What to Know
- RentHop, an open listing-friendly platform, recently launched RentHop RentCompare to allow renters in the Big Apple to find out if they're overpaying or underpaying for rent based on a specific neighborhood and bedroom size.
- This will allow for a more informed decision of whether you should stay in your current apartment or move somewhere else.
- According to RentHop, not only will renters benefit from this tool, but landlords will as well since they can also use it to view real-time fluctuations in the market.
Hey, New Yorkers! Are you overpaying for rent? A new tool now lets you find out. Even better? It shows you in real-time.
RentHop, an open listing-friendly platform, recently launched RentHop RentCompare to allow renters in the Big Apple to find out if they're overpaying or underpaying for rent based on a specific neighborhood and bedroom size. This will allow for a more informed decision of whether you should stay in your current apartment or move somewhere else.
According to RentHop, not only will renters benefit from this tool, but landlords will as well since they can also use it to view real-time fluctuations in the market. Check it out here.
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"RentHop's mission has always been to simplify real estate decisions using data and quantitative analysis," said Lee Lin, CEO of RentHop. "Given the unique macroenvironment over the past three years, RentHop RentCompare is a crucial tool that all New York tenants and landlords should consult as they navigate their leasing choices this year."
It's a dog-eat-dog world when it comes to renting in New York City, so RentHop RentCompare is an added tool for renters use in hopes of making an informed decision when it comes to their leases.
Renters be warned: competition in the New York City market is red-hot again (if it even went down) as the spring inventory fails to keep up with demand.
News
A report published earlier this month from rental listing platform StreetEasy found Brooklyn to be the most competitive borough among renters. Average listings received nearly 100% more inquiries last month compared with listings back in March 2019, according to the site's Market Report. Citywide, that average hovers around 70%.
But despite the new construction bolstering supply in the borough, the growth in available inventory has slowed significantly. StreetEasy says the spike in mortgage rates last year had some potential buyers sticking put. The number of homes newly up for rent sunk (by about 25%) compared to 2019, due in part to more renters renewing their leases instead of packing up and finding a new home.
The pandemic has had a seismic shift on the state of the city's housing market. Since Feb. 2020, the average asking rent citywide has shot up some 15%. They reached a record high this March ($3,344), barely squeaking past the record set back in October.
That means renters need to bring home nearly $134,000 in annual income to keep monthly housing costs below the recommended 30% of income. Right now, that's close to double the city's median household income. As of 2021, that figure stood at $70,663.
