Monday, January 20, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems
Every year around this time, we take time to reflect and plan for next year. If you are renting your current home but have dreams of home ownership, your plan for the new year may include buying, and you wouldn’t be alone!
According to the Bank of America Homebuyer Insights Report, 74% of renters plan on buying in the next 5 years, with 38% planning to buy in the next 2 years!
When those same renters were asked why they disliked renting, 52% said that rising rental costs were their top reason, and 42% of renters believe that their rent will rise every year. The full results of the survey can be seen below:
It’s no wonder that rising rental costs came in as the top answer! The median asking rent price has risen steadily over the last 30 years, as you can see below!
There is a long-standing rule that a household should not spend more than 28% of its income on housing ...
Monday, November 18, 2019 / by Vanessa Saunders
There's a growing trend among the homeless in New York City. According to Jacquelyn Simone, policy director of Coalition for the Homeless, over the last few years, more and more of the people who come to her agency for help are working New Yorkers who simply can’t keep up with booming rental prices topping nearly $3,000 per month. As a result, she said the city is facing it’s worst homelessness crisis since The Great Depression. Simone added that the length of stay for people in the shelter system has steadily risen as the the supply of affordable apartments has declined. “About a third of families in shelter have someone who is working and just can’t afford an apartment.”
The Joint Center for Housing Studies’ 2019 State of the Nation’s Housing report confirmed that the stock of low-cost units priced below $800 per month has actually declined 17 percent (4 million) since 2011.
Inman News reported recently that the problems seen in ...
Thursday, September 12, 2019 / by Vanessa Saunders
The new legislation out of Albany for rent reform mostly impacts what are called market-rate tenants, (renters not protected by current rent controls), and their landlords. Though it isn't the sweeping reform bill many were hoping for, the legislation does contain some interesting new provisions for all tenants, ranging on issues from security deposits to eviction proceedings.
Putting the brakes on shakedowns: security deposits, background and credit report fees, and pet deposits.
Under the newly passed bill, market-rate tenants are required to put down no more than one-month’s rent as security deposit, matching the rule that currently applies to rent-regulated tenants. Landlords are limited to the amount they can charge prospective tenants for credit and background checks, either for the actual cost of the service or $20, whichever is lower.
Pet lovers may like that landlords cannot charge an extra fee for damage done by pets allowed in the apartment. Pets can cause ...