Queens vs Nearby Cities
Queens is second only to the Bronx when it comes to the most affordable real estate market within New York City. This borough features a median home value around $500,000, and the median listing price is typically close to that figure as well. It’s common for buyers to pay an average of $600 per square foot, which is higher than most cities throughout the United States but much lower than most boroughs in NYC. For instance, the median listing price in Brooklyn is often around $800,000. The median price often surpasses $1.2 million in Manhattan. The only borough with cheaper prices than Queens is the Bronx, where it’s common for buyers to pay less than $300 per square foot.
Queens Property Managers
Professional property managers serve as trustworthy representatives of property owners. They should have real estate experience as well as exceptional management, leadership and communication skills. They interact with tenants on a routine basis and may screen potential tenants to keep all rental units occupied and in line with state and local laws.
Queens Property Management Company Fees
Property managers in Queens typically charge a percentage of the rent collected from all rental units each month. In most cases, this fee comes to around 10 percent of the gross, but it varies. The size of the property, the services listed on the contract and other considerations can raise or lower that typical fee.
- New York tenants can withhold rent when a landlord fails to maintain their rental unit according to the health, structural and safety standards established by the state.
- If a tenant pays for substantial repairs on a rental property because the landlord failed to make such repairs, the tenant can deduct the expense from their rental payment.