Most New Yorkers are renters. In New York City, there are more than 3.2 million units with about 2.2 million being rentals. This is about 63% of New York’s housing stock. More than half of these rentals are subject to some kind of regulation. However, it is not easy to get a rent-regulated apartment.
The most common rent-regulated units are rent stabilized apartments. They have guidelines which restrict increases until the apartment hits market value, which is determined to be $2,774.76 a month. However, the vacancy rate for a rent stabilized unit is about 1 percent for postwar units and about 2.5 percent for prewar units. Market-rate rentals are about 6 percent.
Rent-controlled apartments are very rare. Tenants who live in a rent-controlled apartments, receive the most protection because the leases strictly limit rent increases and make it difficult to evict tenants. These units were created due to the housing shortage after World War II. These units are no longer available to new tenants.
At this time, there are nearly 22,000 rent-controlled units in NYC. If you do not live in one already, then chances are that you will not get one. When a rent-controlled unit becomes available, the unit will be converted either to a rent-stabilized or a market rate apartment.
New York City has about a third of owner-occupied homes which shows that owning a home is a dream for most New Yorkers.
All Area Realty Services is New York City’s leading real estate management company specializing in full-service property management for cooperative and condominium boards in the Manhattan area.