real brainteaser. As the average rent in the city keeps rocketing, so does the number of people living with roommates. 

Reports Suggest Tight Rental Market Ahead for Manhattan

Reports Suggest Tight Rental Market Ahead for Manhattan

Well, this bit of news will come as no surprise to those of you who have been following this blog: rents for apartments in Manhattan have risen again, and this trend is expected to continue as summer comes to New York City. The latest rental market report from Douglas Elliman put the median rent of a Manhattan apartment to be at $3,195 per month, which is an increase of 6.5 percent from its value a year ago in April.

In New York City, Even the Politicians Rent

Anthony Weiner is one of many New York politicians who rent in the city

For a city that’s known for its sheer number of renters, it’s good to know that some of New York City’s most powerful citizens are living in the city as tenants as well. From mayoral hopefuls to sitting Congressmen, there are a number of politicians in New York who are choosing to rent an apartment, instead of buying one. Some of these apartments are rent-stabilized, and others are condominium residences—our politicians seem to be very particular on where they rent in the city.