|Specialty||# of Agencies|
|Single House or Condo||6|
|Home Owners Association||19|
|Total Local Companies||26|
The average rent for a 3 bedroom house in New York, NY is $2,056.00. When you receive your requested free market assessment, compare the average rent to what a property manager expects your property to rent for before making your decision on which manager to hire.
New York, NY Rental Market Overview
40% of New York State Residents live in the NYC Metropolitan Area
There is only one vastly significant rental market noteworthy enough to make the Marcus & Millichap National Apartment Report (NAR) in 2013, but New York, NY placed first out of all of the other 43 markets recorded in the index. That's not to say that there isn't an apartment market in Albany, Buffalo or Rochester, but when your state has the most populous city in the nation and 40% of the residents in your state live in that city, it's tough to show comparable revenue numbers on a chart. Strong job growth in technology and science combined with amazingly low 1.9% vacancy rate contributed to NYC's top placing in the 2013 NAR. The addition of 9,000 new apartment units should keep the vacancy rate at or near the same percentage in 2014. Historically Buffalo has enjoyed job growth in health care and education, but the city's current unemployment rate hovers just under 8% and net migration lost 2,000 inhabitants in 2012 according to Forbes. The business magazine ranked Rochester at #45 on their list of The Best Places for Business and Careers, five places ahead of NYC. Like Buffalo, Rochester's current job growth is centered on education (The University of Rochester and the Rochester Institute of Technology) so the medical and technological sectors do better here than other occupations. Net migration in Rochester was -2,510, but keep in mind that all NY towns and cities listed on the Forbes list lost population in 2012, with NYC losing the most (over 16,000) and Utica, NY (#193 on list) shedding only 250 inhabitants.
Discover New Rental Opportunities
While the obvious strategy of following the money might seem like the easiest option for investing in New York State, the 2013 NAR also pointed out that areas outside Manhattan (Northern New Jersey ranked 8 out of 44 on their index) appeal to renters who work in the city but don't want to pay the breathtaking cost of living for a brief commute. Distressed properties on Long Island or in and around the Hudson Valley could offer excellent investment entry points for savvy independent investors. That's why many small landlords consult with a New York property manager before considering substantial changes to their property portfolios. Most New York property management companies employ real estate professionals who work with a range of local landlords and have firsthand knowledge of anticipated opportunities in their market. Take a moment to review the property management profiles listed here and then request your free information.