If you’re considering moving to New York City, here are some need-to-know facts for 2019 about NYC Renting. We all know that rents can skyrocket, but we have some good news for you!
New York City has historically had relatively high rent, but there is good news for would-be citizens. According to the New York Times, there has been a 0.7% drop in rent prices on the average one-bedroom property. While modest, this is a welcome change to years of inflating prices.
It’s still a matter of careful planning for would-be NYC renters. With that in mind, a few changes are afoot that will change rental opportunities. Pay close attention if you’re looking to move to the Big Apple; it could save you a few dollars for the good things in life like eating outt.
More inclusivity in properties
Many NYC properties are very old and, resultantly, outdated. Fortunately, many landlords are making efforts, along with city regulators, to make homes accessible. 2019 will see this fast tracked with the federal case against the MTA.
According to the New York Post, the United States Attorney sued MTA for their inaccessible subway stations and the outcome of this could have wide ranging consequences, including more housing inclusive of accessibility requirements.
Changes in tax
When you rent in New York City, make sure you know about your property tax. Homeowners can expect to pay up to 10%, according to Bloomberg. What Bloomberg also noted, however, is that the individual tax burden is reducing.
As years progress, you can expect the tax bill to be less cumbersome as other counties pick up the slack. This means that your overall rental outgoings may be lower in the next few years, especially when considered with the ongoing trend concerning landlords.
Landlords are settling down
Whether it’s because of the political climate, or some other source of uncertainty, landlords are staying put. According to CNN Money, more and more landlords are aggressively pursuing rent negotiation, rather than simply putting prices up and letting the tenants make a choice.
This is a nod towards more stability, as a renter. You can expect that, if you look after your property and have good behavior, that your rent will reduce over the years. You will also benefit from a continued relationship with the landlord, which is advantageous for the likes of maintenance and security.
Renting in New York City can still be expensive, but it matches the high average income in the area. Making the most out of your rental will be easier in years to come, through enhanced levels of accessibility, lowered levels of tax returns and more consistent landlords.
Keep yourself aware of these trends and work around them to get your feet in the door in the grand old city.
Guest Writer: Cindy Trillo
Photo Credit: Courtesy of Jose Alonso and Daryan Shamkhali
*Last Update on March/2020.*