Property Management News

Not only are more people renting today, more are doing this by choice. The reason? Housing prices and interest rates are making owning a single-family home more expensive than ever. And many consumers are choosing to avoid these costs by renting instead of buying. That’s one of the key findings from a new survey by investment and management firm Knightvest. Knightvest conducted its poll from Nov. 20 to 30, surveying more than 4,100 U.S. apartment renters. One of the more surprising results? A resounding 59% of respondents said that they choose to rent. Of course, that also means that 41% told Knighvest that they feel compelled to rent because of the prohibitive cost of homeownership.... Read more

New York City Department of Housing Preservation and Development (HPD) Commissioner Adolfo Carrion Jr. has announced a new program that encourages New Yorkers to build accessory dwelling units (ADU) on their properties, the “Plus One ADU” pilot program. “Plus One ADU” provides funding to qualified homeowners looking to build backyard cottages, garage studios, attached in-law suites, basement apartments, and attic space conversions. Funding totals up to $395,000 from the HPD, and $2.6 million in grant funding from New York State Homes and Community Renewal (HCR). The program, according to a press statement, is meant to help working- and middle-class families; as well as seniors... Read more