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☆ I dodged a 15% rent increase because of a new NYC housing protection law. Here's how to know if it could save you money.
▼ + stars: | 2024-06-01 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +9 min

They said my building was covered under the new Good Cause Eviction law, and my rent increase would instead be 8%. AdvertisementWhat is Good Cause Eviction? Good Cause also has what's called the reasonable rent increase measure: Buildings covered under Good Cause have limits on how much landlords can raise rent. I was under the impression that this building falls under the good cause eviction umbrella. Will Good Cause Eviction change or impact your life?

Persons: Weaver, —, Ellen Davidson, Davidson, Allia Mohamed, it's, Mohamed, that's Organizations: Service, Business, New, New York, Housing Justice, —, Legal Aid Society Locations: New York City, Central Park, New, New York, Bronx, Brooklyn

Wai and Hui rent a two-family house with Hui's parents. Photo by CNBC Make ItWhen the lease was up on the couple's apartment, Hui's parents knew about a two-family house in Bensonhurst that was available for rent. The average size for a Brooklyn, apartment is 660 square feet, and the average monthly rent is $3,558 a month, according to RentCafe. Wai and Hui live upstairs while his parents live in their own apartment downstairs. The couple pays $1,600 a month to live in the one-bedroom, one-bath apartment on the second floor, while Wai's in-laws pay $1,900 and live on the first floor, according to documents reviewed by CNBC Make It.

Persons: Vionna Wai, Chucky Hui, Hui, Wai, Mickey Todiwala, He's Organizations: CNBC Locations: Sunset, Brooklyn, N.Y, Bensonhurst, Williamsburg, Greenpoint, Manhattan

☆ The 15 most renter-friendly US cities, where tenants save $1,200 or more a month compared to homeowners, according to SmartAsset
▼ + stars: | 2024-05-30 | by ( William Edwards | ) www.businessinsider.com time to read: +1 min

Renting is cheaper than owning in many cities due to high prices and mortgage rates. SmartAsset ranked 343 cities on monthly cost differences between renting and owning a home. In cities like Los Angeles and New York, renters can save thousands per month vs. homeowners. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . That means in many places, it's cheaper per month to rent versus own.

Persons: — Organizations: Service, Business Locations: Los Angeles and New York

I've spent a lot on vet visits for my dog, so I decided to look into what pet insurance I could get. In the last year, she's had a series of vet visits that left us with a few thousand dollars in bills to pay. I decided to price out three popular pet insurance plans to figure out which one is right for us. It offers a bundling discount of up to 10%, making my pet insurance premiums cheaper than any other provider. Plus, I received an insurance bundling discount because I already had other insurance plans through the company.

Persons: I've, she's, it's, —, Figo

☆ Opinion: Rewatching ‘Notting Hill,’ the truly unbelievable part is Hugh Grant’s house
▼ + stars: | 2024-05-22 | by ( Opinion Laura Beers | ) edition.cnn.com time to read: +11 min

The Notting Hill of the 1990s was still socially heterodox and shabby chic, a neighborhood where a group of 30-something professionals could plausibly have ended up. Even in the late 1990s, such access to disposable income marked the characters in “Notting Hill” out as privileged. Yet, in the 1990s, Notting Hill, long a center of Caribbean immigrant culture and the site of the annual Notting Hill Carnival, underwent a rapid process of gentrification. Between 1995 and 1999, Notting Hill house prices rose by 75%. The colorful terraced houses of Notting Hill, which these days sell for millions of pounds.

Persons: Laura Beers, ”, George Orwell’s, Richard Curtis ’, Julia Roberts, Anna Scott, Hugh Grant, William Thacker, Roberts, Laura Beers Laura Beers, it’s, —, Curtis, Hill’s, Hugh Grant's, Winston, George Orwell, Orwell, Tony Blair’s Britain, Bill Clinton’s America, Grant’s, Tony Blair, Steve Eason, Notting, Spike, Rhys Ifans, Notting Hill, Mike Kemp, San, Spencer Platt, Rishi Sunak’s government’s, Bill, Rewatching Organizations: American University, CNN, MCA, Everett, Notting, Labour, Hulton, Getty, Movement, Housing, Federal Reserve, New York State, Hill ” Locations: American, London, West London, Notting, West, Britain, United States, Young, Notting Hill, Central London, San Francisco, Manhattan, San Matteo, Redwood City, York

☆ Buckle up America: Powell says interest rates will likely stay higher for longer as inflation stubbornly refuses to come down
▼ + stars: | 2024-05-16 | by ( Ayelet Sheffey | Madison Hoff | ) www.businessinsider.com time to read: +6 min

Read previewInflation and interest rates are still high, but Americans shouldn't count on any relief just yet. Advertisement"The status of the battle against inflation requires that interest rates remain elevated in the near-term," Hamrick said. "The first quarter in the United States was notable for its lack of further progress on inflation," Powell said during the panel. But while job seekers and workers may find this cooldown concerning, that moderation is also welcome and the labor market is still strong. "Paired with high borrowing costs — like high interest rates on your credit cards — and the current economy can feel quite uncomfortable," Renter added.

Persons: —, That's, Mark Hamrick, Hamrick, Jerome Powell, Powell, Joanne Hsu, Nick Bunker, Ted Rossman, Rossman, Elizabeth Renter, Renter, it's Organizations: Service, Federal Reserve, Bureau of Labor Statistics, CPI, Business, Federal, University of Michigan, North America Locations: Amsterdam, United States, —

☆ A New Rent-Versus-Buy Calculator
▼ + stars: | 2024-05-13 | by ( David Leonhardt | ) www.nytimes.com time to read: +1 min

It is the biggest financial decision for many younger adults: Should I rent a home or buy one? To help people understand the trade-offs, The Times has just relaunched its popular rent-versus-buy calculator. The calculator, which The Times’s Upshot section built, has been updated in several important ways, including to take into account the 2017 tax law that affected the mortgage-interest deduction. Ultimately, the calculator can’t tell you whether you should rent or buy. That decision depends on the future paths of home prices and rents, which are unknowable.

Organizations: Times

☆ 15 cities with plenty of rentals and high enough wages to afford them
▼ + stars: | 2024-05-12 | by ( Juliana Kaplan | Eliza Relman | ) www.businessinsider.com time to read: +3 min

A new Zillow and StreetEasy analysis finds that rental price growth is far outpacing wage growth in most big cities — and New Yorkers are particularly screwed. In New York City, rents increased seven times as fast as wages from 2022 to 2023. Similarly, renters in Boston, Cincinnati, and Buffalo are seeing their wage growth dwarfed by their rent increases. But it's not all bad news for prospective and current tenants: There are still a handful of cities where wage growth has outpaced rent increases. While wages rose by 5.5% between 2022 and 2023, rents increased by just 0.8%, the Zillow/StreetEasy report found.

Persons: it's, Tesla, Austin, that's, there's Organizations: Service, Business, Apple, The Atlantic Locations: New York City, Boston , Cincinnati, Buffalo, Austin, Portland , Oregon, Salt Lake City, San Jose, Houston, Salt Lake City , Minneapolis, Riverside , California, Los Angeles, San Francisco, San Diego, California, Southern, Raleigh, Charlotte, North Carolina, Miami, Georgia, Tennessee

☆ Skittles is giving away a 1-year stay in an NYC micro-apartment that usually rents for $3,500/month: Take a look inside
▼ + stars: | 2024-05-03 | by ( Nicolas Vega | ) www.cnbc.com time to read: +2 min

Skittles has launched a contest with the grand prize of a rent-free yearlong stay in a Manhattan micro-apartment. It features bright, colorful furniture, rainbow-colored cabinets and wall art made using real Skittles lentils. The marketing stunt is a promotion for Skittles Littles, a new, smaller form factor for the candy similar to that of M&M's Minis. Skittles lists the approximate retail value of the prize at $85,000, with the winner also receiving a $20,000 check to offset their tax liability. To enter the sweepstakes, participants must give their full name, date of birth, email and phone number.

Persons: Skittles, Dani Klaric, Skittles Littles, Malin, Goetz Organizations: M's Locations: New York City, Manhattan, Manhattan's Kips

☆ 28 cities where rent is in free fall this spring — and why renters in New York City have reason for optimism despite paying $4,280 for a one-bedroom apartment
▼ + stars: | 2024-04-26 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

Median rent for one-bedroom apartments in the US declined again in April, according to @Zumper. AdvertisementLandlords aren't able to charge tenants more because apartment supply is surging across the nation at the highest rate in decades, according to Zumper. A flood of supply should keep rent growth in check for the remainder of the year and even into 2025, in Zumper's view. Below are the 28 US cities where rent for a one-bedroom apartment is cheaper than it was in March, according to Zumper. Along with each are its month-over-month and year-over-year rent changes, average rent price, and national rent ranking among the top 100 markets in the nation.

Persons: —, iM2zdLRQMA — James Faris, @JamesFaris_, Ivy Zelman, Anthemos Georgiades, Zumper Organizations: Service, Business, Federal Reserve, Apple, Big Apple Locations: New York City, York City

☆ A real-estate agent's ritzy Hamptons beach home was used in a fake Airbnb scam
▼ + stars: | 2024-04-24 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +3 min

A real estate agent who rents her Hamptons home got caught up in an Airbnb scam. Photos of her property were used for a fake listing, The Real Deal reports. AdvertisementA Corcoran real-estate agent and East Hamptons homeowner was caught up in an Airbnb scam when a fake listing for her property showed on the rental platform, The Real Deal reports. According to the Real Deal, Sarah Stewart rents her Hamptons home in the spring and summer, but not through Airbnb. Though Stewart got the scam pages taken down, she told The Real Deal the ordeal was "terribly upsetting."

Persons: —, Corcoran, Sarah Stewart, Stewart, Airbnb, Brian Chesky Organizations: Hamptons, Service, East Hamptons, Real, Labor

After I sold my home and started renting, I learned that renting was not a waste of money. My advice: Don't rush into homeownership thinking it's the only way to build wealth. Building wealth does not have to include owning a home, and owning a home is not the only way to build wealth. Don't rush into homeownership thinking that it is the fastest way or the only way to build wealth. Here are a few things I learned after going from owning a home to renting.

Persons: —, It's, it's Organizations: Service, Census Bureau Locations: American

☆ Airbnb now wants you to rent out your rental
▼ + stars: | 2024-04-13 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +1 min

Airbnb plans to help renters list their homes to earn additional income. The company says it could help mitigate the impact of skyrocketing rental rates. AdvertisementAirbnb is on a mission to help renters earn a little extra income — and probably keep a little for itself, too. The company announced plans on Friday to help renters list their rental homes on its platform. Airbnb plans to work with city and state governments to "advocate for short-term rental rules that allow renters to share their home."

Persons: —, Airbnb Organizations: Service, Business Locations: United States

☆ Couple pays $1,600 a month for a 1-bedroom apartment in Brooklyn—they have 150 houseplants: Take a look inside
▼ + stars: | 2024-04-13 | by ( Celia Fernandez | ) www.cnbc.com time to read: +3 min

Mickey Todiwala. "I'm just a homebody that wants to stay at home all day to play with my cats and plants," Wai says. Mickey Todiwala. Mickey Todiwala. Mickey Todiwala.

Persons: Vionna Wai, Chucky Hui, millennials, Hui, Ding, Wai, Mickey Todiwala, I've Organizations: CNBC, Florida Beauty Locations: Bensonhurst , Brooklyn, U.S, Florida

☆ Millennials Make the Most of the Housing Market; Renovating Rentals
▼ + stars: | 2024-04-11 | by ( Emily Jensen | ) www.businessinsider.com time to read: +12 min

In a 2022 survey by Apartment List, a quarter of millennials said they expected to rent forever. And housing experts say that when it comes to homeownership, millennials are the most screwed generation. "Millennials have a much different mindset on life in general than the generation before us," Muller told me. But millennials' housing misfortunes go beyond personal spending habits; they entered adulthood at a terrible time for the housing market. At the same time the housing market was soaring out of control during the pandemic, people were spending more time at home.

Persons: Brigette Muller, she'd, Muller, I'm, Franchesca Ramsey, Marco Zamora, millennials, There's, Jim Parrott, Parrott Ryan, Parrott, they've, Caroline Winkler, Winkler, Alexandra Gater, Hattie Kolp, Benjamin Fix, —, Rose Matthes, Matthes, Zamora, messaged, Stardust, she's, Nice, I've, Emily Jensen Organizations: TikTok, Urban, Urban Institute, Urban Outfitters, YouTube, New York, GQ, Street Journal, Fashion Locations: Greenpoint , Brooklyn, Los Angeles, Cincinnati, Washington , DC, reno, Toronto, New York, San Francisco, Denver, Santa Fe, Poplight, Washington ,, Nice, Philadelphia, New, New York City

☆ I was a renter. Then I bought my house from my landlord.
▼ + stars: | 2024-04-02 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +10 min

About four years ago, when my landlord bought the property, I was his very first tenant. Before the pandemic, I had been in the market for quite a long time looking to buy a house. When I signed that first rental lease with my landlord in May 2020, I completely pulled myself out of the market. After being bummed about that, a few days later my landlord texted me saying, "Hey, I'm putting this house on the market. He shared with me that he bought his own place and that he was no longer going to be living in that house.

Persons: Dom Guerra, —, There's, Guerra, Selena Tovanche, — I'm, you've, It's Organizations: Service, Ohio Housing Finance Agency Locations: Cleveland, Parma , Ohio

☆ Car insurance rates are at a 50-year high. Here's 3 ways you can keep your costs low, according to an expert
▼ + stars: | 2024-03-27 | by ( Allie Kelly | ) www.businessinsider.com time to read: +6 min

American car insurance rates have reached a 50-year high, outpacing inflation. "All of these work together to create a situation where car insurance is a lot more expensive," she said. Additionally, the state drivers live in — and the local impact of the climate crisis — has a significant effect on car insurance rates. According to personal finance company NerdWallet, full coverage car insurance premiums nearly double if a driver is at fault for a crash. Car insurance rates are higher for families with teenagers, with rates going up 70% to 150% once someone under 18 is added to a family car insurance policy.

Persons: Laura Longero, Longero, What's Organizations: Service, Insurance, US Bureau of Labor Statistics, . Insurance, US Department of Transportation Locations: —

☆ Renters face a competitive spring market: What to know about 3 kinds of properties you may see
▼ + stars: | 2024-03-14 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +4 min

"In a condo or co-op building, upfront costs and fees are determined at the building level and they can vary significantly," Romero said. To compare, for a typical rental building, according to New York state law, the application fee is capped at $20, and the security deposit is limited to one month's rent, Romero said. Rhode Island has a new state law that prohibits landlords, rental agents and property managers from charging application fees to rental applicants beyond the actual cost of conducting certain background checks if needed. What to know about renting a condo or co-opTo be sure: condos and co-op properties are primarily targeted to people who want to buy. If you come across condos or co-ops in your rental search, here are a few things to consider: 1.

Persons: " Romero, Romero, Frank Dong Organizations: Getty, Rhode, Ruby Locations: New York, . Wisconsin

☆ I couldn't afford to buy a home in the US — so I invested in 5 in Europe instead
▼ + stars: | 2024-03-10 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +9 min

In the fall, I'm going on a trip with some of my girlfriends from college. Really, really good. I don't have 7 million euros to buy five properties across Europe. AdvertisementWould I move to more suburban New Jersey so I could buy a house? I would not make the calculus to move — whether that's another city, or another state, or a suburb — to buy a house.

Persons: —, Amy Beihl, I've, they're, I'm, There's, Homeownership Organizations: Service, Business, Colgate University, Mallorca Locations: York, New York, Mallorca, Spain, Italy, France, Tuscany, England, Stockholm, Europe, Swedish, I'm, New York City, New Jersey, that's, America

☆ The 15 US cities where your money goes the furthest
▼ + stars: | 2024-03-05 | by ( Madison Hoff | ) www.businessinsider.com time to read: +6 min

This city is also where renters can see their money go the furthest among 189 places in a recent analysis from RentCafe. Meanwhile, Both wrote that "Boston had similar prices for basic necessities" as well as "a slightly higher monthly rent" than for Sunnyvale. AdvertisementManhattan had the largest monthly rent plus basic necessities value but ended up having one of the lower scores, at 14.73. Based on the scores calculated using income, rent, and expenses data, three of the top 15 cities where income can go far were in Texas, with scores near or over 60.0. "The coastal cities, the gateway cities have always been hubs for greater density," Ressler said.

Persons: —, Lockheed Martin, Doug Ressler, RentCafe, Alexandra Both, Ressler, there's, they've Organizations: Service, Google, Lockheed, Council for Community, Economic Research, Business, BI, Sunnyvale, Manhattan Locations: Sunnyvale , California, Athens, Georgia, New Orleans, Albany , New York, Gainesville , Florida, Auburn , Alabama, RentCafe, Silicon Valley, Boston, Sunnyvale, Texas, Virginia

☆ The American Dream is under siege
▼ + stars: | 2024-03-02 | by ( Matt Egan | ) edition.cnn.com time to read: +15 min

Parents of young children are making difficult choices to afford child care — or they’re opting to evade it by dropping out of the workforce altogether. Even as the inflation rate has cooled across the US economy, child care remains a sore spot for many families. The weekly price of day care for a toddler surged 9% in 2023, according to Care.com, a marketplace for child care. Of course, Allison is hardly alone in feeling like the American Dream has been more difficult — and expensive — to attain than imagined. “The American dream is being taken away from the younger generation by the housing affordability challenges,” said Lawrence Yun, chief economist at the National Association of Realtors.

Persons: Hana Husković, Price, Hana, Michelle, they'll, ” Hana, “, It’s, they’ll, ’ Allison Powell, Liam Kelly, ” Allison, Allison Powell, Corinne ., ”, Allison, I’ll, homebuyers, Lotfi Karoui, Goldman Sachs, Lawrence Yun, Yun, Priscilla Almodovar, Fannie Mae, ” Almodovar, that’s, Almodovar, they’d, Homebuilding, Mark Zandi, Biden, ” Lael Brainard, Brainard, ” Brainard, ‘, Rachael Gambino, Garrett Mazzeo, Rachael, Deborah Brunswick, John General, ” Rachael, won’t, they’ve, – Organizations: New, New York CNN, Bureau of Labor Statistics, Wall, CNN, Federal, Intercontinental Exchange, ICE, Bloomberg, Getty, Rust Belt, National Association of Realtors, North, NAR, That’s, Baby Boomers, Homeowners, Federal Reserve, Moody’s Analytics, White, National Economic Council, American, Target, Starbucks, Facebook Locations: New York, United States, Atlanta, Peachtree Corners , Georgia, Decatur, Decatur , Georgia, Carolina, Yugoslavia, Italy, Mexico, Oakland , California, Livermore, San Francisco, California, Los Angeles, San Diego, Francisco, Miami, Honolulu, Rust, Des Moines , Iowa, Dayton , Ohio, Cleveland , Ohio, Scranton , Pennsylvania, Los Angeles , California, North America, America, States, Lansdale , Pennsylvania, Philadelphia

☆ One New Yorker won $150,000 when she found out her landlord had been overcharging her. Now a bunch more tenants are using stabilization laws to get money back and pay cheaper rent.
▼ + stars: | 2024-02-28 | by ( Juliana Kaplan | Eliza Relman | ) www.businessinsider.com time to read: +13 min

AdvertisementAs TikTok becomes the new town square for all things economic transparency, the latest target of populist ire is New York City landlords. Several videos that have recently gone viral show viewers how to look into their rent histories and call out examples of potentially illegal hikes. Wait times for rent histories are now at 20 business days, up from 10 in late January, as a result of "social media activity." Klenkar has made TikToks about her old apartment and rent histories and has had "lots" of people reach out with their own rent histories. More may be on their way as New Yorkers seem to be requesting their rent histories en masse.

Persons: they've, —, Danielle —, Danielle, TikTok, it's, There's, they're, Allia Mohamed, She's, Mohamed, They've, he's, Carla —, Carla, Thomas Trutschel, Anna Klenkar, Klenkar, I've, Gothamist, DHCR, overcharge, Esteban Girón, shouldn't, It's Organizations: New York, Tenants, Service, Business, BI, Yorkers, New, US, Division, Housing, Community, Rent Administration, Rent, New York State Homes, Community Renewal, Tenant Union, Tenants PAC, Directors Locations: New York State, Cobble Hill, Brooklyn , New York, York City, New York, New York City, New, Washington Heights, Manhattan, Long Island City, Lower, Side, backpay

☆ Here are this year's most competitive rental markets
▼ + stars: | 2024-02-27 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Still, all real estate is relative, and some apartment markets are hotter than others. A new report from RentCafe, another apartment search site, ranks the most competitive rental markets, with Miami topping the list for 2024. They have 14 prospective renters for each unit compared with the national average of seven, and the city's occupancy rate is 96.5%, compared with 93% nationally. The option of remote work has also sent more people to the region, but the supply of apartments there is dwindling, making it more competitive. While rental supply is rising, demand is sustaining thanks to the short supply of homes for sale in today's market and rising mortgage rates.

Organizations: Miami, CNBC PRO Locations: RentCafe, Miami, Milwaukee, Chicago, Grand Rapids , Michigan, Midwest

☆ Gen Z Is Saving Money by Living With Parents; It's Going to Cost Them
▼ + stars: | 2024-02-26 | by ( Eve Upton-Clark | ) www.businessinsider.com time to read: +11 min

There are 620,000 more adults living with their parents in the UK than a decade ago. In the US, the percentage of young adults living at home has climbed 87% over the past two decades, according to the US Census Bureau. More than one-third of Gen Z respondents in a 2022 Freddie Mac survey said it's something they thought they'd never be able to achieve. A similar share of young adults lived with their parents in the wake of the Great Recession in 2010 — 44%. For many young adults, living on your own is an important step to feeling grown up.

Persons: Bethany Clark, didn't, she's, Clark, they'd, Moody's, renter, Zers, homebuyers, Gen, Freddie Mac, millennials, Z, grads, We're, Amy Lewthwaite, Lewthwaite, shouldn't, I've, Sarah Obutor, who'd, Obutor, —, Gen Zers, Jeffrey Jensen Arnett, Arnett Organizations: Census Bureau, Bloomberg, Harris, National Association of Realtors, Bloomberg Businessweek, Guardian, Financial Times, Urban Institute, Northumbria University, Clark University Locations: Surrey, England, America, London, Georgia

☆ 'If your parents are homeowners, you're more likely to be a homeowner,' housing expert says. Here's why
▼ + stars: | 2024-02-23 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

If a parent is a homeowner, they are more likely to assist with their kid's down payment, she said. But it's harder for those with parents who are not homeowners: "Renter households are often precluded from bringing more people into their home. Having homeowner parents is 'like a 5 percentage point bonus'Young adults with homeowner parents are more likely to become homeowners themselves because they can obtain more information about the mortgage application process directly from their parents, the Urban Institute found. "Because the parents are so knowledgeable about homeownership, they're more likely to encourage their kids to do it and show them how to do it," Myers said. "It's like a 5 percentage point bonus by having parents who are homeowners."

Persons: Skylar Olsen, Myers, that's, Zers, Intuit Credit Karma, Wachter Organizations: Digitalvision, Getty, National Association of Realtors, Urban Institute, Intuit Credit Locations: Washington ,

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