Top City Searches in New York
New York: The Empire State
With 20,215,751 residents, New York is the fourth-most populous state in the nation. The state capital is Albany, while the largest city is New York City. Coincidentally, New York City is also the most populous city in the country. More than half of New York State's population resides in New York City.
New York boasts a diverse landscape consisting of mountain ranges, valleys, and lakes. Its population is equally diverse. The Empire State also attracts millions of tourists from all over the world, most of whom have New York City as their main destination. Popular landmarks include Central Park
, Times Square
, Grand Central Terminal
, the Statue of Liberty
, Niagara Falls
, and the Empire State Building
New York also has a booming economy, with major sectors in finance (particularly Wall Street), technology, agriculture, energy, and entertainment. Colleges and universities located in the state include Columbia University
, Cornell University
, New York University
, Syracuse University
, Fordham University
, Barnard College
, Sarah Lawrence College
, and those under the State University of New York
(SUNY) system. The Juilliard School
, one of the most prestigious performing arts schools in the world, is also located here.
In terms of arts and culture, New York does not disappoint. There are countless museums in the state, such as the Metropolitan Museum of Art
, the Museum of Modern Art
, the Guggenheim Museum
, and the New York State Museum
. A number of performing arts companies also operate here, including the New York City Ballet
, the Metropolitan Opera
, the New York Philharmonic
, and the New York City Opera
There are also several major sports teams based in the state. These include the New York Giants, the New York Jets, the Buffalo Bills, the New York Yankees, the New York Mets (MLB), the New York Knicks, and the Brooklyn Nets. Other attractions include the Lincoln Center for the Performing Arts
, the Rockefeller Center
, the High Line
, the Brooklyn Bridge, the Brooklyn Botanic Garden
, the Brooklyn Museum
, and the Bronx Zoo
Understanding New York's Rental Market
New York is known to have one of the most expensive housing markets in the country. The median sale price
for a home in the Empire State is $435,750, which is a whopping 17.8% year-over-year change. Although property costs more here, landlords can also look forward to lucrative gains and a large renter pool. In fact, nearly half of the state's 20-million population are renters.
Image via towncharts.com
Rent has also been increasing in New York since 2009. In 2019, the median rent was $1,309, whereas the national median was $1,097. Even small studio apartments can command a monthly rent of over $1,000 depending on the location.
Image via deptofnumbers.com
Vacancies have also been going down in New York. As the city welcomes many new residents each year, the demand for housing is quite high. With a vacancy rate of 4% in 2019, landlords won't have a hard time finding tenants to live in their rental properties.
Perhaps the only downside to New York is that it's not a very landlord-friendly state. Aside from statewide rent control laws, landlords don't have a lot of freedom when it comes to fees, evictions, and notice requirements.
Why You Need New York Property Management Services
There is no question that New York has a good rental market. With a large renter population, a low vacancy rate, and high rent, it definitely sits near the top of the list for property investors. However, there is more to rental management than just raking in the income. Landlords must put in a lot of work into their properties or risk losing tenants or, worse yet, violating the law.
This is where a New York rental management company comes in handy.
With a property manager, landlords can pass on most of their duties to an experienced and licensed professional. A property manager or management company can take over your usual responsibilities. This will leave you with more time and less stress while still earning rental income.
What can a property management company offer you?
- Rental property advertising
- Property showings
- Tenant screening
- Lease preparations
- Property inspections
- Rent collection
- Lease terms enforcement
- Maintenance management
- Tax prep assistance
- Eviction assistance
On the Hunt for Property Management in New York?
Are you looking for a New York property management company to help your rental home run smoothly? Rental Choice contains a database of the nation's most trusted property management companies and vendors.
By using your zip code or selecting your city and state, you can find qualified rental management companies and other service providers in your area. Start your search today with the help of our online directory!