Eye on Real Estate With Dottie Herman and Guest Co-Host Richard Ferrari

So today, you know,

I thought we'd spend some time on talking about New York City rentals.

You know, it's a tight market and there's a lot of things that you really need to know before signing a lease.

Later on in the show, for those of you who might want to say, you know what? I don't think I want a rental.

I want the next step.

Maybe you don't want to spend a lot of money on a house.

So at 1130 or 1125, we will have our guest on who's going to talk about tiny homes.

And Richard, when we get through listening to him, I'm sure we'll decide whether you could live in a tiny home or not.

But for starters, I really want to emphasize talking about rentals.

Because rentals... are not as easy as you think.

People make a lot of mistakes.

And so we want to really spend today on giving you tips and things that really matter.

And one of the hardest parts of renting in New York is realizing that your budget may be very different that your lifestyle.

So you have to kind of look at monthly rent.

And we have a very tight market.

So why don't you tell us a little bit what's going on in the rental market in New York city?

Sure.

You know, pre cold that the rental market was a normal market in New York City.

Okay, something came up on the market and an agent had to do their best to get it rented.

COVID takes place and there's an exodus rents plummet.

Then midway through COVID.

Everyone wants to come back.

So you have the suburban sales market booming and you have the rental market in New York city booming rents probably went up on an open market since COVID.

Well, I'm going to say 30% almost across the board, some higher, some a little lower, but what happens now is an apartment that is that market rent, let's just say, A Manhattan, Greenwich Village, one bedroom for $6,000 a month in a good building.

Doesn't have to be a fancy building.