New York City vs Nearby Cities
It’s no surprise that some of New York’s steepest real estate prices are seen in New York City. This is the most popular city in the state, and the leading neighborhoods easily command $1 million or more per home. The city’s median listing price tends to fall between $700 and $1.2 million, and it’s common for buyers to pay far more than $500 per square foot. Prices in surrounding cities are slightly lower. Long Beach, Hempstead and New Rochelle tend to maintain median listing prices above $500,000. The median price per square foot is typically around $400 in these communities.
New York City Property Managers
There are a lot of landlord-tenant laws that property owners must keep up with in New York, so property managers are in high demand. An experienced manager can take over the daily operations, ensuring that the property remains up to code and profitable. They also relieve stress for the property owner by handling rent collections, tenant disputes and complaints.
New York City Property Management Company Fees
Property managers in New York City charge an average of 10 percent of the rent collected from tenants each month. This is a flat fee that includes all services listed in the contract for some management companies, but others may offer a lower monthly percentage with added charges for a variety of services. It’s important to know exactly what services are included when you negotiate the fee.
- If a landlord fails to return a tenant’s security deposit within a reasonable amount of time, the tenant has the right to sue for damages up to $3,000 or $5,000, depending on their city.
- New York City landlords must abide by all rent control laws when determining rental rates.