Why Even Six-Figure Earners Struggle to Pay Rent in New York City
Since the pandemic, rents in New York City have gone up sharply, especially in the wealthiest and most popular neighborhoods. In some areas, rents are up around 50 to 60 percent compared to just a few years ago. The sharpest jumps are in places like Greenpoint, SoHo, Tribeca, Chelsea, Dumbo, and Long Island City. What…
How New York’s Growing Population Impacts Rent Prices
New York City is the largest city in the United States, with over 8.5 million people living across Manhattan, Brooklyn, Queens, the Bronx, and Staten Island. On top of that, millions more come in every day for work or school from surrounding areas. The city has always been a magnet for newcomers, whether they are…
Why Renting Is Beating Buying in Westchester, New York
In the past several years, Westchester County has seen a boom in new apartment buildings. Cities like Yonkers, White Plains, and New Rochelle are leading the way. Yonkers approved thousands of new units in a single year, and New Rochelle wasn’t far behind. These projects aren’t just small developments—many are large complexes with hundreds of…
Rising Prices in New York: An Insight into the Real Estate Market
Rising prices are everywhere. Real estate has always been a barometer of economic vitality and financial health. At its heart is New York, a bustling hub of activity known for its iconic skyline, diverse neighborhoods, and, notably, its spiraling property costs. Recently, the city’s real estate market has witnessed a dramatic escalation in home buying…
Rent Hikes Slow Down in Queens and Brooklyn
New data shows that rent prices in Queens and Brooklyn aren’t rising as fast as they were before. In December 2024, the year-over-year rent increases in these two boroughs were smaller than they were in 2023. Meanwhile, Manhattan rents are actually going up faster now than they were a year ago. This shift suggests that…
NYC’s Housing Crisis Deepens: Evictions Spike as Renters’ Economic Struggles Continue
New York City renters are facing increasing pressures, highlighted by a striking near-200% surge in evictions. Two recent studies reveal that while landlords are managing well, their tenants are struggling significantly. Decrease in Wages and Increase in Payment Delays According to a study by the Rent Guidelines Board, there has been a notable 6.1% drop…
Pricing Patterns: A Glimpse into the High-End Real Estate of New York City
In the fiercely unpredictable real estate market of New York City, recent reports suggest a noticeable cooling, with the premium segment being no exception, as confirmed by a fresh publication from PropertyShark. For years, New York City has held the distinguished title of the most expensive real estate city in the United States. This bustling…
Why Buying a Home in New York City Is So Challenging
For anyone trying to buy a home in New York City, it quickly becomes clear that housing prices are extremely high. The city’s five boroughs—Manhattan, Brooklyn, Queens, the Bronx, and Staten Island—contain some of the most expensive neighborhoods in the United States. This high cost makes buying a home a significant challenge, especially in popular…
High Mortgage Rates Push Average Buyers Out of New York City
In recent times, the real estate market has observed a notable shift, particularly in Manhattan, where an unprecedented surge in cash transactions for home purchases has been recorded. This trend, accentuated by mortgage rates hovering around the 6 percent mark, showcases a significant barrier for prospective buyers without substantial financial backing. The last quarter of…
City Takes Over Bronx Building After Years of Landlord Neglect
For years, people living in the building at 2201-2205 Davidson Avenue in the Bronx have had to deal with broken elevators, leaking pipes, mold, rats, and even roaches. Some had to spend their own money to fix serious problems like holes in the walls or missing hot water. The building had more than 600 open…
Embracing the New York Dream: The Moving Journey
New York – a name that echoes through the dreams of many, a city of promise, ambition, and infinite possibilities. Moving to New York is not merely a change of address; it’s an adventurous transition into a life that many see as a pinnacle of the “American Dream.” This article dives into the intricacies of…
New York City Sees Another Rent Increase: Here is Why
NYC tenants see another rent increase. Typically, the beginning of the year is considered a slower period for the rental market as the year winds down and people focus on the holiday season. However, this November bucked the trend with an unexpected rise in both median rent levels and the number of new lease agreements…