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Real estate marketplace RentHop has launched RentHop RentCompare, a calculator that shows prices for apartments in New York City in real time. The tool allows renters and landlords to find the average rental price of a particular apartment based on its location and size. While landlords can use RentHop RentCompare to view market fluctuations in real time, potential renters can use the tool to understand whether a rental offer is worth taking up. The rental market in New York City has changed significantly due to the pandemic, with average asking rents increasing by around 15% since February 2020.
How to rent a house in New York at a bargain price
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.
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Competition for housing in the New York market is heating up
In April, real estate marketplace StreetEasy published a report on the New York real estate market. 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 $3,344. This means that renters need to have an annual income of around $134,000 to keep their monthly housing costs below the recommended 30% of income. This is now nearly double the median household income in the city ($70,663).
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