85% of NYC Rental Agents Say They're Impacted by the Housing Shortage
Here are the solutions they support.Key TakeawaysThe affordability crisis in NYC is significantly affecting rental agents, with 85% reporting that the housing shortage has an impact on their business.Many agents spend over 10 hours marketing a single rental listing, and report the time (66%) and financial cost (60%) it takes to market units with no guarantee of payment as top pain points.Agents support a variety of solutions to improve NYC's housing crisis, including builder incentives, converting commercial buildings, and renter assistance.Agents also broadly support renter-friendly practices, including independent representation, signing written agreements, and ensuring renters have access to all available inventory.The NYC rental market is competitive - for renters and agents. And with ongoing rental affordability challenges and limited inventory, it's getting even tougher.Just how much is the housing crisis affecting rental agents, and what would solve some of the common problems renters and agents face? A StreetEasy survey recently posed these questions to more than 400 NYC agents who've represented a renter or landlord in the last five years. In this article, we'll explore what they told us, including how limited rental inventory is impacting their work, the biggest challenges they're currently facing, and the changes they believe will make the greatest impact on the NYC market.Table of ContentsNYC rental agents' jobs are being impacted by the affordability crisisAgents work hard - but aren't consistently paid for their workAgents believe transparency and access benefits renters and agentsAgents support giving renters more options to pay upfront costs and build creditThe policy measures agents most believe will help New York's housing affordability crisisHow StreetEasy is helping address the affordability crisis for renters, landlords, and agentsMethodologyNYC rental agents' jobs are being impacted by the affordability crisisMedian asking rents in NYC hit record highs this year, reaching $3,800 in August 2024. These high rents are primarily due to low inventory. In 2023, just 1.4% of NYC rentals were vacant - a historic low for the city. While inventory has been slowly rising recently, the shortage is still putting an enormous strain on the market, impacting many renters and agents.According to our survey, 85% of agents say the shortage has impacted their business. Only 16% say the shortage hasn’t impacted them at all.Agents work hard - but aren't consistently paid for their workFor most agents, marketing rental listings is a time-consuming task - and there's often no guarantee of a commission. More than half (56%) of NYC agents reported spending over 10 hours marketing a rental listing for a landlord. Dig a little deeper, and you'll find that the largest percentage of agents (29%) said they spend between five and 10 hours marketing a single listing, while 24% said they spent 11 to 15 hours, and 19% said 16 to 19 hours. For 14% of agents, rental marketing takes over 20 hours, while another 15% said they spend less than five hours.Time-consuming marketing can become even more challenging for agents when working on open listings, where landlords work with multiple agents to rent out an apartment. A commission is only paid to the agent who successfully finds a renter for the listing, denying compensation to other agents who marketed the rental unit.Around two-thirds (70%) of agents have worked on an open listing at some point. Some of the issues they face are the time (66%) and financial cost (60%) it takes to market units with no guarantee of payment, lack of insight from landlords around current and upcoming apartment vacancies (66%), and getting paid on time by landlords (49%).Competition with other agents is another common pain point with open listings. Agents find it challenging to compete to win a listing (64%) or even access the apartment for a showing (61%).A vast majority of agents (91%) have faced at least three of the problems described above when working on an open listing. When asked if they were compensated fairly for their time invested in these units, 68% of agents agreed, while 32% disagreed.Agents believe transparency and access benefits renters and agentsThere's no denying that NYC's rental market needs improvements to be more equitable and accessible. When asked what actions are most beneficial to renters and agents, agents put actions that increase transparency, access and consumer choice at the top of the list.For example, 79% said a renter's agent not also representing the landlord is in renters' best interest, while 70% said independent representation benefits agents, too. Another 75% said a written agreement outlining an agent's compensation and rental services is beneficial to renters, while 65% said the same of agents. Most agents (70%) said renters would benefit from having access to all available rental listings on the market, while 54% said this would benefit agents too. Lastly, 69% believe renters being able to choose whether they work with an agent is helpful for renters, while 52% believe this helps agents as well.Agents support giving renters more options to pay upfront costs and build creditRenters face substantial financial hurdles when moving into an apartment, like paying the first month's rent, a security deposit, and often a broker fee upfront. All told, the average NYC renter spends over $10,400 in upfront costs - a 7.1% jump from 2019. Since the median NYC household income is $74,694, that means the typical renter has to pay 14% of their yearly income when signing a new lease. To alleviate some of this burden, 76% of agents say renters would benefit from payment plans to help them pay upfront costs in installments. Most agents (68%) believe renters would also benefit from the ability to negotiate the broker fee paid to an agent, and 67% say the same of allowing renters to build credit while paying rent.The policy measures agents most believe will help New York's housing affordability crisisAgents say NYC needs to provide more support for builders, landlords, and renters to ease the housing shortage and high cost of renting. However, agents vary widely in which solutions they view as most important for alleviating New York's housing crisis.When asked what are the top three measures that would help improve the affordability crisis, agents most often pointed to tax incentives for builders and developers to encourage constructing more housing (53%), increasing government-sponsored renter assistance such as housing vouchers (48%), repurposing commercial buildings for residential use (46%), and more government programs to support landlords with maintenance and repairs (46%).How StreetEasy is helping address the affordability crisis for renters, landlords, and agentsAt StreetEasy and Zillow, we're committed to creating a more equitable housing market for New Yorkers and supporting the agents who serve them. We're working to help address the city's affordability crisis by advocating for comprehensive legislation, with the goal of increasing access, transparency, and affordability. That includes supporting zoning regulations to increase the housing supply, as well as policy changes to combat housing discrimination. Crucially, we're also supporting legislation to reshape the current broker fee model. This includes measures to lower upfront costs for renters by requiring the hiring party to pay the broker fee, and to ensure agents are paid for their work by having written agreements in place with the hiring party.Other advocacy efforts include partnering with fair housing organizations such as the Fair Housing Justice Center, Enterprise Community Partners, and the Center for NYC Neighborhoods (CNYCN), as well as industry groups like the New York State Association of Realtors (NYSAR), Hudson Gateway Association of Realtors (HGAR), and Long Island Board of Realtors (LIBOR) to push for resources and legislation to combat housing discrimination statewide.StreetEasy and Zillow are open and enthusiastic about working together with agents and landlords to create a better system for all. Interested in partnering with us on our efforts to address NYC housing affordability? Fill out this brief form. MethodologyThese analyses use data from Zillow Group Population Science's July 2024 New York Agent Survey. Residential agents who lived in New York state, whose majority of listings are in the NYC metro area, and have represented either a renter or landlord in the last 5 years were eligible for participation. The survey included 445 agents.To achieve representativeness of rental agents (agents that have represented renters, landlords, or both) in New York, we weighted the sample using the U.S. Census Bureau 2022 Current Population Survey Annual Social and Economic Supplement (CPS ASEC) using age, race/ethnicity, education, and income. In the American Community Survey, "agents" were defined as (1) adults (2) in the labor force who (3) have a positive (personal) income and (4) have a primary occupation classified as "real estate brokers and sales agents."StreetEasy is an assumed name of Zillow, Inc. which has a real estate brokerage license in all 50 states and D.C. See real estate licenses. StreetEasy does not intend to interfere with any agency agreement you may have with a real estate professional or solicit your business if you are already under contract to purchase or sell property. All data for uncited sources in this presentation has been sourced from Zillow data and/or surveys. Copyright © 2024 by Zillow, Inc. and/or its affiliates. All rights reserved.
6 Tips for Introducing a Buyer's Agreement
Disclaimer: The contents of this article are industry best practices which were sourced from StreetEasy data and interviews with our Agent Advisory Board, unless noted otherwise. Any scripts provided are only meant to act as examples and are not required. Nothing in this presentation is intended to be legal advice. For specific questions about any duties or obligations arising out of a real estate transaction, check your local and state licensing laws and regulations, contact your broker, or an attorney.In light of the recent National Association of REALTORS® (NAR) settlement, many NYC agents will need to make changes to the way they do things, including how and when they introduce a buyer's agreement.Buyer's agreement is a catch-all term for a written agreement between an agent and a buyer client. One type of buyer's agreement is a touring agreement, which many agents now need to have prospective buyers sign before touring homes with them. Another type is a buyer's representation agreement, a long-term agreement covering the broader real estate services provided by the agent as well as representation, compensation, and payment terms.While buyer's agreements may seem like an additional hurdle to landing clients, we believe introducing one early on is an opportunity to promote transparency and build much-needed rapport - when done correctly. In this article, we're sharing our best tips for discussing buyer's agreements with potential clients so you can win their business, and their trust.1. Make sure you thoroughly understand the agreementEven if your brokerage provides a buyer's agreement for you to use, it's a good idea to read through it carefully so you understand every clause and stipulation. After all, if clients have questions (and they likely will), you want to make sure you can answer them.You can also sit down with someone at your brokerage who can walk you through the agreement, and explain any sections or company-specific policies you have questions about. Also, consider taking advantage of any training sessions or resources offered by your brokerage or real estate organization to learn more about buyer's agreements.2. Share the benefits of using a buyer's agreementSome buyers might hesitate to sign an agreement because they think it only benefits you. To help shift that mindset, try framing the agreement as a mutually beneficial partnership, which does things such as:Setting clear expectations regarding your services and each party's responsibilitiesProtecting the buyer's interests by stating you won't represent them and the seller on the same deal (unless mutually agreed upon, and all required disclosure forms are signed)Granting the buyer access to your expert guidance in NYC's notoriously challenging real estate marketAssuring you'll negotiate the best possible price, terms, and contingencies on the buyer's behalf3. Use simple, clear languageWhen discussing a buyer's agreement, you'll want to avoid legal or industry jargon that could be confusing.Here's an example of technical language to avoid: “The duration of the agreement establishes an irrevocable right of representation for me as your agent, binding you to the brokerage for the procurement of real property within the specified term.”Instead, consider saying, “This section means I’ll be your agent for a set time, so I can focus on helping you find the right home.”4. Explain your fee structure upfrontLikely as a result of the NAR settlement, many consumers are more aware of how buyer's agents are paid. Still, some buyers might be concerned or confused about how much they'll owe you. Introducing a buyer's agreement is a great way to clearly explain how your fee structure works, that your fees are negotiable, and what happens if the seller pays part or none of your commission.Addressing compensation upfront can help alleviate any confusion and allow the buyer to better determine if you'd be a good fit for them.5. Offer a short-term, non-exclusive agreement before touring homesEarly on, potential clients may be hesitant to sign an exclusive buyer's agreement - especially if they're not yet sure it's the right fit. You can put their concerns to rest by offering a short-term, non-exclusive agreement they can sign before touring homes with you. For example, StreetEasy’s Touring Agreement is non-exclusive and only lasts for seven days, after which agents and buyers can enter a longer-lasting, exclusive agreement if they wish.You can use StreetEasy's Touring Agreement, or a similar agreement provided by your brokerage, to keep clients from feeling locked into anything before they're ready to commit.6. Share success stories from past clientsCan you think of past clients who benefitted from signing a buyer's agreement with you? Perhaps you helped one make a winning offer on a home matching their specific criteria - all because of your expertise and personalized attention. Or maybe you helped another client negotiate favorable terms on a co-op and nail the board interview. Sharing real-life success stories when introducing a buyer's agreement is a great way to build trust with potential clients and help them feel confident about working with you.Introducing a buyer's agreement is a crucial step for agents. By implementing the tips above, you should be better equipped to turn a potential obstacle into a strong foundation for a successful agent-client relationship.StreetEasy is an assumed name of Zillow, Inc. which has a real estate brokerage license in all 50 states and D.C. See real estate licenses. StreetEasy Concierge team members are real estate licensees, however they are not your agents or providing real estate brokerage services on your behalf. StreetEasy does not intend to interfere with any agency agreement you may have with a real estate professional or solicit your business if you are already under contract to purchase or sell property.
7 Ways to Fix an Overheated Apartment in NYC
Sure, you can throw on a sweater when things get chilly at home. But what can you do if your apartment feels like an oven when the temperature drops? If you live in an older NYC apartment, you may have noticed that no matter how cold it gets outside, inside your dwelling feels excruciatingly hot and dry. What can you do if you have an overheated NYC apartment this winter? These tips will help you cool down.Table of Contents Brooklyn Rentals Under $3,000 on StreetEasy Article continues below Ocean Hill 48 Hull Street $2,600 No Fee beds@1.5x Created with Sketch. 3 | bath@1.5x Created with Sketch. 1 Weeksville 1320 Sterling Place $3,000 No Fee beds@1.5x Created with Sketch. 4 | bath@1.5x Created with Sketch. 1.5 Sunset Park 257 49th Street $3,000 No Fee beds@1.5x Created with Sketch. 3 | bath@1.5x Created with Sketch. 1.5 Midwood 1447 East 2nd Street $2,335 No Fee beds@1.5x Created with Sketch. 2 | bath@1.5x Created with Sketch. 1 Crown Heights 2441 Dean Street $2,500 No Fee beds@1.5x Created with Sketch. 2 | bath@1.5x Created with Sketch. 1 Borough Park 4012 14th Avenue $1,749 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Clinton Hill 4 Saint James’s Place $2,900 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Stuyvesant Heights 314 Stuyvesant Avenue $2,999 No Fee beds@1.5x Created with Sketch. 2 | bath@1.5x Created with Sketch. 1 Crown Heights 817 Saint John’s Place $2,673 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Weeksville 1301 Park Place $2,100 No Fee beds@1.5x Created with Sketch. Studio | bath@1.5x Created with Sketch. 1 Flatbush 100 East 21st Street $1,900 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Crown Heights 873 Bergen Street $2,600 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Understanding How Your Apartment Is HeatedIf you live in an older apartment building, chances are your building uses steam heating. According to a 2019 city report, more than 80% of large multifamily buildings still use steam heating systems. These systems are inefficient and old and often distribute heat unevenly throughout the building, resulting in an overheated apartment. Also, landlords might simply be turning up the heat to ensure all the apartments in the building are getting to the required temperature. As a result, your well-heated apartment could be well above that temperature!On top of that, your apartment is being heated precisely the way it was meant to be: that is, overheated. This view dates back to the 1900s when health experts encouraged NYC residents to keep their windows open for fresh air no matter how cold the temperature outside. Today, of course, we realize what a huge waste of energy this is.If you can’t control the heat in your building or convince your landlord to cool it, then it’s time for a quick fix. Here are seven renter-friendly methods to cool your overheated NYC apartment in the winter. Open the Windows to Release Some HeatThis seems like an obvious solution, but it can help. It does have drawbacks, though: Heating comes in waves, so while you may go to sleep nice and cozy, you could wake up with chattering teeth. Opening a window also may not always solve the problem, as the radiator can simply overpower the cool air. Manhattan Rentals Under $3,000 on StreetEasy Article continues below Yorkville 335 East 92nd Street $2,400 No Fee beds@1.5x Created with Sketch. Studio | bath@1.5x Created with Sketch. 1 East Village 216 East 13th Street $2,700 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Upper West Side 309 West 84th Street $2,475 No Fee beds@1.5x Created with Sketch. Studio | bath@1.5x Created with Sketch. 1 Greenwich Village 231 Thompson Street $2,700 No Fee beds@1.5x Created with Sketch. Studio | bath@1.5x Created with Sketch. 1 Murray Hill 314 East 41st Street $2,500 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 East Harlem 238 East 106th Street $2,795 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Chelsea 200 West 18th Street $2,875 No Fee beds@1.5x Created with Sketch. Studio | bath@1.5x Created with Sketch. 1 East Harlem 124 East 107th Street $2,395 No Fee beds@1.5x Created with Sketch. 2 | bath@1.5x Created with Sketch. 1 Central Harlem 25 West 132nd Street $1,655 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Central Harlem 25 West 132nd Street $1,585 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Hamilton Heights 514 West 136th Street $2,050 No Fee beds@1.5x Created with Sketch. 2 | bath@1.5x Created with Sketch. 1 Kips Bay 142 East 33rd Street $2,975 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Turn the Heat Off in Your Overheated NYC ApartmentYou may have noticed that your heater has a knob on its side. This valve doesn’t control the heat (as many people assume) but does allow you to turn the heater itself off. (Though, of course, steam will still be traveling through the steam pipes in the room, contributing significant warmth.) If you choose this solution, make sure you turn the knob all the way off, or your radiator might clang.Install a Thermostatic Valve or VentIf you’re willing to dish out cash for a small upgrade, you can call a professional to install a thermostatic radiator valve that gives you control over the amount of heat generated. The valve is generally inexpensive, but a proper installation can run several hundred dollars. Still, that might be worth it in the long run especially if you plan to stay in your overheated NYC apartment for years to come. You can also ask your landlord to cover some or all of the cost, though we can’t guarantee they will. Use a Fan to Cool Down Your Overheated NYC ApartmentFans aren’t just for summer! Use a fan to move stagnant air around your apartment and disperse some of the heat. Place the box fan in front of a window to create a draft, and a (hopefully) cool breeze will help counteract the radiator’s power.You can also use your ceiling fan in the winter to help mitigate the heat. Ceiling fans that spin counterclockwise actually cool the room more than fans that spin clockwise. Luckily, you can reverse the rotation of your fan on your own. Queens Rentals Under $3,000 on StreetEasy Article continues below Ditmars-Steinway 24-32 31st Street $1,950 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Jackson Heights 35-06 73rd Street $1,900 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Long Island City 40-04 36th Avenue $2,700 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Jackson Heights 33-24 77th Street $1,808 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Astoria 30-65 Steinway Street $2,075 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Ridgewood 18-77 Linden Street $2,850 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Astoria 30-65 43rd Street $2,800 No Fee beds@1.5x Created with Sketch. 2 | bath@1.5x Created with Sketch. 1 Ditmars-Steinway 21-45 73rd Street $2,000 No Fee beds@1.5x Created with Sketch. Studio | bath@1.5x Created with Sketch. 1 Elmhurst 43-31 Ithaca Street $2,600 No Fee beds@1.5x Created with Sketch. 2 | bath@1.5x Created with Sketch. 1 Forest Hills 75-20 113rd Street $2,295 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Forest Hills 75-05 113rd Street $2,167 No Fee beds@1.5x Created with Sketch. Studio | bath@1.5x Created with Sketch. 1 Astoria 28-44 35th Street $2,198 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Invest in a Radiator CoverA radiator cover will set you back a few hundred dollars, but it’s a solution you can implement without having to call in the pros. A simpler solution is to cover the radiator’s top and sides with thick, unpainted wooden boards or other nonflammable materials, like a slab of marble. The idea is to insulate the heat, reducing the amount that escapes into your apartment.Cover the Radiator With Fabric to Cool DownIt’s like a magic trick for an overheated apartment - simply cover the radiator with a piece of fabric. Is this safe? Experts agree that, surprisingly, it is. Typical radiators don’t go above around 215 degrees Fahrenheit, not enough to set fabric on fire. To be on the safe side, use wool or thick cotton fabric - synthetic materials like polyester might melt at this temperature. Still uncomfortable placing anything on your radiator? Buy a heat-resistant thermal fabric, which guarantees durability below a certain temperature. Bronx Rentals Under $3,000 on StreetEasy Article continues below Morris Park 1545 Rhinelander Avenue $1,626 No Fee beds@1.5x Created with Sketch. Studio | bath@1.5x Created with Sketch. 1 Kingsbridge 3633 Kingsbridge Avenue $2,400 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Norwood 3539 Decatur Avenue $2,584 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Concourse 675 Walton Avenue $2,395 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Fieldston 5282 Post Road $2,195 No Fee beds@1.5x Created with Sketch. Studio | bath@1.5x Created with Sketch. 1 Concourse 853 Walton Avenue $2,150 No Fee beds@1.5x Created with Sketch. 2 | bath@1.5x Created with Sketch. 1 Pelham Parkway 2157 Wallace Avenue $1,750 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Spuyten Duyvil 500 Kappock Street $2,395 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Spuyten Duyvil 2727 Henry Hudson Pkwy W $2,400 No Fee beds@1.5x Created with Sketch. Studio | bath@1.5x Created with Sketch. 1 Mt. Hope 1770 Grand Concourse $2,749 No Fee beds@1.5x Created with Sketch. 2 | bath@1.5x Created with Sketch. 2 Highbridge 1395 Nelson Avenue $1,939 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 North New York 420 East 148th Street $1,995 No Fee beds@1.5x Created with Sketch. 2 | bath@1.5x Created with Sketch. 1 Use a Humidifier to Combat Dry Air In Your Overheated NYC ApartmentOverheating and dryness often go hand-in-hand. If your apartment is so dry that your knuckles are bleeding, a humidifier is a must. You can buy a cheap humidifier and place it near your bed, or you can use the radiator’s own heat to create a makeshift humidifier by placing a shallow bowl of water on the radiator. Just remember to refill it regularly - and marvel at how quickly your radiator evaporates an entire bowl of water. Looking to buy, sell, or rent in NYC? Get Started with StreetEasy
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