Value of U.S. Homes Increases; Renters Continue to Spend More in New York According to Report

It turns out that investment in real estate is still a great choice according to a new report by Zillow.  According to the report the value of U.S. homes has increased $2 trillion dollars or 6.5% year over year.  The total value of all homes in the United States is up to $31.8 trillion dollars.  The gains are significant and are the fastest increase in value since 2013.

To put these numbers of the value of U.S. homes into perspective,according to the Federal Reserve U.S. real estate was valued at $24.25 trillion in 2006 which is considered the height of the real estate bubble.  The total value levels presently would be higher than these pre-recession figures even if you accounted for inflation which 2006 value would be priced at $29.4 trillion today.

With respect to which cities have the highest value it appears that Los Angeles is the most valuable U.S. housing market.  The value of total homes in the regions came in at $2.7 trillion.  New York came in at second, at $2.6 trillion. The 10 most valuable metropolitan areas are worth $11.3 trillion combined, or 36 percent of the total value of the U.S. housing stock.  Bloomberg lists the top 10 cities value along with their changes from the last years figures.

Renters remain considerable spenders in the real estate market.  There was an increase in spending by renters by $4.9 billion dollars.  Renters spent a record amount in the amount of $485.6 in 2017.  It remains that Los Angeles and New York has the most renters as well as spend the most amount in the rental market.

With investors still being in the market or snapping up new properties there will be a need for experienced property management companies to assist with day to day operations and maintenance of these properties.  If you are in the market for an investment property or looking for a NYC property management company to oversee and facilitate your objective on increasing your revenue choosing Blue Harbour Property Management may be a good choice.  We are a full-service professional NYC property management company managing commercial and residential properties throughout the New York City region.  We manage unit in Queens, Brooklyn, Manhattan and the Bronx.

http://www.blueharbourpropertymanagement.com/value-u-s-homes-increases-renters-continue-spend-new-york-according-report/

What Manhattan Property Management Companies Should Know About Millennial Renters

It has been said that the millennial generation is one of renters.  There are plenty more in the generation that are looking to suspend home ownership in lieu of renting.  Manhattan property management companies have to adjust to this generation's notions of purchasing property and should ask the tough questions as to what exactly are Millennials looking for in a rental property?  According to a survey by J. Turner Research titled A New Lease On Millennials we may have some answers.
According to the survey, the main factors that affect a rental decision are location, quality of amenities and price point.  Survey takers also took into consideration commute times for work, proximity to public transportation value of the property and the condition of the underlying rental unit.
Amenities have become a prime consideration for renters.  We have seen many units staying vacant because the unit did not match when it comes to amenities-wise other units in the specified location with comparable price points.  Features such as including a washer and dryer and having access to outdoor patios have become important for renters.  For building managers in New York City, upgrading your pool or on-site gym should become on your to-do list if you are expecting to attract more millennial renters.

With millennial renters becoming a bigger percentage of the New York City rental market, property managers should start taking note of what the market is bearing and begin to feature additional features that younger renters are looking for.  While some things may not be possible at the property it is easy to upgrade existing "convenience" items.  Remember it is an investment and although it seems costly now, you can potentially retain a tenant that will be with you for many years to come.
It is estimated that there will be close to 80 million millennials moving out in the next few years.  With that knowledge it is important to start adapting to these renters attitudes towards renting and being developing a strategy to lure the highly valuable millennial renters for the future.

 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/manhattan-property-management-companies-know-millennial-renters/

Maximizing Your Returns During Peak Rental Season in NYC

In the property management industry, we know that the period between April and September is the peak season for rentals in NYC.  This is the time when renters, home owners and first-time home shoppers decide to make the transition to their next home. It’s is estimated that between roughly 78% of all moves happen during this period with the highest number of moves in June, July and August.

In that same period of time, roughly 30% of individuals decided to forego renewing their lease and look to new housing.  With so many people moving during this period it become critical that property managers in NYC become aggressive in advocating on behalf of your landlords and look for the best tenants available. Property managers should focus on turnover during this peak season in order to get the best quality tenants and increase rents if the market allows in your neighborhood.

During the peak rental season the market is at its highest point with respect to prospects looking for a new place to call home. This means you can ask for a slightly higher rent amount than you would in the off season. In addition to setting a higher standard for tenants, you can also set the rent slightly higher and still have a plethora of prospects who are willing to pay a bit more for their ideal home. Even in New York City’s feverish market, we can push rents a little further during this peak period.

As a seasoned real estate practitioner, property manager or landlord in New York City, you want your property to come available for rent April through September. The best way to ensure that this happens is to negotiate with your tenants for the lease to end during the peak rental period.  It can be advantageous on your end to sign a longer lease or shorter depending on when you are signing in order to gain the peak season for renters.

At Blue Harbour Property Management, we have helped many landlords maximize their rental revenues by using techniques such as using the peak season for the signing of leases.  This has become more important as rents have vacillated in Brooklyn, Manhattan and Queens for the last 18 months.

If you need assistance with the management with your property in the NYC region or would like additional information on what services we provide you can contact us at anytime at 718-843-1185.  We are a leader of small and medium sized properties in the New York City region.

http://www.blueharbourpropertymanagement.com/maximizing-returns-peak-rental-season-nyc/

Visit us at www.blueharbourpropertymanagement.com

Surprise! Metro NYC Comes In On The Lower End of Affordable Cities According to Report

In a report that shouldn't surprise many in the New York City region, New York City rents are on the low end of major cities for being affordable.  Apartment List has released a report where they surveyed the top 100 metropolitan regions.  The survey is intended to find out what is the state of the national rental market.  It showed that over 50.6% of renters are cost- burdened throughout the nation.  Cost-burdened is defined as when a renter pays over 30% of their pre-tax income in rent.  The survey indicates that nationwide, the amount of cost-burdened renters has decreased by 1.2%.  This was attributed by median incomes growing faster than market rents.

The good news nationwide is tempered by the statistics for the NYC metro area.   The NYC area includes surrounding regions such as  Jersey City and Newark.  The report indicates that 54.1% of renters are cost-burdened in the area.  In another amazing statistic the increase in rent during the period of 2005-2015 has increased 13.8% while income has only increased 1.9% during the same period.

NYC comes in as the 83rd least affordable city in the country.  Cities falling below NYC are Los Angeles (#96), San Diego (#91) and Miami coming in last in the report.

With overall income in New York City not increasing in the same proportion of rents, renters are looking for more amenities when deciding on a new rental unit.  Competition in New York City for qualified renters has also been on an uptick and professional property management will be a key in obtaining and retaining tenants at the rents desirable for landlords.   Landlords should be seeking out professional property management companies that have a plan to maximize revenues and have sound customer service to comfort renters.  Minimizing upheaval of tenants should be a main objective of NYC property management professionals.

Blue Harbour Property Management is a NYC property management company that can assist landlords reach their income goals while maintaining the highest levels of customer service and professionalism.  If you are looking for a new apartment building management company or for you are searching for someone to take over an existing property contact us at 718-843-1185 or e-mail us info@blueharbourpropertymanagment.com.

http://www.blueharbourpropertymanagement.com/surprise-metro-nyc-comes-lower-end-affordable-cities-according-report/

Visit us at www.blueharbourpropertymanagement.com