New York renters may see large rent increases or a change of heart with their current building. Some may have realized they are paying way too much for what they’re getting for their money. 

With their annual Subway Median Rent Map, RentHop provides a detailed report to help renters visualize where they can save by riding the train to affordability.

This year, 84% of Subway Stops saw increases in rent. This is lower than last year, but the median rent is currently at $4,400, 3.5% higher than the same time last year.

New developments and renovated units caused spikes in rent in the outer boroughs, so for renters concerned about their rent changing in the coming years, keep an eye out for construction and updates.

Tenants with lower rents aren’t moving, which is decreasing the current inventory for lower-priced units. This could cause problems in the future if these tenants move out and owners renovate and charge higher rents.

Where to Live if You Work Remotely or Hybrid in NYC

With remote and hybrid work becoming more popular, does it make sense to shell out for an apartment in the city’s heart with a quick commute that may only happen 1-2 times per week? Increasingly, renters look to their local neighborhood communities to find nightlife, meals and social happenings. If one’s community provides everything they need, why fork over large amounts of rent?

Below, CitySignal looked at some of the best stops to live off of for renters wanting to be in proximity to a certain Subway line.

Best NYC Subway Stops to Live Off the 1-2-3 Line

Apartments off the Cathedral Pkwy 1 train stop at 110th Street saw a 1.4% dip in rent. While the median rent is higher at $3,450, you’re farther down in Manhattan and are in proximity to several parks.

135th Street Station (2-3) in Harlem has a median rent of $2,567 and only saw 2.9% growth last year. This may mean you can snag a better deal in the area.

Best NYC Subway Stops to Live Off the 4-5-6 Line

Rent along the 6 train saw the most drastic rental decreases, with some rent near stations coming down over 6%. 

Brook Ave off the 6 train in Mott Haven in The Bronx. The current median rent is $2,369, with rent dropping 6.4% since last year. 

The Franklin Ave stop for the 2-3–4-5 had one of the lowest rent growths in the Crown Heights, Brooklyn area at 2.9%. Median rent sits at $2,910 but you have access to the S train which can connect you with other Brooklyn lines.

Best NYC Subway Stops to Live Off the N-Q-R-W Line

If your budget has room to grow over the coming years, check out Astoria Blvd ($2,750/6.8%) or Broadway ($2,650/6%) off the N/W. Rent is still proportionately low; however, the area is seeing major growth, which may impact your lease during re-signing. Make sure to read the terms of your lease carefully.

Best NYC Subway Stops to Live Off the B-D-F-M Line

While 155th Street (B-D) in Harlem saw 19.3% growth this year, the rent is still sitting at $2,600. This is a great stop to live off of if you’re a Yankee’s fan, you could even walk to a game!

F Ditmas Ave (F) is a Brooklyn stop in the quaint neighborhood of Kensington.

Newkirk Ave ($2,379/-1.9%) on the B–Q lines will send you straight into Lower Manhattan or give you the chance to transfer in Downtown Brooklyn to another line.

Best NYC Subway Stops to Live Off the A-C-E Line

The A stop at 190th Street in Washington Heights, just south of Inwood. With access to green space on the west side of Manhattan, current median rent sits at $2,300 with a -2% change since last year.

Utica Ave (A-C) in Bed-Stuy has a median rent of $2,600. There are many small local businesses that you can enjoy instead of traveling into the city.

Grand Ave-Newton in Queens ($2,200/0%) gives renters access to the E–M–R trains but is also two stops away from the 7 train. 

Best NYC Subway Stops to Live Off the J, G, L & 7 Trains

J train riders should look around Kosciuszko St. in the Bed-Stuy/Bushwick area, where the median rent is $2,850, a 1.1% drop since last year.

For G train lovers, check out the Myrtle-Willoughby Ave ($2,850/3.6%) or Ft. Hamilton Pkway ($2,838/-4.9%) stops in Brooklyn. Queens G stops have seen large rent growth, and apartments near those stops have an average rent of over $3,800!

The L train is a pricey line to live off of (thanks to going through Williamsburg), but the first stop to see a bit of rent relief is Dekalb Ave ($2,728/1%) in Bushwick. How trendy.

The 7 Train has quickly become a favorite of many renters, so look to 33rd St in Queens for a median rent of $2,750.

Best Neighborhoods to Live to Have Access To All Subway Lines

For access to multiple Subway lines, consider apartments in FiDi, SoHo/Chinatown, Downtown Brooklyn, or Hunters Point/Long Island City in Queens. These are not the friendliest for budget-conscious people, but if one needs to travel, access may be helpful.

The post Which NYC Subway Stop Is The Best to Live Off Of? appeared first on CitySignal.

If you’re unfamiliar with the real estate world, it is not uncommon for agents to move firms. Just like any job, finding the right fit can make all the difference in job performance and perception, just ask Russell Westbrook of the LA Clippers. But in the case of one Millennial Broker, or TMB, if you’re looking to save on characters, listeners of his podcast “Self Starters,” got a unique and practically real-time insight into how this real estate agent meshes with both his former and current bosses and why he had to move on.

The bosses in question? Just Robert Reffkin and Ryan Serhant. You may have heard of them.

Two Real Estate Moguls in A Podcast Hot Seat

The Millennial Broker, Steven Clair, has been a real estate agent for more than 14 years, and like many agents in the New York area, he’s been finding his place to thrive and, until recently, has been listing property under the real estate tech firm, Compass, led by CEO Robert Reffkin. 

Yet shortly after interviewing Reffkin on his podcast (but prior to the release date), Clair announced his transition to the up-and-coming firm, SERHANT, led by Ryan Serhant. However, many would argue this firm isn’t on its way, it’s already arrived and is challenging Compass for its title of industry disruptor.

A Quick Look at Robert Reffkin and Ryan Serhant

Robert Reffkin is an entrepreneur who first got a taste of real estate from his mother, Ruth, who was and is an agent. After his time at Columbia and Columbia Business School, he had an impressive resume, working on Wall Street, as a White House Fellow under the Secretary of the Treasury John W. Snow, later becoming the Chief of Staff to the COO at Goldman and founding a nonprofit. In 2012, Reffkin and Ori Allon founded Compass, an online real estate tech company designed to address the hardships that agents like his mother experience while working as real estate agents. Compass went public in April 2021 and has been the topic of conversation ever since due to the incredible amount of money lost in the last several years. In 2022 they lost $602 million dollars, up from $494 million in 2021, most recently reported a $150 million loss, and cut 800 employees as of January 2023. Even so, Compass is currently in 72 markets with 300+ offices and 28,000 agents and continues to expand across the US.

Ryan Serhant rose to notoriety on the reality show Million Dollar Listing, where viewers watched him sell, you guessed it, multi-million dollar properties around New York City. Previously a hand model who also had a role on the soap opera As The World Turns, Serhant joined the real estate firm Nest Seekers International in 2008 to help pay the bills. After many successful years selling real estate (both on and off screen), Serhant opened up his own real estate firm, SERHANT, in September 2020. By April 2021, the brokerage reported consistently averaging $100 million in sales volume per month in its first 6 months of business. Serhant has continued to grow his presence by releasing two books, sharing countless clips of listing tours and agent advice on various social media platforms, and currently holds the exclusive marketing and sales rights for one of the most expensive listings in NYC, if not the world, a $250 million penthouse apartment at the top of Central Park Tower. SERHANT has its flagship office in the trendy NYC Soho neighborhood and has just announced an expansion into Florida, Pennsylvania, New Jersey, North Carolina, South Carolina, and Connecticut. This means SERHANT is listing in some of the least affordable cities in the United States, with high price tags and a lot of legwork needed.

Why Would an Agent Leave Compass?

So how did a real estate agent like Clair leave one of the top established brokerages in the country for a self-titled “unbrokerage”? Without even knowing it, Reffkin answered that question. 

“No one manager is going to be able to click even just on a personal level, much less the business level with everyone,” Reffkin said during his interview. While this was his response to Clair’s less-than-ideal experience with a Compass sales manager, it gives insight into the whole decision an agent has to make when finding the right company and the right manager.

From the start of each of Clair’s interviews with the brokerage heads (his past and current bosses), some cues may point to his ultimate decision to leave Compass. With Reffkin, Clair jokes about his struggle to find an empty block on the CEO’s calendar, which is met with perhaps a brief bit of terror from the founder, thinking his calendar might be public. Of course, would you expect easy access to the head of a company valued over a billion dollars? 

 

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A post shared by Self Starters Hosted by Steve Clair (@selfstartersshow)

 But when he speaks with Serhant, there is a more laid-back banter, and you hear that this is not the first occurrence of face time with the big boss. All newly onboarded agents get a protocol meeting with Ryan when they first start, and TMB was wise enough to, again, use the modern powers of online calendaring, check the CEO’s schedule, and put some elbow grease into getting face-to-face.

Direct interaction aside, for years, Compass was at the forefront of the industry, poaching agents from other firms with the promise of new and exciting tech and equity. In addition to perks and benefits, the brokerage offered digital tools like a customer relationship management platform (CRM) and marketing assistance with tools for digital ads, videos, and newsletters.

On top of Compass’ large losses mentioned above, this has been a hard year for real estate as the low-interest rates of 2021 and the impacts of the market’s boom have faded. As Reffkin put it to Clair, “Agents are all small business owners and entrepreneurs… just like our agents are bringing down their expenses, at Compass, we brought down our expenses.”

And bringing them down they are. 

Over the summer, Compass announced that it will no longer offer equity or cash incentives to new agents, inducing rumors of slower hiring and exodus. There was also talk from Reffkin that the firm would be reducing technology and incentive-related expenses but “not reducing agent service levels.”

When asked about an exodus by Clair, Reffkin shared that Compass has had a consistent principal agent retention rate of 98% across Q3 and Q4 of 2022. Compass currently has 13,000 principal agents, which is the term they use to refer to team leaders or individual agents operating independently on the platform. It does not seem they share statistics on the 30,000 agents not considered principal agents.

What Does Ryan Serhant Think About Compass?

Serhant has spoken about what he thinks Compass’ place is in the real estate world and how they have acted as a disruptor and pushed the industry towards a more tech-focused approach, all while putting the agent first. He claims that Compass has been great for the industry and the agent, finally giving them power and not treating them like a number. This aligns with how Reffkin sees his company as a “reverse triangle” where the sales managers work for the agents,  and he himself is essentially everyone’s employee working to take feedback and improve the company. At Compass, the logo is black and white for a specific reason, they want the agent and the listing to be the color, not the firm.

As Serhant says, everyone wants to hate on the “rich kid” because they want them to fail

Open Houses Don’t Sell Homes Anymore

It’s a different world than it was two years ago in terms of social media and internet usage. As of 2022, the average daily social media use was around 147 minutes a day (up 2 minutes from the year prior). With about 10% of one’s day spend scrolling through Instagram, TikTok, and yes, even LinkedIn, integrating marketing and business with social media seems like a no-brainer. Most real estate companies, Compass included, have touted their marketing and technology tools and features as a means to recruit agents to their firms to help reach clients virtually. 

But are cutting-edge tech and helpful marketing tools enough? In this different world, social media marketing in the form of house tours, funny anecdotes, and advice aren’t just marketing in the moment; it’s an investment for future business. As Serhant told WSJ in 2020, “The brokerage company, open houses, and pretty photos don’t sell homes today the way they did 10 and 20 years ago,” he said. “Buyers of high-end real estate, and their children, go to YouTube and social media on their phones to research homes and agents now.” 

Passive social media consumers turn into buyers spending hours scrolling and saving features of their dream homes. Cold calls and emails go unanswered as the younger generations won’t interact with anyone who they haven’t made the subject of a solid internet stalk, and for Serhant and his team, there is plenty of media out there for viewers to dive into.

Buyers, especially New Yorkers, want to have their cake and eat it too. Let them shop for homes, but also let them be entertained.  Outdated newsletters with a few choice listings and events happening in the local market, paired with center-aligned text and random and off-focus statistics about happenings in the country, are not what today’s buyers are looking for. In real life, this is demonstrated by the agent from a smaller firm who sent out their recent newsletter detailing stories of local crime and death that then transitioned into why you should buy an apartment in his market. That’s like home shopping on CNN. 

Even the tried and true market reports that are expertly crafted with bolded letters don’t give the same thrill they used to. By the time they’re released, they are already outdated, bland and provide zero context to the buyer and their situation. Real estate has shown that it can be flashy and fun but also cutting-edge and efficient. 

“Aligning With Greatness” Why An Agent Would Work With SERHANT.

From where TMB stands, it seems he’s moved past the tech and benefits that Compass can offer. For years, followers of @themillennialbroker have gotten a distinctive look as Clair worked on his own to bring in a team for his content production, creating the media consumers and buyers so desperately want. Who wouldn’t want to purchase a West Village carriage house when you’re first introduced to it via drone?

As an agent who is growing and ready to explore new and more creative ways of his trade, Clair now has access to an in-house media company, is surrounded by a “smaller group of highly producing professionals,” and is getting to learn from one of the biggest names in real estate who has been known for flipping the script on how real estate should be done. The splashy SERHANT branding and all the help that goes into that is no doubt an attractive offer if an agent is looking for exposure.

To Clair, switching to SERHANT ‘“aligned with [his] business perfectly” and fit great on a SERHANT x TMB branded hat, coupled with Clair’s signature hand rub that starts all his videos. The branding is strong with this one.

Sure, Ryan Serhant has touted similar promises as Reffkin’s of creating a brokerage for the agent, but there is a different spin that appears to have clicked with The Millennial Broker on a more personal level. Serhant believes his firm is set apart because, on top of him being an agent, the “whole company was built by agents, for agents, for what agents want in 2023 and beyond. This is not like a fundraise, [where we say] hey, what do we think agents need, we’re going to disrupt the real estate game and then lose all our money.”

Seems familiar. 

Compass and SERHANT. now

While SERHANT agents may be splashed across your phone, they still have some catching up to do. In April 2023, The Real Deal ranked SERHANT #8 in NYC in terms of single-family home sales over $5 million, with 3 sales totaling $67,450,000, a pretty impressive spot to be in as a fairly new brokerage. However, there has been recent news of SERHANT agents returning to Compass despite being high performers with the firm. This could become a theme as the shiny blue allure wears off of Serhant’s brand. 

Conversely, Compass was ranked #3 with 22 deals and a staggering $209,514,990 in sales. On July 24th, they released the Performance Tracker, a “game-changing tool designed to revolutionize how Compass agents track and analyze their business metrics,” proving that they are still pushing ahead to give agents a leg up with helpful tech to provide a transparent picture of where they stand. 

But with SERHANT’s recent NYC onboarding push with agents like Clair, that gap could quickly close as Serhant begins his mission to “help every agent and every team build their own brands to help generate more business, make more money for the rest of their lives.” More exposure means more deals, which brings even more cash, and with Instagram growing tired and TikTok bans looming, who wouldn’t want to be on the path to creating a legacy and finding a nice little penthouse to hole up somewhere? Or at least the promise of that sounds nice.

WATCH THE REFFKIN AND SERHANT EPISODES

The post “Aligning With Greatness”- An Inside Look At An Agent’s Decision to Move from Compass to SERHANT appeared first on CitySignal.

But rumors don’t always reflect the reality of rent-controlled versus rent-stabilized apartments in NYC. Yes, they exist, though the odds of snagging one make it likelier to win the Powerball. That they go for peanuts is another common misconception.

The reality is that the rent for a rent-stabilized unit can range from around $1,000 to upwards of $3,000, depending on the building’s age, whether it has any tax abatements, and other statutory rules.

So, how does one go about finding a rent-regulated apartment in New York City? We’ll get to that in a moment.

First, let’s clear up the confusion between the terms “rent-regulated,” “rent-controlled,” and “rent-stabilized,” as well as explain how they came to be.

What Are Rent-Regulated Apartments, and Where Did They Come From?

“Rent-regulated” is an umbrella term that refers to both rent-controlled and rent-stabilized apartments, similar to how “tubers” may refer to both Idaho potatoes and sweet potatoes.

What Is A Rent-Controlled Apartment?

Rent-controlled units are perhaps the most enigmatic of the two. For starters, they’re among the oldest type of rental dwellings in NYC, having been established in 1943. In November of that year, the city’s Office of Price Administration (OPA) froze rental rates in New York at the same level they were on March 1st, 1943. The OPA emerged from then-U.S. President Franklin D. Roosevelt’s Emergency Price Control Act, which sought to prevent inflation during World War II. The price administration office has since dissolved.

Rent-controlled apartments must be continuously occupied since July 1, 1971, but if the tenant moves out or dies, another family member or person is eligible to continue the rent-controlled status if they lived there for 1-2 years prior.

In 1950, when rent-control laws were formally codified in New York State, there were approximately 2.1 million apartments in NYC that were subject to rent regulation. 

In 2021, however, the city’s Housing and Vacancy Survey reported fewer than 17,000 rent-controlled units in the city.

What Is A Rent-Stabilized Apartment?

Rent-stabilized apartments, on the other hand, made up roughly one-third of the city’s rental stock, with about 1.1 million units. The Rent Stabilization Act of 1969 defined them as apartments in buildings with six or more units built before January 1st, 1974. Tenants who took occupancy after June 30th, 1971, are considered rent-stabilized. Those who maintained occupancy before July 1st, 1971, are generally considered rent-controlled.

While rent-stabilized apartments are typically found in buildings built after 1947 and before 1974,  there are some exceptions for newer buildings that have J-51, 421-a, and 421-g tax benefits. Developers who renovate existing buildings and/or designate 20% of new-construction units as rent-stabilized may qualify for these benefits. The period for these incentives lasts roughly 10 to 35 years, depending on the building’s qualifying status.

What Are the Benefits of Rent-Regulated Apartments?

Besides paying below-market rent, one of the key benefits of living in a rent-controlled or rent-stabilized apartment is that the landlord can’t increase the rent beyond a marginal percentage, as set by the New York City Rent Guidelines Board.

Each year, the board votes on a percentage increase cap for one- and two-year leases that fall under rent stabilization laws. On June 21st, 2022, the board voted to cap rent increases at 3.25% for one-year leases and 5% for two-year leases signed between October 1st, 2022, and September 30th, 2023.

Another benefit is that landlords can’t evict tenants from rent-regulated apartments without a compelling reason, such as nonpayment of rent or violating the lease terms. Stabilized units are also guaranteed a renewal offer with one- and two-year terms, depending on the renter’s preference.

By contrast, tenants in rent-controlled apartments are considered “statutory,” meaning they’re still protected by the Emergency Housing Rent Control Law of 1946. This law doesn’t require landlords to offer renewal leases and makes it even harder for them to file eviction proceedings.

How Much Do Rent-Regulated Apartments Cost in NYC?

Rent-controlled apartments typically have the lowest rental rates in NYC. A 2022 article by The Guardian found that long-term renters in sought-after areas of Manhattan (think: East, West, and Greenwich villages) were paying as little as $820 a month for their rent-controlled units. Most of these were unrenovated and came with little-to-no amenities. But that didn’t stop their leaseholders from staying put since the ’60s and early ‘70s, if not before.

Rent-stabilized apartments, on the other hand, can range from around $1,000 to a max of $2,700 per month, unless the building was built after 1974 and has the 421-a tax abatement. In that case, tenants may sign a rent-stabilized lease with a rent amount that reflects the current market rate.

In other words, rent-stabilized apartments in NYC can cost more than $2,700 a month, so tenants need to do their research and understand what they’re signing before they move in.

The good news is that market-rate units that offer stabilized leases enjoy regulations enforced by the NYS Division of Housing and Community Renewal (DHCR). These include a renewal offer if the resident is in good standing and an annual rent increase percentage cap.

Do I Have a Shot at Finding a Rent-Controlled Apartment?

Given the scarcity of rent-controlled units in NYC, it’s highly unlikely that a new renter without ties to the unit’s original occupant will find one.

The same can be said for rent-stabilized units, except that these are not as rare. After all, rent-stabilized apartments make up roughly 30% of rental units in NYC.

But winning the “Powerball” of affordable housing in the Big Apple isn’t impossible. Those with family members who already live in stabilized units can benefit from the DHCR’s Succession Rights. The law states that family members have the right to a renewal lease or protection from eviction if they resided with the tenant as a primary residence for two years immediately before the permanent departure from the apartment by the original tenant.

A family member can be a spouse, stepson, father-in-law, or anyone else who can prove an “emotional and financial commitment and interdependence between such person(s) and the tenant.” This means a roommate may be eligible if they can prove a close relationship with the leaseholder.

How Can I Tell If an Apartment Is Rent-Stabilized?

We know that rent-stabilized apartments are more commonly found in buildings built before 1974 and that they’re probably not as renovated as newer, fair-market units.

But how can a prospective renter be sure? According to the NYC Rent Guidelines Board, the only way to know for sure is to contact the Office of Rent Administration.

This can be useful when dealing with a landlord who either refuses to confirm whether the apartment is rent-stabilized or claims it isn’t when in fact it is.

It can also clear up any confusion about the units in older buildings that may appear to be stabilized because they haven’t undergone a complete renovation over the years but are, in fact, fair-market or market-rate units.

How To Find a Rent-Stabilized Apartment in NYC

There are several ways prospective renters can hunt for rent-regulated apartments in NYC. The first is to run a rent-regulated building search on the DHCR’s website. Before that, however, renters should take note of the county names and zip codes they’re interested in and narrow their search to those areas. This can save them a lot of time, especially if they’re looking for rent-stabilized units in the highly competitive Brooklyn and Manhattan markets.

Another way to find rent-stabilized apartments in NYC is by checking NYC Housing Connect. This website allows prospective renters to apply for lottery-based affordable housing based on their household count and income levels. The lottery usually precludes applicants who earn more than 80% of the Area Median Income (AMI) for their area, but this varies from building to building. It’s also important to note that these rent-regulated units are in high demand, with long waiting lists and thousands of applicants vying for a single spot.

Lastly, renters can try their luck with online rental platforms. Typing in “rent-stabilized” or “rent-regulated” into the search engine might yield some promising results. When reaching out to the landlord or listing agent, it’s important to ask what type of lease they’re offering and any potential limitations or benefits that come with it.

Is it possible to find a rent-stabilized or rent-controlled apartment in NYC?

Although it may be difficult, it is not impossible to find rent-stabilized and rent-controlled apartments in NYC.

Thankfully, the city has passed numerous laws to protect rent-regulated tenants from eviction and provide some rights for family members of current leaseholders. Additionally, landmark decisions like the Housing Stability and Tenant Protection Act of 2019 prevent landlords from deregulating newly vacated units or charging more than 20% upon vacancy.

By utilizing the DHCR website for building searches, Housing Connect for affordable housing lotteries, and online rental platforms for rent-stabilized units, there’s yet hope for prospective renters who want to live affordably in NYC. Word-of-mouth can also be a powerful tool in the search, so New Yorkers who are in it for the long haul should keep their eyes and ears open.

Good luck!

The post Everything You Need to Know About Rent Control vs. Rent Stabilized in NYC appeared first on CitySignal.

What Is A 15-minute City?

What makes a city liveable? For many, it comes down to choice. We want to be surrounded by options without having to stray too far to reach any of them. Making choices accessible is the goal, but getting there is harder than just building a new megastore.

Developed in 2010, the 15-minute city has urban planners rethinking their technique. The basic premise is that all amenities should lie within a 15-minute walk or transit ride from home. This decentralized urban planning model ensures each local neighborhood meets the basic social functions for residents to live and thrive. 

This has yet to be tried in the Big Apple, but that’s about to change. Recently approved plans show New York City will begin constructing its own version in 2023. This has created a small stir amongst conspiracy theorists. 

The concept was first developed by Parisian urbanist and scientist Carlos Moreno. The premise is simple: everyday destinations should be close to home and easy to get to. By developing neighborhoods with schools, stores, and offices only a short walk, bike, or bus ride away, communities and individuals can experience a higher quality of life while saving time usually spent commuting to dedicate to what they actually want to be doing.

15-Minute Cities Around The World

Influenced by European cities like Paris, this method of city planning maximizes convenience and quality of life while minimizing pollution and traffic. The model echoes back to a hundred years ago when cities were established and expanded around a central area containing all needed amenities. In today’s version, we have the added advantage of being digitally connected. 

“A 15-minute city neighborhood offers convenience and quality of life, but not isolation,” describes the C40 website, “Physical and digital connectivity must be at the heart of any 15-minute city strategy, prioritizing equitable access to social and economic opportunities.”

Existing examples include Portland’s Complete Neighborhoods, Melbourne’s 20 Minute Neighborhoods, Bogota’s Barrios Vitales, and, of course, Paris’s original 15-Minute City. 

Some cities are going large in their transition. Portland specifically has committed to refashioning its land use so that 80% of residents will live in complete neighborhoods by 2035. As of now, less than half of Portlanders are in a complete neighborhood.

Calling Paris a 15-minute city feels tongue in cheek to some; Paris has always had greater accessibility to amenities than most cities. Many consider Paris a “5-minute city” with daily conveniences less than a five-minute walk for the average Parisian. One survey tallied 1,180 bakeries and 516 butcher shops within the 40 square miles of Paris’s 20 neighborhoods.  

Transitioning toward complete neighborhoods takes a lot of planning on behalf of local and government officials. While the idea was slow to take hold in 2010, the 2020 pandemic provided a major driving force for cities to take action. 

COVID-19 Impact on 15-Minute Cities

During the rise of Covid-19, an organization of globally networked mayors, called C40, united in action against climate change. This group of city leaders established the Global Mayors COVID-19 Recovery Task Force. Active participants of C40 include nearly 100 major cities: Madrid, Amsterdam, Berlin, Austin, Houston, New Orleans, Seattle, Los Angeles, and many others around the globe.

Amongst the actions these mayors committed to taking: Supporting essential workers, creating green jobs, providing fundamental public services, building with nature, and evolving to create 15-minute cities. 

“[We] committed to providing the swiftest and strongest possible rebound for their citizens and reaffirmed commitment to the principles of the Global Green New Deal,” says the C40 project website, “to protect our environment, strengthen economies and build a more equitable future – [we] reached out to other cities, youth, unions, business, and civil society to join in this effort.”

By reimagining streets and public spaces to best benefit local people of all abilities, backgrounds, and ages, the city offers itself in a more equitable and inclusive manner. Communities thrive when pedestrians “live locally” and are able to spend more time on foot, bike, or transit. 

15-minute Cities Reduction of Environmental Impact

Upsides to the 15-minute city were initially environmental. Reclaiming and reformatting space is a means to decrease car use, reducing carbon emissions. A decrease in traffic and car dependency equates to more free time for residents. Access to walking routes, parks and other outdoor conveniences mobilizes people to spend more time outdoors, boosting both physical and mental health.

“It puts people and the environment at the centre of urban planning,” said The Conversation, “Key elements are: the proximity of necessities; local participation and decision-making; community solidarity and connection; and green and sustainable urban living.”

A manifesto published in 2020 from Barcelona, backed by 300 architects and 160 academics, iterated four key elements to city organization: reorganization of mobility, renaturalization of the city, de-growth, and de-commodification of housing. So how would this translate in the hustle and bustle of New York City? 

Innovation QNS, NYC’s 15-Minute City

In 2022 the NYC Council approved a 15-minute city masterplan for the Queens’ Astoria neighborhood. The plan, called Innovation QNS, was brought forth by ODA Architecture and includes a number of major perks.

Built between 35th and 36th Avenues, the neighborhood will repurpose large surface parking lots, vacant spaces, and underutilized industrial and commercial buildings to shape an area that meets residents’ needs in a more concrete way.

“Innovation QNS will expand the adjacent Kaufman Arts District and build on Astoria’s rich cultural fabric including its existing cultural assets,” details the ODA Urban Plan website.

The 5-block plan will include over 2,800 units of mixed-income housing, of which 700 are permanently coded for affordable housing. Beyond that, 200,000 square feet will be dedicated to neighborhood retail and 250,000 square feet dedicated to creative industry and small business. Two acres have been set aside for intentional open space, community health and wellness facilities, arts and culture hubs, not to mention a multiplex cinema and grocery store.

Despite difficult negotiations, the project was finally approved in late 2022, with construction slated to begin in 2025. The $2 billion dollar development nearly came to a halt as the opposition called for even more affordable housing to be woven into the plan. Developers and housing officials finally agreed to double the affordable units to 45% of the project, equating to 1,400 units.

“This is exactly the kind of historic work we must do to tackle the housing shortage at the root of our affordable housing crisis,” said Democratic Mayor Eric Adams about regarding the negotiations.

Pressure continues to mount as officials fail to meet an urgently growing housing shortage crisis. Council members advocating on behalf of affordable housing were relieved the project has expanded to include more units.

“From Day 1, I have stood with my community in demanding deeper affordability from this development,” said Ms. Won of the Council’s progressive caucus, “There [were] more parking spots being offered than affordable units.”

 Supported by Ms. Ocasio-Cortez, council members continue to pressure developers to meet the needs of local communities first and foremost. 

But while the common thread of 15-minute cities carry the sentiment of community-first principles, that hasn’t stopped conspiracy theorists from demonizing the concept, creating major backlash. 

Conspiracy Theories of 15-Minute Cities

Starting in 2023, Mr. Moreno’s 15-minute city began to attract the wrong kind of attention. QAnon conspiracy theorists and climate change deniers quickly labeled 15-minute cities as “Prison camps” and “Climate change lockdowns,” stoking fears that proximity was a form of entrapment. 

Misinterpretations of the concept ran rampant, and conservatives vilified the idea as a government takeover, accusing supporters of advocating repression and government surveillance. The oppositional narrative is dystopic at best. Opponents paint pictures of a fictional future where gated communities keep residents locked in, and limited access to vehicles prohibits people from moving freely. 

Mr. Moreno was attacked both digitally and physically. Harassment and threats through email and online forums mounted, with some calling Moreno a criminal and a dictator. Soon the death threats began to pour in, terrifying both him and his family. 

“I wasn’t a researcher anymore, I was Pol Pot, Stalin, Hitler,” Mr. Moreno told the New York Times, “I am not a politician, I am not a candidate for anything — as a researcher, my duty is to explore and deepen my ideas with scientific methodology. It is totally unbelievable that we could receive a death threat just for working as scientists.”

So far, none of this doomsday foreshadowing has proven true. In fact, local communities have flourished under newly completed neighborhoods, with small businesses gaining more traction than before. Advocates of 15-minute cities are quick to dismiss any rumors, ensuring the concept is not driven by any sort of restrictive mobility or monitoring.  

As New York constructs its own version of a complete neighborhood, we will soon experience firsthand what the model has to offer. Coming from the midst of both an economic and housing crisis, this movement toward the 15-minute city may help New York emerge from the pandemic even stronger than before.

The post What Is A 15-Minute City and How It’s Coming to NYC appeared first on CitySignal.

So, what can real estate professionals do when the time comes to switch brokers? How do they evaluate which firm is the right fit? And how can they transition smoothly without disrupting their customer base?

At CitySignal, we found that while there’s no one-size-fits-all criterion when it comes to choosing a new broker, there are some key questions and factors to consider.

When Do I Know It’s Time to Switch Brokerages?

“The first step is to determine why you’re looking for a change,” says Yael Dawson, who has worked as a licensed real estate professional in NYC for the last decade. “Brokerages vary greatly in how they treat their agents, how much support they provide, how their commission split works, and how much they trust you to handle your business. You want to be sure that the new firm aligns with your long-term goals and values you as an agent.”

Dawson started her real estate career at Anchor Associates, which some agents may label as a “starter” brokerage. These smaller firms tend to charge a higher commission split, such as 70/30 or 60/40, because they’re taking on new agents who are likely to make more mistakes. These errors can be costly for the brokerage, not only in terms of money but also when it comes to their credibility with landlords across the city.

Dawson recalls a time when a colleague accidentally CC’d their client on an email that was intended for the landlord’s agent only. The client had been upset about how long it was taking to secure an apartment, especially since the landlord rejected their initial offer, and decided to email the landlord’s agent directly.

What the client didn’t know was that the landlord’s agent had a reputation for killing deals whenever there was a breach of protocol. The client should have never been included in the email chain, and when they were, the landlord canceled the deal and threatened to blacklist Anchor Associates.

“Fortunately, that didn’t happen,” Dawson remembers. “Anchor was able to make things right and continue working with the landlord. Our office manager was very understanding and treated the agent involved with kindness. But not all brokerages are as forgiving, so it’s important to find out how a firm handles these types of situations.”

This is just one example in a long list of reasons why real estate agents in NYC may decide to switch brokerages or stay where they are. For Shawn Jenkins, who transitioned from a rental-driven firm to join Corcoran’s luxury sales team, the decision was all about finding a place to grow.

“I was working as a rental agent and wanted to take my career to the next level,” says Jenkins. “Sales [was the obvious choice]. I’m a natural self-starter, so all I needed was a toolkit to help accelerate my career into sales.”

Jenkins knew that Corcoran was the place to be if he wanted to make a name for himself in the luxury sales market, which is off to a great start having already closed a deal over $1 million in Sunset Park. But not all agents have the same sense of clarity or ambition. In some cases, the decision to switch brokerages is more about flexibility or necessity. If an agent’s clients have outgrown their current firm, or if the brokerage is unable to provide them with the tools and support they need, then it might be time to make a change.

But with so many different business models, how can real estate professionals ensure they’re making the right choice?

What Are the Different Brokerage Options and Which One Is Right for Me?

When exploring the different brokerage options in NYC, Dawson recommends making a list of both personal and business objectives. Once the agent has an idea of what those are, it will be much simpler to determine which potential firm is likelier to help them achieve their goals.

“It’s like any other job search,” she explains. “You need to know what you’re looking for and how the chosen firm can help you get there. But unlike a traditional job where you earn an hourly wage or get paid a salary, how much you make as a real estate agent depends on how much you put in. So it’s important to understand how the commission split works and how much support, training, and resources you’ll get for your investment.”

Compensation Models for Brokerages

To illustrate Dawson’s point, here are some examples of the different compensation models adopted by brokerages across NYC:

• Experimental Firm A lets you keep 100% of the commission as long as you pay a monthly desk fee. This fee covers office space and administrative support but does not include training or continuing education. It ranges from $500 to $1,500 per month, depending on the broker’s needs.
• Established Firm B offers an 80/20 split with no monthly desk fees, but the agent would be responsible for all marketing costs associated with their listings, plus other out-of-pocket expenses. At $6 per day just to advertise on Streeteasy, these fees can add up quickly.
• Starter Firm C proposes a 50/50 split. It covers half the cost of marketing and provides continuing education for the agent in the form of webinars and negotiation workshops. But the firm lacks exclusive listings and hasn’t fostered any long-term relationships with landlords. This means the agent will have to compete with thousands of real estate professionals for the same open listings, hustling to secure deals.
• Salary Firm D offers a base minimum of $50,000 per year with monthly bonuses based on KPIs (e.g., lead-response rate, closed deals, customer service ratings, etc.) Put another way, the firm holds onto most of the commission in exchange for providing the agent with a steady paycheck and additional incentives.

Agents who have built a strong referral network and generate a steady stream of leads might be better off going with Firms A or B. On the other hand, agents who are just starting or take a more passive approach to their business might benefit more from Firms C or D. It depends on the agent’s level of expertise, customer base, whether they need hands-on support, and how much time and money they’re willing to invest in their business.

But these aren’t the only factors that differentiate NYC brokerages. Some firms specialize in specific neighborhoods or boroughs while others have a more global reach. Others embrace new technologies like DocuSign, chatbots, and marketing automation, making it easier for buyers and sellers to engage with the firm. Hidebound agencies, on the other hand, are being left in the dust as more and more firms adopt these cutting-edge tools.

All that said, some real estate agents will prioritize company culture over everything else, including the potential for higher commissions.

How Important Is Company Culture When Switching Brokers?

Fern Kamins, a former agent at Anchor Associates, didn’t choose to join Elegran two years ago. She just happened to be sponsored by Anchor when Elegran acquired the smaller company in 2020. The warm welcome she received from her new broker was one of the main reasons she decided to stay.

“The company culture at Elegan is wonderful,” Kamins says. “The management team is forward-thinking, empathetic, and always available to answer questions. It’s a great place to build relationships and grow your real estate career.”

Kamins has been selling real estate in Brooklyn and Manhattan for over 40 years, recently closing several deals at 225 Adams Street in Brooklyn. She’s witnessed how the industry has changed over time and believes that company culture plays a vital role in the agent’s success.

“Everybody thinks that [real estate agents] are stabbing each other in the back,” she remarks. “If you go to the right firm, that isn’t true.”

She continues: “Sadly, many agents prioritize the deal over each other. A toxic company culture perpetuates the stereotype of the agent as a selfish individual whose only goal is to close deals. But Elegran breaks that stereotype. It creates a supportive and respectful environment where agents are valued regardless of their experience level. That’s why I’m still here.”

We asked Kamins if she’s ever worked at a cut-throat real estate firm like the one depicted in David Mamet’s 1992 film “Glengarry Glen Ross.” In one scene, Alec Baldwin’s character famously delivers an eight-minute speech about how “it takes brass balls to sell real estate” and how “coffee’s for closers only.”

Kamins laughed. “I’ve certainly heard of scare tactics used at some brokerages to keep agents ‘motivated,’ if you could call it that,” she said. “I haven’t worked in a place like that myself. I think that if the brokerage environment is clearly toxic, agents shouldn’t hesitate to switch. You don’t need someone yelling at you to do your job.”

Has Kamins’ transition been smooth? “For the most part, yes,” she assured us. “Most of my business is referral-based or working with repeat clients, so I never had to worry about how the switch would affect my business. When I make a switch, I bring my clients with me. It’s that simple.”

When we asked her what advice she had for agents who are considering switching to a different brokerage, Kamins was adamant:

“Figure out your goals, research different firms, and don’t get too hung up on the commission split,” she said. “The most important thing is to find a place that feels like home so you can build meaningful relationships with colleagues and clients alike.”

What Steps Should Agents Take When Switching Brokers?

If you’re a real estate agent who’s just decided to switch brokerages, here are some tips to make your transition as smooth as possible:

1. Notify your current broker before officially resigning (this can be two weeks or 30 days in advance depending on your employment terms).
2. Discuss your current listings with your broker to coordinate how they will be handled after you leave. In some cases, you’ll need to wait until the listing expires before it can be transferred to your new broker.
3. Email your current broker a list of any pending commissions and CC your personal email. This is a great way to keep track of how much money you’re owed since brokers can take time to process commission payments.
4. Bring any documents and information related to your current listings with you when you go to your new broker.
5. Get a confirmation from your old brokerage that your real estate license is no longer sponsored by the firm before you submit the necessary paperwork to your new sponsor.
6. Notify your clients about your move and make sure they know how to get in touch with you at the new brokerage.

The Takeaway

There’s a lot to think about when switching real estate brokerages. One of the most important considerations is finding a firm that provides the support and culture the agent will need to succeed in this ultra-competitive industry. Setting realistic goals and choosing the most effective compensation structure to meet those goals is also essential.

Finally, agents should carefully navigate the process of switching brokers by asking as many questions as they need to feel comfortable with their decision. Taking these steps will help make the transition to a new brokerage as seamless and successful as possible.

The post When and How to Transition to a New Real Estate Brokerage appeared first on CitySignal.

Staten Island 

#1. The Staten Island Boat Graveyard

The Arthur Kill waterway hides a ghastly secret beneath its waters, and some of those secrets are still worth discovering for visitors to Staten Island’s Tugboat Graveyard. Twisted wood planks and metal spires reach from the waves as the last remnants of more than 200 ships that were “put to rest” here since the 1930s. Part of the ships have sunken, decomposed or even been stripped for their metals and sold, leaving this eerie field of wreckages and a sordid reminder of the environmental results of industry. This “accidental museum” is a bit of a trek though, and as it’s a 13-mile bus ride from the Staten Island Ferry, these murky depths are reserved for only the most determined of dark tourists. 

#2. Staten Island Museum

While the scenic Staten Island Ferry gets plenty of well-deserved love, The Staten Island Museum at Snug Harbor, founded in 1881, is another icon of the Forgotten Borough that shouldn’t be missed. The museum is dedicated to the heritage of Staten Island and features paintings by Marc Changal, work from Asia, Africa, Indigenous America and Europe, as well as over 500,000 insects, if that’s your thing. Welcoming over 200,000 people each year, this former dormitory for retired seamen has been converted into one of the premiere natural history, art and cultural museums in the city. It’s well-worth the bargain as well, tickets start at $2 for Children 2 to 12 up to $8 for adults, (Children under 2 get in free).

#3. Fort Wadsworth

One of the oldest military installations in the nation, tracing its initial foundation back to 1779, midway through the American Revolution. Originally inhabited by the British, it was one of the forts fortified by U.S. forces following the war along with others like Fort Lafayette in Brooklyn, Fort Jay on Governors Island and Fort Gibson on Ellis Island; otherwise known as the Second American System of coastal defense. The Fort also served as a base of operations for soldiers during the Spanish American War, World War I and World war II before being turned into a national park in 1994 by the US Navy. Beyond the fort itself, the park is available for camping, fishing, and hiking in addition to horseback riding, boating and access to sporting facilities. 

Manhattan Destinations

#1. The Cloisters

The Met Cloisters, found in upper Manhattan and situated in Lenapehoking, homeland of the Lenape diaspora, is a medieval-style building that is just under 90 years old. Designed by Charles Collen and funded by none other than John D Rockefeller, the building was built atop and around the original museum built there by George Grey Barnard, a sculpture artist trained in France. The location is built to be reminiscent of medieval European monasteries, churches, castles and other structures into a coherent museum of architecture, horticulture and art. Tapestries, paintings, sculptures, artifacts and several flower gardens make this location an eclectic and exciting visit, with something for everyone just a short walk from the 1 or the A. In addition to their permanent installation, the museum is host to ongoing and rotating exhibits, such as the current Hear Me Now: The Black Potters of Old Edgefield, South Carolina or the upcoming exhibition on Afro-Hispanic Painter Juan de Pareja. Tickets are pay-what-you-want for NY residents and students from New Jersey, and Connecticut as well.

#2. Little Island 

After opening in May 2021, Little Island is a new public park and part of Hudson River Park, built atop an artificial “island” more than two square acres large. Offering an abundance of free programming, including educational, natural, artistic, and community projects, the park saw over 1 million visitors in its opening year, usually filling to capacity before noon, so if you plan a visit, make sure you have a timed-ticket if you plan on visiting later in the day. With two performance venues featuring work by one of their multiple artists-in-residence (such as the fantastic playwright Tina Landau and actor Michael McElroy), and over 350 species of plants, the park is more than worth a visit for nature and entertainment lovers alike. Weather permitting, the park, free to the public, is open 365 days a year from 6am and closes at a different time depending on time of season; so plan your visit accordingly! 

#3. The High Line

A public park located on the West Side of Manhattan, the High Line is also a nonprofit organization that offers tours, art performances, and food along with a one-of-a-kind NYC tourism experience. Built on an elevated rail line and sanctioned as a park in 2006 by Mayor Bloomberg and the City council, the high line is an excellent example of urban refurbishment, taking what had been an eyesore of a defunct rail line and turning it into a cultural center and metropolitan getaway. Take a stroll from Gansevoort Street to 34th street, a 1.45-mile stretch that allows one to view 10th and 12th avenue from a wheelchair-accessible platform above the city. There’s no shortage of activities near and on the high line, including amateur trapeze flying, swimming at the Chelsea pier, and visiting the Whitney Museum of Art.

Year-Round Fun in The Bronx

#1. New York Botanical Garden

An “Advocate for the plant world”, the New York Botanical garden was established in 1891 and takes up more than 250 acres of space, making it the largest in any city in the U.S. A National Historic Landmark, the garden features over 30,000 types of trees and hosts 100 Ph. D-level scientists currently engaged in 250 international collaborations in 49 countries! Committed to preserving and protecting New York and the world’s biodiversity, NYBG is an excellent chance to see a wide diversity of plants and flowers while also learning about the rich history and wide importance of horticulture. Activities include the family-friendly Edible Academy, The Wetland Train and the dining at Hudson Garden Grill.  Tickets for New York City residents start at $7 for students and seniors, while non-member adults will pay $15. Children and members get in free.

#2. Edgar Allan Poe Cottage

Quoth The Raven, the poet and author Edgar Allen Poe, famous for works such as The Tell-Tale Heart, Lenore and The Fall of the House of Usher, lived in The Bronx from 1846 to 1849, when he died under mysterious circumstances. While he wrote “The Raven” at a previous home in Manhattan, Poe, a Boston native, wrote several of his most famous poems while at this location, including The Bells, Annabel Lee and his short story, The Cask of Amontillado. The Poe Cottage is now a historic landmark and is on the National Register of Historic places, owned by NYC and run as a museum, open Friday through Sunday from 9am to 12pm and then from 1pm to 5pm. Just be wary of still-beating hearts beneath the floorboards! 

#3. The Bronx Zoo

Taking up more than 265 acres of space, the Bronx Zoo offers unparalleled opportunities to get up and close with wildlife in New York City, not counting pigeons of course. Opening in 1899, the Bronx Zoo houses over 4000 animals representing more than 650 species. Highlights include The Congo Gorilla Forest, Tiger Mountain, and the Aquatic Bird House & Sea-Bird Aviary. They even offer a seasonal Butterfly Garden experience, from April through October, where one can interact with the butterflies directly and get to know other animals in their biome. Date-Specific tickets are required, and parking can fill to capacity on peak attendance days so an alternate mode of travel is suggested during especially busy periods such as holidays.

Queens Destinations

#1. MoMA PS1

MoMa PS1 (or the Museum of Modern Art) was founded by Alanna Heiss, who now serves as curator, in 1976, and has been a powerhouse of contemporary art and culture in Queens ever since. MoMA PS1 is an artist-centered, community driven organization that hosts a wide variety of programming, such as the ongoing After The Fire mural project, or the upcoming dance / performance art project by London’s Onyeka Igwe, A Repertoire of Protest (No Dance, No Palaver). Best of all, admission is free to all New Yorkers; so be sure to check out the campus from time to time to see some of their ever-changing selection of exhibits and events. 

#2. Astoria Park

Featuring the oldest and largest pool in the city, Astoria park sits on the edge of the East River and takes up nearly 60 acres of land. Originally called William J. Gaynor park after the mayor at the time, and then East River Park, the Board of Alderman officially named the park “Astoria” in 1913. Located beneath the Robert F. Kennedy and Hell Gate Bridges in Queens, the park also features over a dozen tennis courts, several playgrounds, and a skatepark. The pool is, however seasonal, it’s open only whenever the New York City public school season is not in session, so mostly over the summer, although you can check the website for more specific dates yearly.  Also, note you’ll need to bring a combination lock for a locker, and food, glass bottles, electronic devices, and newspapers aren’t allowed in the pool; so you’ll need to leave those at home. 

#3. Louis Armstrong House Museum

After the passing of her husband, famed jazz musician and civil-rights legend Louis Armstrong, the late Lucille Armstrong stayed at their home on 107th Street in Corona, Queens working to preserve his legacy. This effort has resulted in The Louis Armstrong House Museum (LAHM), a National and New York Historic Landmark that holds exclusive archival material, private recordings, and other documentation on the life of the musician, along with live music performances and other programming. The house is open Thursday through Saturday only and has limited hours, so it’s important to schedule ahead to make sure to make the most of your experience, but once there be sure to take part in one of the daily guided tours that walk you through this piece of music history, “frozen in time”. 

Brooklyn Locations To Visit

#1. Brooklyn Academy of Music (BAM)

Located in North Brooklyn, the Brooklyn Academy of Music has been a home for performance and art for over 150 years. With programming in theatre, dance, music, film and opera, there’s always something to see or do on the beautiful campus. A quick glance at their extensive calendar of events you’ll see how live installations are often placed alongside current films and live performances, making a day-long visit to BAM well worth the trip. With three separate venues, The Peter Jay Sharp Building, BAM Fisher and BAM Strong, there’s always plenty to see, and membership offers access to even more advantages and art. The work at BAM is often critically acclaimed and world-renowned, cementing it as an underground incubator of important new work and a showroom for the avant-garde. 

#2. Brooklyn Bridge Park

While the Brooklyn Bridge is an obvious choice for tourism when visiting New York City, the crowds and traffic constantly crossing the structure may make viewing it difficult from the walkway. For a different vantage point, another choice may be the Brooklyn Bridge Park which offers a stellar view of the bridge, and is a bit of an open secret amongst locals for its out-of-the way vistas, expansive piers filled with activities and programming, as well as a waterfront park. From the labyrinth on Pier 3, to the famous outdoor Jane’s Carousel, to the glamorous Empire Stores, the park has year-long activities perfect for anyone looking for a quiet stroll, a brisk kayak trip, or a casual throwdown at the ping-pong tables.

#3. Coney Island

The last stop at the bottom of the Q Train will take you to one of the most historic and iconic summer getaways in the city. From the boardwalk and amusement park rides, to the long hot beach, Coney Island is synonymous with New York Summer fun, and has been a staple in the city since 1895 when the first enclosed amusement park opened in the area. Some track the invention of the Roller Coaster back to 1884 Coney Island and LaMarcus Adna Thompson, where he built his gravity-based “Switchback railway” which would become the foundation for our modern rides. Some of Coney Island’s current featured attractions include the Coney Island Circus Sideshow, Deno’s Wonder Wheel Amusement Park and the New York Aquarium. Coney Island is also a famous filming location in New York City, with movies such as The Wiz, The Warriors and Requiem for a Dream filming on or near the beach.

The post 15 Cheap and Underrated Ideas For Spring Break in NYC appeared first on CitySignal.

Unfortunately, the freedom and safety of riders is contingent on proper city planning, designated bike lanes, and personal precautions. In a city like New York, where cars rule the road, this is not always the case. As of 2020, New York boasted over 1,375 lane-miles of bike infrastructure, but only 545 were protected. This discrepancy in designated bike lanes, which exist to keep riders and pedestrians safe, brings to light several issues in NYC. Most concerning is the human toll: in 2021, the Department of Transportation reported 4,949 cyclist injuries and 19 fatalities. 

As New York becomes more and more of a cycle city, how will the streets – and the residents – adapt? 

Bike Lanes in NYC 

In November 2022, the NYC DOT announced major plans to expand bike lanes and public spaces in 2023. As part of the city’s effort to make the largest bike network in the US, the expansion includes adding a one-way protected bike lane on 10th Avenue between W 14th Street and W 52nd Street and improving bicycle and pedestrian access between Manhattan and the Bronx on the Washington Bridge. With an eye toward creating protected bike lanes with “high ridership, a history of vehicle non-compliance and/or lanes adjacent to heavy vehicle corridor,” other projects include protected bike lanes on Westchester Avenue (Bronx), Berry Street (Brooklyn), Ashland/Navy/Hanson (Brooklyn), and adding a two-way protected bike boulevard on Broadway between Madison Square and Herald Square. 

Essentially sidewalks for bikes, and protected bike lanes use some kind of physical delineator – planters, plastic bollards, parked cars, curbs – to keep a rider safe. Though a good step, these basic barriers don’t always do the trick; a plastic bollard is often not enough to deter a car from blocking the bike lane, which can lead to accidents, injuries, and fatalities. To combat this, the DOT plans to replace half of the “protected bike lanes” with Jersey barriers (fortified cement blocks weighing four tons each) by the end of 2023. 

In September 2022, a second rider-centric solution was introduced: a proposed “lane blocking bill.” If passed, the bill would allow citizens to “submit a photo of a blocked bike lane to the Department of Transportation (DOT). After an investigation and subsequent ticketing, the submitter could receive 25% of the ticket value—which is expected to be $175.” Modeled after the Citizens Air Complaint program, which encourages civilians to submit photos of idling trucks and cars in exchange for 25% of the resulting ticket, the lane-blocking bill has the potential to engage citizens and make the city safer for cyclists.  

How Bike-Friendly Is NYC Compared To Other U.S. Cities?

In September 2022, Anytime Estimate came out with a ranking of the most bike-friendly cities in the U.S. The ranking analyzed data from “the U.S. Census Bureau, U.S. Department of Transportation, U.S. National Centers for Environmental Information, Walk Score, Rails-to-Trails Conservancy, Vision Zero Network, Google Trends, and Yelp.” Though New York made it into the top 15, it didn’t break the top 10, and for a city itching to build the largest bike network in the U.S., it means that there is much more work to do. 

New York was outranked by ten major cities, including Portland, San Francisco, Boston, Washington DC, and Minneapolis. 

Based on data by Anytime Estimate

Hopefully, the aforementioned infrastructure projects and a more cyclist-centric community will continue to move up New York’s ranking. There is, however, one larger roadblock: traffic laws and practices. In their 2022 Bike Friendly States survey, the League of Bike Activists gave New York an “F” rating, mostly due to failings in the state’s legislature. As of spring 2022, the state had not passed any items on the “livable streets wish list,” a collection of potentially life-saving bills and laws compiled by the cyclist advocacy group Transportation Alternatives. These items include allowing New York City to set its own speed limits or running enforcement cameras 24-7. 

But it’s not the end of the battle. Just this month, Transportation Alternatives unveiled their new platform aimed at addressing the legal failings affecting cyclists and pedestrians. This agenda includes the SAFE Streets Act, a package of life-saving bills intended to curb speeding, champion safe street redesign, and offer support to those impacted by crashes. Submitted to Governor Kathy Hochul and New York State Legislature, advocates urged urgent action if the state hopes to meet “the critical goals of its own multimodal transportation agenda by 2030.”

The Current State of Cycling in NYC

In addition to legal and structural hurdles, there is another major pain point affecting cyclists in New York: access. In 2017, the DOT completed a study identifying the 10 districts with the highest cyclist severely killed or injured (KSI) data. The neighborhoods – seven in Brooklyn and three in Queens – were severely underserved by the DOT, with high ridership but few dedicated bicycle facilities. In an effort to make cycling safer, the agency has prioritized those areas for bicycle network expansion. A review of the projects announced and completed in recent years indicates the DOT is working to stay true to their word. Some notable ones include safety improvements on Flatbush Avenue between Grand Army Plaza and Empire Blvd (Brooklyn), greenway connections in Jamaica Bay (Queens), and an extensive bike network plan for Flushing, Queens. 

Furthermore, in August 2022, Mayor Eric Adams announced that the city would be “targeting areas with a lack of good transportation and jobs for an expansion of the city’s greenway network, using $7.25 million in federal infrastructure funding to plan for the new bike paths.” Though the funding only covers planning and study, the hope is that the proposal – expected to be released in 2024 – would pave the way for potential new greenway sections including an “extension of Brooklyn’s Eastern Parkway into Brownsville, the Jamaica Bay Greenway into southeast Queens, along the Harlem River in the Bronx, and Staten Island’s North Shore.” 

Citi Bike – the official bike-sharing system for New York – is crucial for both expansion and adoption of cycling in the city, especially in underserved neighborhoods. The massively popular program has continued to increase its presence and popularity throughout the five boroughs since launching in May 2013. Despite the roll-out, however, it has not been without issues. In 2019 a report from New York Communities for Change found that “more than 75 percent of neighborhoods that experience extreme poverty lie outside Citi Bike’s service area, and only 16.5 percent of people of color have access to any of the city’s bike sharing services.” 

Though privately owned, Citi Bike is contracted by the city, and works with NYCDOT to plan its service areas. As New York works toward transportation equity, ensuring not only designated bike lanes but also access to bike stations (by way of Citi Bike) is crucial. 

Since 2019, Citi Bike has shown marked improvement in its service areas. As of December 2022, Citi Bike (now owned by Lyft) had 30,000 bikes with plans to reach 40,000 by the end of 2024 — expanding to underserved neighborhoods in the Bronx, Queens and Brooklyn. Hopefully, this is only the beginning. Clearly the demand is there: on September 8th, 2022, 138,372 [Citi Bike] rides were taken, a new daily record. 

Where to Bike in NYC

For the eager cyclist ready to hop on a bike and get pedaling, the NY Department of Transportation releases a yearly bike map with updated routes and paths. 

It’s not a perfect system, but as the network of bike lanes continues to improve and expand, it only makes commuting through the city via cycle more enticing. And it’s not just the city – the Hudson River Greenway, for example, stretches all the way from Battery Park in Manhattan up to Whitehall in Washington County. 

A ride across the Brooklyn Bridge offers bikers a particularly spectacular view of either Manhattan or Brooklyn, depending on the direction. For tourists, it’s a great way to get to know the city. For commuters, it’s an easy – albeit physically taxing – method of getting to work. 

One can only dream of what the New York City bike network will look like in five years. If the city continues to put its money where its mouth is, hopefully it’ll be a sprawling, interconnected system of protected bike lanes that safely co-exist amongst pedestrians and cars, reaching from the depths of Brooklyn to the tip of the Bronx. 

The post Gears to Grind: The State of Biking in NYC appeared first on CitySignal.

We are living in the throes of a seller’s market, where affordable rent is hard to find and even harder to obtain. For those wanting in on the action, timing is everything. Real estate agents advise that some months are more fortuitous than others for finding an affordable home.

The Best Time of Year to Move to New York

According to most real estate agents, the best months to find an apartment are May through June and October through November. Late spring brings plenty of fresh options on the market, while fall has more discounts and deals.

Spring is buzzing in the New York market. More apartments hit the market during and after May than the rest of the year, giving renters plenty to choose from. The only caveat is that other people know this too, creating a competitive and challenging rental market. If you find a place you love- act fast. Apartments come and go quickly in the springtime, while the fall market is a little less intense. 

How Early To Begin Apartment Hunting in NYC

The earlier you look for the next place, the better. With low vacancy rates around 2.6%, there is much more demand than supply.

“Prospective renters should begin looking for their apartment 4-6 weeks before their anticipated move-in date,” explains Allyson Waddell, RentHop’s Success Manager, “Many landlords and management companies will not show an apartment unless they know they can profit from that potential deal within the month.”

More time may be needed if you are considering a condo or co-op, which includes board application approval. Experts recommend searching 2-3 months prior to the anticipatory move date, as board approval can take from 2-4 weeks.  If you are moving somewhere new, that could impact your timeline as well.

“Renters moving to an area with a market they’re unfamiliar with, should consider looking at online listings two months before they wish to move,” says Allyson Waddell, “Researching ahead of time can help paint a picture of rental prices and common amenities in the area. Additionally, renters may find a listing with an availability date that matches their desired move-in time.” 

Cheapest Month to Rent in NYC

Looking across ten major cities, including New York City, RentHop research found the cheapest months to rent between December and March. The most expensive months were May through October. The “peak-to-trough” difference, measuring the highest seasonal rent to the lowest, found dollar savings between $38 and $139 a month for a 1 bedroom and $47 to $176 for two bedrooms. One quick look at RentHop’s stats and trends page shows you just how much rent can differ in NYC over the year.

The pandemic has not been helpful to renters. A year-to-year comparison shows renters have struggled- median rent increased up to 32% across the five boroughs between March 2021 and March 2022. Current New York City rent prices are up 10% since before 2020, slightly lower than the 15% national average. 

Once you find a place that piques your interest, it’s important to jump on the application process. If there’s one thing about New Yorkers- they move fast. 

The Love and Hate Reality of New York Brokers 

Many out-of-state folks are not familiar with broker fees, but they’re a painful part of renting in New York City. As agents work on commission only, a broker fee is a fee paid to a licensed real estate agent or broker for representation during the transaction. Sometimes chosen by the landlord, their fee is covered by the renter.

Is It Worth It To Hire A Broker in NYC?

“I don’t think we would have gotten our current place in Brooklyn if we didn’t pay the broker fee,” says Tina Gray, a renter from Brooklyn “He did genuinely have our back through the process and was trusted by the current homeowner. With that being said, to pay a 13% fee of rent upfront as nearly a sunk cost was painful.”

In New York, broker fees apply to most apartment rentals. Plan to spend around 10-15% of the first year’s rent. Despite the sometimes enormous fee, better deals can be found through a broker or real estate agent, they also may help you get a lef up if you’re looking to move during a busier season. They can assist in more ways than one.

“Most of my work for clients is completed before the first phone call,” explains New York real estate agent Burton Frey Jr. “The primary service agents can provide their clients is guidance earned through experience. What neighborhoods or types of properties are conducive to an individual’s likes, dislikes, and needs? Which management companies or owners are responsive to service requests? A renter may not have the relationships and intel that an agent has with other agents, owners, and management companies.”

If you are ever worried you’re paying too much- just be glad it wasn’t $20,000. The state is currently investigating a $20,000 broker fee charged by Ari Wilford for a rent-stabilized one-bedroom apartment in the Upper West Side. 

What You’ll Need To Apply for an NYC Apartment

So, you’ve found the apartment of your dreams. What next? There are a number of steps between love-at-first-sight and the move-in date, and while they may differ from apartment to apartment, you’ll likely pass through the following steps.

During the application process, you will fill out an application, usually including a background and credit check. In some cases, the landlord will want to meet you.

To help with income verification, the landlord may ask for bank statements. If you do not make the required amount- generally 2.5x the monthly rent, then you will need a guarantor to sign for you. Once credit and income have been verified, it’s time to set the walkthrough and move-in dates. The walkthrough process is very important and is not to be missed. 

Background checks may soon be a thing of the past as the New York City Council debates a law to ban criminal background checks by landlords. Background checks can potentially allow landlords to use criminal history against potential tenants, which is grounds for discrimination. Most landlords remain firmly against the bill, worried it will affect tenant quality. 

Worries about crime remain one of the biggest detractors from moving to New York. Counter to these trends, the demographics of New York depict a different reality- a city in a slow and quiet decline.

The Shifting Demographics of New York City

From the very beginning of the news, residents began moving from the city in droves. Migration panic slowly set in, shifting demographics in real-time. New York City was hit harder than any other city in the United States. 

Starting in 2020, over 160,000 households relocated out of New York, with Manhattan losing the most people at the highest rate.  Outbound migration peaked directly following the start of the pandemic, and the overall population is in decline. Much of Manhattan relocated to suburban enclaves like Rockland County, Westchester County, and Suffolk County. 

New York has processed a number of changes since 2020. Adjustments in office dynamics and the availability of remote working led to low office returns, endangering many local businesses. Working from home has also changed living preferences. Remote workers are often looking for larger square footage so they have space for an office. The National Bureau of Economic Research recently found that US housing costs rose about 15% as a direct result of remote working.

“New York City had one of the largest declines in the first stage of the pandemic and one of the fastest rebounds,” said Rob Warnock, a senior researcher at the rental search platform Apartment List.

While housing prices soared throughout the United States, Manhattan real estate was at first an outlier, experiencing plunging home values as people left in mass exodus. 

“In the past decade, most of the counties [in New York City] have been experiencing out-migration,” Crystal Delbé, a statistician in the population division of the US Census Bureau, told Bloomberg. “And in 2020, which is the first year of the pandemic, we saw that same trend kind of persist.

Of course, this was not permanent. Beginning the second year of the pandemic, the situation reversed as outbound migration slowed and inbound migration increased. As housing expenses and real estate increased throughout the rest of the United States, folks began slowly returning to the big apple. 

Other factors contribute to New York’s population decline. The pandemic brought higher death rates, lower birth rates, and limited international travel and migration; all of which reflect as a loss in population. 

As you might discover in your new neighborhood- New York today is different than the New York of the past. But then again, it always has been. 

The post When Is the Best Time to Rent an Apartment in NYC? appeared first on CitySignal.

It’s no surprise, then, that some people cringe at the mere mention of the number 13, so much so that some buildings around the world have gone as far as to skip the thirteenth floor altogether.

But why is there a superstition against the unlucky number? Where did it come from? And why is it still around today?

To better understand triskaidekaphobia or fear of the number 13, we first need to look into its religious and mythological associations, which date back to ancient times.

Where Did the 13th-Floor Superstition Start?

There are different beliefs as to why the number 13 became so reviled in modern culture. One pervasive theory is that much of life is structured around the number 12, with 12 months in a year, 12 zodiac signs, 12 apostles in the bible, and 12 Gods of Olympus.

Consequently, 13 was seen as an unlucky number that could disrupt nature’s “perfect” cycle, which may also be the reason behind some of the lore surrounding Friday the 13th.

The New Testament records one of the earliest written references to the superstition when Judas Iscariot became the thirteenth guest to arrive at the Last Supper. He would betray Jesus the very next day (on a Friday) by handing him over to the Romans, with an “Et tu, Brute?” moment that culminated in the Garden of Gethsemane. It was there that Judas identified Jesus with a kiss, leading to his crucifixion (hence why the expression “Judas kiss” is sometimes used to denote an act of betrayal).

Dinner parties are ostensibly incubators for the superstition of 13, as evidenced by the tale of Loki in Norse mythology.

According to the legend, 12 gods were invited to a lavish dinner at Valhalla, the exclusive great hall of the god Odin, where honorable warriors went after death. The uninvited and mischievous god Loki crashed the party, bringing the guest count to 13. Any hardcore Marvel fan knows that an impromptu appearance by Loki spells disaster, and that’s exactly what happened: Loki tricked Hoder, the blind God of Darkness, into killing Baldur, the god of light and peace, by using an arrow tipped with mistletoe, which was the only substance that could harm Baldur.

The moral of the story was less about “not giving a blind man a bow and arrow,” but more so to remember that “bad things come in thirteen.”

Both accounts — the Last Supper and the dinner at Valhalla — appear in Donald E. Dossey’s “Holiday Folklore, Phobias & Fun,” where the author explains why the number 13 is considered unlucky, a superstition that has also seeped into the world of real estate.

Why Don’t Buildings Have A 13th Floor?

In a 2018 tweet, the Otis Elevator Company, which is the world’s largest manufacturer of vertical transportation systems (think: elevators, escalators, and moving walkways), revealed the reasoning behind why some buildings don’t have a 13th floor.

The tweet read: “#DYK that many U.S. hotel and office buildings skip floor 13 for commercial and residential use? Due to the superstition associated with the number 13, the unlucky number is often omitted from elevator panels and stairwells.”

Indeed, by avoiding potentially jinxed floors, superstitious developers and property owners hope to ward off any bad luck that may befall the building during its construction and avoid any negative consumer sentiment toward the ill-fated number once the project is complete.

This is why many buildings in NYC and other cities worldwide commonly omit the thirteenth floor, labeling it as 14, 12A, 12B, or some other designation instead.

Why Don’t Hotels Have a 13th Floor?

In the same vein as office and commercial buildings, hotels often skip the thirteenth floor to dodge any bad luck that may be associated with the number.

The Essex House in New York City, for example, refers to its 13th floor as the “14th” on elevator buttons. Another landmark hotel in NYC, the Sherry-Netherland, also skips the 13th floor on its elevators and room numbers.

In 2007, USA Today and Princeton-based news outlet Gallop conducted a poll that further confirmed why some hotels are wary of the number 13. “Triskaidekaphobia has significant economic implications,” the report read, citing that 13% of Americans were “bothered” after being assigned a hotel room on the 13th floor. (Let’s pause here briefly to note the irony in the poll numbers themselves; perhaps it’s these 13 percenters who have kept the fear of 13 alive!)

The report goes on to explain that “developers of hotels and office buildings have to make the decision whether to include a 13th floor to avoid [occupants’] superstitious desire[s] to avoid working or staying on such a floor. Many hotels in Las Vegas, where luck and superstition are important psychological factors, do not have 13th floors, and other large hotel chains routinely skip from the 12th to the 14th floor, although, technically, the 14th floor is really the 13th floor of that building.”

So, why don’t hotels have a 13th floor? The answer appears to be a combination of superstition, psychology, and market capitalism, a system known for its creative solutions to profit-hindering problems.

Other Places Where the Number 13 is Unwelcome

Interestingly, the superstition of 13 is not just limited to hotels and office buildings. It also crops up in areas such as air travel, where some airports have taken it upon themselves to skip gate 13, and healthcare, with some hospitals cutting room 13 and going straight to 14. Furthermore, many airlines, such as Iberia, Air France, and Ryanair, don’t have a row 13 for the same reason.

In Florence, Italy, house numbers between 12 and 14 are usually addressed as “12 1/2.” In France, there was once a tradition where socialites known as quatorziens (“fourteeners”) would make themselves available to be the 14th guest at a dinner party. This was believed to keep the party from being unlucky and definitely to prevent a disaster of Loki proportions.

The practice of skipping 13 is far from universal, however, with some countries not adhering too much to superstition. For example, in China, the number four is considered unlucky, as the Mandarin word for “death” — pronounced sǐ — is a homonym for “four.” That’s not to say that all buildings in China have a 13th floor. In some cases, both the fourth and thirteenth floors are omitted entirely.

In Conclusion

The superstition of 13 is still alive and well in today’s culture, with a long history dating back centuries. Although some people may overlook its significance, others are prepared to go to great lengths to avoid the number altogether. Indeed, the practice of not having a 13th floor in hotels and other establishments is a powerful example of the phenomenon’s ability to shape the decisions we make in our lives.

So, whether it’s a real estate development or an airport gate, the number 13 is often met with a shrug, and a “no thank you.” But it may also elicit a chuckle from realists who can’t be bothered to be bothered by what’s often a silly superstition.

Still, perhaps it’s best to avoid being guest number 13 at a dinner party. You know. Just in case.

The post Why Do Some Buildings Skip the 13th Floor? appeared first on CitySignal.

Most and Least Affordable Cities to Live In

The 2022 Singles Index, recently published by RentHop, examines the rising costs of renting a studio apartment compared with local incomes to help determine if living alone is affordable in major cities throughout the United States.

“Many young professionals are now faced with high rent prices as a single income earner,” quotes the study “But are certain cities more affordable than others for singles?”

Indeed they are. The least affordable places to live single include the obvious suspects; New York placed an easy first with a median studio cost of $3,016 and rent eating a hefty 43% of local income. “After placing second last year, NYC experienced a meteoric rise in rent prices in 2022,” detailed the RentHop study “which led to it overtaking Miami for our top spot.” The median rent increased over 23% last year.

The second most expensive city to dwell single is Miami. The median rent for a studio is $2,070, costing 37% of annual income. Following Miami in the index are New Orleans, Raleigh and finally Boston.

For contrast, America’s most affordable city for singles is the one and only Albuquerque, New Mexico. With a low median studio rent of $700 a month, residents only spend 15% of their income on rent. Second place is Wichita, Kansas where studios run $595 per month, amounting to only 16% of income. Last but not least are Minneapolis, Seattle, and Colorado Springs.

Cities that became more affordable according to income are Fresno, Fort Worth, Albuquerque, Milwaukee, and El Paso. Cities that became less affordable are Columbus, San Jose, Oklahoma City, Indianapolis, and New York. There were many surprises on the list, including the 35% year-over-year rent increase for Columbus, Ohio. And it was no surprise that New York was most expensive.

“When I moved to New York from Seattle in 2018 I experienced sticker shock at the extreme cost of rent,” says Dave B, a software engineer in East Brooklyn, “I sublet a small room in a two-bedroom Williamsburg walkup for $1100 a month, which at the time was the most I’d ever paid for rent. Since then, I’ve lived in two other apartments, and rents have continued to rise. This past year my rent rose 16%.”

In another report by Business Insider, a number of cities were shown to have nearly identical costs for one and two-bedroom apartments. Apartment hunting in Cleveland, New York, and Detroit, you’ll find there is less than a $100 difference between the cost of a one-bedroom and a two-bedroom apartment. All these metrics illuminate just how difficult the rental market has become for one of the largest demographics in America. But people like Dave are finding ways to make it work.

“Has this stressed me out per se? No, but I’m lucky to have a good paying job, live a minimalist lifestyle, and choose to live with roommates which reduces the cost burden imposed by the high rents,” explains Dave B, “While financially I could live alone in Brooklyn, this would dramatically impact my ability to enjoy the city and save for the future. This is common amongst single people in New York. Living alone in a 1 bedroom or studio apartment is expensive, and there is a noticeable lack of such units as you get further from the city anyway, so you choose to live with roommates to cut costs.”  

The Singles Tax

Why is it so hard to live affordably while single? In America, we suffer the singles tax. Singles are economically penalized in a country that financially incentivizes marriage and family. Tax codes favor marriage, and so do many employers.

Examples of the singles tax can be found in more than just rent prices. Even hotels and cruise lines charge a “single supplement” when only one person will be using their services.

Younger generations are taking longer to get married and have kids, if they choose to do either at all. US census data showed 35% of adults between ages 25 and 50 are unmarried. In 1970 this figure measured a mere 9%. Millennials are not interested in marrying right away as earlier generations had, and many prioritize education, career and travel before marriage.

Research by Pew found that married adults have higher average earnings than single adults, making them financially better off. This is known as a “wage premium.” Employment demographics also change according to marital status. These numbers are especially noticeable amongst men.

For instance, 91% of partnered men are employed versus 73% of unpartnered men. Unpartnered men earn a median income of $35,600 in 2019, compared to earnings of $57,000 for the partnered. For contrast, partnered women earn a median of $40,000 compared to unpartnered women with median earnings of  $32,000.

Last but not least, taxes also reflect these trends. Couples with one partner earning the majority of dual-income can benefit from a “marriage bonus” that allows the higher earner’s bracket to be dropped in joint filing. Partners who file together, in general, pay less in taxes per capita. Healthcare, social security, and retirement echo these sentiments; spouses can receive up to 50% of their partner’s Social Security benefits. IRA and Roth IRA income limits are also higher for married couples, allowing them to put more money away in savings.

Save $30k by Splitting Rent As a Couple

Couples who live together save the most money. The average 1-bedroom apartment in New York costs a staggering $3,900, up 14.5% from 2021. This is a rude awakening after pandemic pricing when many renters were able to upgrade their leases and capitalize on high vacancy rent deals. Over the past year, a major reversal played out as rents not only climbed back but shot well past pre-pandemic numbers. As low and affordable pre-pandemic leases begin to expire, they are being replaced with more expensive alternatives.

For a single person to pay $3,900 a month is a lot- couples who live together can drastically expand their options in real estate and can afford nicer apartments.

A 2022 study by StreetEasy found that a typical New York City couple saves nearly $30k by cohabitating with one another. Using calculations based on Q4 2021 rent metrics- couples living in Manhattan save on average $19,500 per person per year. The savings are similar but slightly less in other boroughs where rent is already typically cheaper. Savings equated to around $11,700 in Queens and $13,200 in Brooklyn. 

Moving in together is an easy way to save without sacrificing space, size, location, or amenities. It’s also nicer to live with one person than a slew of roommates.

The savings that can be gotten from splitting rent quickly pile into enough to cover student loans or even the down payment on a house. Looking at these figures, a couple could save nearly enough for the down payment of a home in less than ten years.

Being a Single Woman is the Most Expensive

Single people not only pay more in expenses, but also are paid less. But going even further, single women pay the absolute most. 

Studies find that American women have less money saved for retirement and spend about $15,000 more on healthcare during retirement than men do on average. Women also live longer, an upside that plays out as a financial downside. Living longer requires more retirement savings and money to get by.

Even if today’s women aren’t ready to marry in their 20s, that doesn’t mean they want to stay living at home with their parents. Most women, about 65%, would rather not wait until marriage to purchase a home. Unfortunately for many women, this becomes increasingly unaffordable between the market, wages, and a 40-year high inflation rate. The economy of today is a hard landscape for this bracket.

Money Can’t Buy Happiness

Of course, as we all know: money can’t buy happiness. Many people prefer being single, even if it is more costly, and ultimately whatever leads to happiness and sustainability is the most important decision. While it’s easy to yearn for a partner, New York City provides many avenues for singles to flourish through a large population, plentiful transportation, and a never-ending calendar of events to attend.

“Studies show that a woman who lives alone is more likely to have an active social life and maintain family bonds,” says Kate Bolick in her book Spinster: Making a Life of One’s Own, “not because she has extra time on her hands, but because these are the bonds that sustain her.”

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