What there is to know
- RentHop RentCompare enabled tenants in the Big Apple to find out whether they were paying too much or too little for rent based on a specific neighborhood and room size.
- This will allow you to make a more informed decision about whether you want to stay in your current apartment or move to another location.
- According to RentHop, not only tenants will benefit from this tool, but also landlords since they will also be able to use it to see market fluctuations in real time.
NEW YORK — Hello New Yorkers! Do you pay more for rent? Now, a new tool allows you to find out. Even better? It shows you in real time!
RentHop, an open platform that supports listings, recently launched RentHop RentCompare to let tenants in the Big Apple know if they are overpaying or underpaying rent based on neighborhood and location. specific room size. This will allow you to make a more informed decision about whether you want to stay in your current apartment or move to another location.
According to RentHop, not only tenants will benefit from this tool, but also landlords since they will also be able to use it to see market fluctuations in real time.
“RentHop’s mission has always been to simplify real estate decisions using quantitative data and analytics,” said Lee Lin, CEO of RentHop. “Given the unique macro environment of the past three years, RentHop RentCompare is a crucial tool that all tenants and landlords in New York should refer to when exploring their rental options this year.”
It’s a competitive world when it comes to renting in New York, so RentHop RentCompare is an additional tool that tenants can use in hopes of making an informed decision when it comes to their leases.
Renters be warned: competition in the New York market is red hot again (if down at all) as spring inventory fails to keep up with demand.
A report released earlier this month by rental listings platform StreetEasy found that Brooklyn is the most competitive borough among tenants. Medium ads received nearly 100% more requests last month compared to ads in March 2019, according to Site Market Report. Across the city, this average hovers around 70%.
But even as new construction bolsters supply in the county, growth in available inventory has slowed significantly. StreetEasy says rising mortgage rates last year caused some potential buyers to hold on. The number of new rental units has fallen (by around 25%) compared to 2019, in part because more tenants are renewing their leases rather than packing up and finding a new home.
The pandemic has had a seismic shift in the state of the city’s housing market. Since February 2020, the average asking rent across the city has skyrocketed 15%. They reached a record in March ($3,344), barely surpassing the record set in October.
This means renters must bring in nearly $134,000 in annual income to keep monthly housing costs below the recommended 30% income. Right now, that’s almost double the city’s median household income. In 2021, that figure was $70,663.