Why Is It So Hard to Find An Affordable Brooklyn Rental?
Jun 10, 2022 brooklyn,brooklyn real estate,brooklyn realty,brooklyn rentals,Brooklyn Renters,Buying in Brooklyn,realty collective,renting in brooklyn
If you’re frustrated and overwhelmed with the state of rent in Brooklyn, you’re not alone. In fact, there are numerous factors that have been working together to cause New York’s entire rental market to go off the wall. Below, we’ll look into six of the most likely causes, as well as a few tips to help you find your next place to call home.
#1: The Rise of Remote Work
It’s no secret that remote work became the norm for a large percentage of workers when the pandemic hit. This has caused many individuals, couples, and families to search for larger spaces as they need a spare bedroom to serve as an at-home office.
It’s also proved that people don’t always need to live where they work. If an employee has a remote position in a far-away office and they’ve always dreamed of living in Brooklyn, for example, they no longer have their commute time to hold them back.
#2: COVID Changes
COVID has turned our world upside down. For many homes, this means changes in household formation. Maybe new relationships have formed and couples are looking for a larger place to live together, or maybe feuds have been fueled while families look to live apart. No matter the change, moving in together or away from each other brings more competition to the rental market.
The pandemic also brought several programs to support renters financially. As these benefits wind down, more individuals will be looking for more affordable, long-term housing.
#3: Rent Stabilization
The 2019 rent stabilization law has helped many families. But economists suggest that it may have the opposite effect on apartments that aren’t covered by the deal. It may actually cause rental rates to go up.
This has always been a concern in New York. Seasonal renters leave their homes vacant while they’re away to ensure they’ll be available when they come back. And with rent this crazy, more people may be leaving spaces unoccupied to ensure they don’t have to complete in the market when they want to return. Recent studies show the number of vacant homes has risen at least 100,000 since 2017.
Most of these spaces are on the high end of New York rentals, but their availability would still leave a mark on the market.
With Airbnb becoming so popular, many homeowners and landlords are turning their homes into short-term rentals instead of putting them on the market. This takes homes away from the renters who need them year-round.
All in all, the rental market in Brooklyn — and New York — is difficult right now. Our world is changing, and it’s not affecting renters’ lives for the better. If you’re struggling to find an affordable place to rent, feel free to reach out to our Brooklyn-centric team today. Maybe you’re ready to buy and you don’t even know it yet!