Rental prices are soaring across America and New York City is one of the most expensive in the country. In fact, after a 12% rental cost increase, the Big Apple is now the second most expensive city in the world to live in.
So, what can property managers in and out of the city do to protect themselves and their residents against the rising prices?
In this blog, we'll take a brief look at why rents are so high across the city and share measures property owners can take to stay protected while increasing NOI.
Why are rents rising?
A combination of the pandemic-induced eviction moratorium, rising mortgage interest rates, a shortage of housing options, and a lack of new builds have all played their part in inflating the rental market.
Now, properties in Queens, Brooklyn, and Manhattan are among the most expensive in the country. In fact, in June, average rental prices in Manhattan surpassed $5,000 for the first time ever.
What can you do?
There are some things you can do to help cover yourself against risk and uncertainty as a result of these increases.
TheGuarantors offers a number of solutions to help property owners and their portfolios stay ahead of the game.
Offer a security deposit alternative
With our Security Deposit Replacement product, you're able to convert renters while decreasing their move-in costs, giving renters the best opportunity to afford those increased monthly costs.
Plus, you get the peace of mind of knowing you have standard property owner-level deposit coverage and protection.
Protect your rental income
Our Lease Guarantee product helps qualify reliable candidates who wouldn't normally meet landlord qualifications while protecting you against default, thereby decreasing your bad debt and increasing NOI.
Conclusion
The rising rent crisis is a problem in many cities across the country, but thanks to protection products like ours, you don't have to feel exposed to risk as a property owner when attracting new renters. We can help you convert more renters, hit lease velocity goals, and protect you against the risk associated with doing so.
