How to rent a house in New York at a bargain price - use the average rental price calculator
'01.05.2023'
Nadezhda Verbitskaya
New York is a wonderful city. If only it weren't for the huge housing prices. Sometimes it is difficult to understand whether the rental price in the ad is too high, or is this the norm for the area in which the apartment is located.
Especially for such cases, RentHop launched RentHop RentCompare. The calculator shows prices for apartments in New York in real time. You can enter the area, the size of the apartment - and the service will show you the average rental price of such housing. This way you can understand how profitable the rental offer you are considering, or how fair the price you are paying for your home.
This tool will be useful not only to tenants, but also to landlords. They can use it to view market fluctuations in real time.
When it comes to renting a property in New York, it's never easy. RentHop RentCompare is an additional tool for tenants to help them make an informed decision when concluding a lease agreement.
On the subject: Renting a home in New York: why do landlords check your credit history and what data are they looking for
Competition for housing in the New York market is heating up
In April platform for the sale and rental of housing StreetEasy published a report about the real estate market in New York. It states that Brooklyn has the highest tenant competition. New construction is increasing the supply of housing in the area, but high prices are scaring away tenants. According to StreetEasy, a hike in mortgage rates last year caused some potential buyers to delay buying, so they continue to create competition for renters. The number of houses for rent has decreased (by about 25%) compared to 2019. This is in part because more tenants are renewing their contracts instead of looking for a new home.
The pandemic has had a powerful impact on the city's housing market. Since February 2020, the average asking rent across the city has increased by approximately 15%. In March of this year, it hit an all-time high of $3. This means that renters need to have an annual income of around $344 to keep their monthly housing costs below the recommended 134% of income. This is now nearly double the median household income in the city ($000).
