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…
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…
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…
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…
Good Cause Eviction Laws Could Protect Brooklyn Tenants from Displacement
In Brooklyn’s Columbia Street Waterfront District, dozens of low-income tenants are fighting to keep their apartments affordable as looming changes threaten to raise rents beyond their reach. For many, the stakes couldn’t be higher—they risk losing homes they’ve lived in for decades. The Situation at 63 Tiffany Place The building at 63 Tiffany Place has…
Step-by-Step Guide to Applying for NYC’s Housing Lottery
Applications are now open for a housing lottery offering 75 rent-stabilized apartments in a newly completed building in Downtown Brooklyn. These apartments are available to households earning between $31,372 and $218,010 annually, depending on the number of people in the household. Monthly rents start as low as $750 for a studio apartment. The deadline to…
10 Most Cost-effective Living Options in Westchester County, NY
Looking for an affordable city to move into in Westchester County? To compile this list, we thoroughly reviewed our recent Best Places to Live issue, annual public school rankings, and additional evaluations from Niche.com. We considered various factors, including median area income, home sale/rental prices, crime rates, teachers, and walkability. Whether you’re downsizing for budgetary…
Protecting Yourself from Real Estate and Mortgage Scams
Real estate and mortgage scams are on the rise, with fraudsters constantly devising new ways to take advantage of unsuspecting consumers. In 2021, the Federal Bureau of Investigation’s Internet Crime Complaint Center received reports from 11,578 victims regarding incidents of real estate or rental fraud. To avoid becoming a victim, here are five common real…