New York City, NY: The City That Never Sleeps
New York City has a population of 8,804,190 residents, making it the most populous city in both the state of New York and in the United States. Known as “The City That Never Sleeps,” in New York, you will never run out of things to do and places to be. Other nicknames for the city include “The Big Apple,” “The Five Boroughs,” and “The Capital of the World.” New York has a flourishing economy driven by several sectors, most notably the financial sector (Wall Street). It also has the largest concentration of billionaires in the world.
In addition to a thriving economy, New York City is also home to a number of prestigious higher education institutions. Colleges and universities located in this city include Columbia University, New York University, Barnard College, Rockefeller University, Fordham University, the New York Institute of Technology, and those found in the City University of New York system.
New York is also famous for its entertainment, arts, and culture. There are countless monuments and landmarks in this city alone, which draw in millions of tourists each year. Notable areas include the Broadway Theater District, Times Square, and the Upper East Side. The city also hosts several street parades such as Macy’s Thanksgiving Day Parade, the St. Patrick’s Day Parade, and the LGBT Pride March.
There are too many popular attractions to name in New York City. However, some of the most prolific ones include the Empire State Building, the Lincoln Center for the Performing Arts, the Metropolitan Museum of Art, the Guggenheim, Central Park, the Museum of Modern Art, and the Statue of Liberty National Monument.
How Is New York’s Rental Market?
Although New York is billed as “The City That Never Sleeps,” its residents have still got to call somewhere home. If you know anything about real estate in New York, though, then you know that home prices are high here. In fact, the median listing price in NYC is a whopping $875,000. It is perhaps due to this very fact that the city sees a large renter population. Out of all the residents here, 67.3% rent their homes.
Image via towncharts.com
Being a landlord in New York also offers profitable returns. Rent has been on the rise for the longest time and is projected to continue rising. The average rent for an apartment in New York is $4,072, which is more than three times the national average. Only 4% of apartments in this city fall between the $1,501 to $2,000 rental range, and 95% command a monthly rent above $2,000.
Image via rentcafe.com
If that isn’t enough, New York City also boasts a low vacancy rate. With such a sizable population of renters in a small city, it comes as no surprise that the vacancy rate in 2019 was 3.39%. This is below the national vacancy rate of 5.97% and the state vacancy rate of 4.00% in the same year.
How a New York Property Management Company Can Help
New York certainly appeals to investors looking to capitalize on rental properties. Managing a rental home or unit, though, is not as simple as it appears. Typically, landlords don’t have enough time or experience to manage their rentals successfully. Either that or they have too many properties to manage, have no interest in rental management, or live too far away.
This is where a New York rental management company can help. A company can appoint a property manager to take care of your rental property. From screening tenants to enforcing your lease, property managers can do it all. What are the things a New York property management company or manager can do for you?
- Advertise your listing
- Screen and process tenants
- Oversee property showings
- Set and collect rent
- Create a lease agreement
- Perform move-in, move-out, and routine inspections
- Enforce your lease terms
- Manage maintenance and repairs
- Respond to tenant complaints
- Manage your budget
- Help with tax calculations
- File evictions
Find the Best Property Management in New York
Good rental management companies are hard to come by, especially if you don’t know where to look. Begin your search for the best property management company today using our comprehensive online directory. Search by city or state, browse through the list of reliable results, and click on any (or all) of them to find out more information.