Two Queens Neighborhoods Score High in Rentlogic Survey of Best Multi-Family Rental Buildings

The New York Post recently published an article on areas renters should avoid because of failing grades.  The Post used a survey by Rentlogic, a real estate data firm which hands out grades to New York City's multi-family rental buildings.  The company uses public information from the city on building violations and tenant complaints and then assigns properties a score of A (excellent), B (good), C (needs improvement) or F (unacceptable).   The survey gave high grades to two Queens neighborhoods of Floral Park and Elmhurst.  Areas in Manhattan and the Bronx scored at the bottom end of the grading.

According to the article, Rentlogic was able to review data on more than 1 million buildings from roughly 300 neighborhoods throughout New York City.  An analysis of the data, Rentlogic was able to determine what were the best and the worst neighborhoods throughout NYC.   The Post reports "The most surprising result: Prices aren’t always a proxy for quality. For instance, the city’s best-graded neighborhoods include workaday spots like Great Kills, Staten Island; Floral Park, Queens and City Island in the Bronx. (There, 99 percent or more of buildings received an A grade.) In the West Village, on the other hand, 76 percent of properties scored an A rating. In the East Village, only 52 percent of properties got an A."  Another area that was highlighted is Elmhurst which received a 92 percent (92%) score and an A.

The worst neighborhoods according to the data was Tremont (Bronx) and Inwood (Manhattan). Nine percent (9%) of buildings in these areas scored an F.  This was followed by West Harlem (Manhattan) with 7.6% of their buildings scoring an F grade.

Blue Harbour Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

http://www.blueharbourpropertymanagement.com/two-queens-neighborhoods-score-high-in-rentlogic-survey-of-best-multi-family-rental-buildings/

Home Builder Confidence Increases in May Despite Drops In Housing Production

The National Association of Home Builders in association with Wells Fargo released their May housing market index.  The survey shows that home builder confidence for newly-built single-family homes increased two points to a level of 70 in May.  A number over 50 indicates that more builders view conditions as good than poor.  This reading marked the fourth time the HMI (Home Market Index) reached 70 or higher this year.  Although builder confidence remains high, housing production fell 3.7 percent in April to a seasonally adjusted annual rate of 1.29 million units according to the data from the U.S. Department of Housing and Urban Development and the Commerce Department.

NAHB Chairman Rany Noel states  “The solid May report shows that builders are buoyed by growing consumer demand for single-family homes.  However, the record-high cost of lumber is hurting builders’ bottom lines and making it more difficult to produce competitively priced houses for newcomers to the market.”

Optimism in the housing market is further forecast by the growing economy and demand for housing says Robert Dietz, Chief Economist for the NAHB.  “Tight housing inventory, employment gains and demographic tailwinds should continue to boost demand for newly-built single-family homes.  With these fundamentals in place, the housing market should improve at a steady, gradual pace in the months ahead.”

Overall production of housing is mostly attributable to multi-family startups.  Multi-family construction fell 11.3% to a seasonally adjusted annual rate of 393,000 units. Single-family construction remained was revised upwardly 0.1% percent to 894,000 units for March.

Reiterating mostly what Mr. Noel stated about costs associated with construction, Mr. Dietz believes that construction stats for single family homes are positive but builders have some hurdles with increases in prices of supplies.  “Single-family starts are up 8.3 percent for the first four months of the year relative to the start of 2017, which is higher than our forecast and bodes well for the rest of the year. However, builders must manage supply-side hurdles, such as ongoing building material price increases and shortages of land and labor, to meet growing housing demand. Lumber prices continue to rise, with recent increases adding more than $7,000 to the price of an average single-family home.”

Blue Harbour Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

http://www.blueharbourpropertymanagement.com/home-builder-confidence-increases-in-may-despite-drops-in-housing-production/