Manhattan, NY

Last month, Manhattan's average rent reached a new high of $5,000

Antoine Maurice King, MBA, MSIT
Chelsea Towers(Website)

For the first time, the average monthly rent in Manhattan exceeded $5,000, and brokers predict that demand and prices will continue to rise until the fall.

The availability of Manhattan apartments for rent grew dramatically during the pandemic and is currently very close to a record low. With around 6,400 units available at the end of June, the vacancy rate was just 1.9 percent, a 46 percent decrease from the previous year.

Brokers report that many families and tenants who fled the city during the pandemic are returning despite worries about high crime, expensive taxes, and troublesome subways. Additionally, younger renters are flooding the rental market. To take advantage of the city's culture and nightlife, millennials and even some members of the Gen Z generation are moving there after graduation or working remotely from high-rise apartments.

Most tenants in NYC anticipate annual rent increases from their landlords. However, many tenants are unaware that such rent hikes may be against the law. In particular, recent modifications to the landlord-tenant rules in New York State and New York City have altered when and how much a landlord may raise a tenant's rent.

In New York City, rent hikes typically don't go beyond 5% of your current rent; however, the exact percentage your landlord can increase your rent depends on the unit location. If you reside in a free-market building, your landlord is free to raise your rent by any amount as long as they give you adequate notice. However, you have rights under New York State law restricting how much a landlord may raise your rent if you live in a rent-stabilized or rent-controlled apartment (i.e., a rent-regulated flat). Remember that more than 50% of New York City's apartments fall under the rent-stabilized or rent-regulated category.

Most of the time, you are free to discuss any rent increases your landlord proposes as part of your lease renewal. However, keep in mind that if your landlord is adamant about raising your rent, they may legally reject your "counteroffer," which you make in an attempt to negotiate. However, your landlord could think twice about decreasing the renewal rent increase amount if you have been a good tenant who pays the rent on time and has been a decent neighbor. Being a good tenant has advantages because landlords tend to agree to reduced rent offers from good tenants.

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Antoine Maurice King is a distinguished business consultant whose expertise seamlessly intersects the realms of technology and commerce. Armed with an impressive academic journey that encompasses a range of degrees—AABA, BSIT, MBA, and MSIT—Antoine's profound knowledge has enabled him to carve a remarkable path in the world of digital marketing, business development, and technology innovation. As the visionary founder of Spate Media, Antoine Maurice King has harnessed his multifaceted talents to create a dynamic platform that thrives at the crossroads of media, marketing, and technology. With an expansive career spanning over 15 years, he has masterfully collaborated with some of the most prominent figures in the entertainment industry. His strategic insights and innovative approaches have not only garnered attention but have also played a pivotal role in propelling his clients to new heights of success. Beyond his entrepreneurial endeavors, Antoine extends his influence as an esteemed business consultant and educator, passionately contributing to diverse projects across various domains. His innate ability to dissect intricate business challenges and propose effective solutions has earned him a reputation as a trusted advisor in numerous ventures. Antoine's fervent passion for his community shines through his writing, where he skillfully captures the essence of local events, music scenes, technological advancements, and the remarkable achievements of individuals striving to make a positive impact. His commitment to highlighting unsung heroes and exceptional stories resonates through his work, showcasing his unwavering dedication to uplifting those who inspire positive change. With a profound understanding of the symbiotic relationship between technology and business, Antoine Maurice King continues to shape the landscape of modern commerce. His relentless pursuit of excellence, coupled with an innate curiosity for innovation, makes him a true catalyst for growth and progress. If you come across individuals who are making remarkable strides within the community or stories that deserve recognition, Antoine welcomes your insights, reflecting his genuine commitment to amplifying the voices of those driving transformative initiatives.

Bronx, NY

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