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Yahoo
5 days ago
- Business
- Yahoo
Buying a Home? In This Economy? 6 Ways To Find Affordable Rentals Instead
It's hard for many Americans who are struggling to afford groceries and gas to imagine buying a home in the current U.S. economy. Whiplashing tariff prices, many months of inflation struggles and persistently high home prices and mortgage rates are not making for the friendliest homebuying environment. Find Out: Read Next: With the average home value around $367,000 in the U.S., according to Zillow, (and that's on the vastly low end for West Coast and East Coast states), the fact is that many Americans may need to keep renting. What are the best ways to find affordable rentals, however? Real estate experts offered some tips. Jonathan Ayala, a licensed real estate agent and founder of Hudson Condos, agreed that while finding affordable rentals in today's market is not easy, 'but with a smart strategy, it may still be possible to land a good deal.' Ayala said you can't think small when you look for a rental; you need to 'cast a wide net.' He recommended using both digital tools and personal connections. 'I would recommend using multiple platforms — Zillow, and Facebook Marketplace, HotPads — or by getting involved in local community groups online.' Learn More: The key to finding a rental is to find a good rental agent, according to Jeff Lichtenstein, CEO and broker at Echo Fine Properties, but 'that is much harder than it sounds,' he said. The problem is that agents are more motivated by the commissions associated with homebuying than renting. The commissions an agent will earn on rentals 'is so low that it basically buys a nice lunch, but not much more for the agent,' Lichtenstein said. Additionally, agents are wary of prospective renters being fickle or working with multiple agents. Without a sense of commitment, they may be reluctant. 'Once the agent realizes that the customer is working with multiple agents, most just drop off because it isn't worth it for the little pay they are getting.' The best search engine for a good rental may be the people you know, Ayala said. 'Friends, colleagues, and even social media followers. Let them know what you want.' He suggested that it's common for affordable rentals to change hands through word-of-mouth and other informal communication before they're ever posted online. Word of mouth works best when you tell everyone you know that you are looking and offer finder's fees to friends who connect you with good landlords, according to Eli Pasternak, a real estate agent and founder of Liberty House Buying Group. 'I suggest checking with local coffee shops, gyms and community centers because they often have bulletin boards with rental listings.' Pasternak has also found that his clients have better success searching on their own than using agencies. Not only do brokers add fees that increase your total cost by 10% to 15%, who better than the potential renter knows what you're looking for. One of his clients found his rental through Facebook neighborhood groups where landlords post directly. Ayala also suggested that sometimes if you aren't finding what you seek, you may need broaden your search location range. 'By searching just outside the most high-demand areas, renters can save significantly. A few extra minutes commuting can mean hundreds of dollars saved a month,' he said. No matter how you go about seeking a rental, there are some general red flags to watch for. Ayala pointed out that things like 'vague descriptions, missing photographs, or listings that invoke the presence of additional 'fees' with little specificity' could be sketchy. He also warned to be wary of listings that seem to be offering a much lower rate than the area calls for. 'They can be bait-and-switch ploys,' he said. Pasternak added, 'I tell my clients to watch for ads that do not show the actual address or require application fees before viewing the property.' If you're not sure that the rental you find is appropriately priced, Lichtenstein said look for 'comparables' — check that other similar apartments or homes are priced in the same range. Lichtenstein said that the rental market may be better right now than it has been for a while because 'inventory is piling up.' Sellers who can't make a sale or are delaying selling, are renting instead, 'making this a good time to be a tenant.' More From GOBankingRates 8 Common Mistakes Retirees Make With Their Social Security Checks Mark Cuban Says Trump's Executive Order To Lower Medication Costs Has a 'Real Shot' -- Here's Why This article originally appeared on Buying a Home? In This Economy? 6 Ways To Find Affordable Rentals Instead Sign in to access your portfolio
Yahoo
5 days ago
- Business
- Yahoo
Good Riddance to New York City's Tenant-Paid Broker's Fee
With the FARE Act set to shift the costly burden from renters to landlords, I've been reflecting on what the system actually offered me and other New Yorkers. In 2022, when I made the decision to move to New York City from New Haven, Connecticut, I was told that finding a place to rent for the first time would be a shock to the system. But after months of research—and an unholy amount of time scrolling Zillow, StreetEasy, and Craigslist—I finally found a listing for the perfect apartment. It was on the Upper West Side, within walking distance of my new job. It was a "one-bedroom flex," meaning my wife and I could set up a work-from-home space to accommodate our hybrid schedules. And it was beautiful: tucked atop a prewar, south-facing townhouse—with high ceilings, exposed brick, an ostensibly working fireplace, and a pretty incredible semiprivate rooftop terrace featuring views of 18 water tanks (I counted) that felt straight out of an Edward Hopper painting. The only problem was that the unit—listed at $3,850 per month—was nearly double what I had ever paid for an apartment before. Also, I hadn't fully internalized that New York is one of only two major U.S. cities where tenants are expected to pay a fee to brokers who are hired by landlords to show and fill their rental properties, which usually cost one month's rent or 15 percent of the annual rent, according to The City. (Though, because there is no legal cap on how much brokers can charge, there have been reports of brokers charging tenants even more exorbitant fees for highly competitive rent-controlled or rent-stabilized apartments.) The broker's fee for my apartment was 11 percent of the annual rent ($4,300), on top of the first month's rent and the matching security deposit. Now, the Fairness in Apartment Rental Expenses (FARE) Act—a landmark bill that shifts the burden of the broker's fee away from renters and onto the landlords who hire them, which Dwell contributor Anjulie Rao previously reported "could upend a hurdle in the city's notoriously difficult apartment hunting process"—is set to go into effect on June 11 (while the city's real estate lobby fights to block the law in the background). The FARE Act, introduced by Councilmember Chi Ossé of the 36th District and passed by City Council in November 2024, comes after years of thwarted attempts to reform the city's broker's fee system. So naturally, I've been reflecting on what I received in exchange for my compulsory broker's fee—and curious about the experiences of other New York renters. — I certainly didn't want to dip into emergency savings, but I suppose I wanted my perfect New York apartment more. So I called the number on the listing, thus commencing the service I received in exchange for $4,300. This—in order of least to most frustrating—is more or less what I got: No actual face time with the broker, who outsourced the showing to a colleague, which was fine (considering our later interactions), but it was still a bit jarring to be asked to Venmo a faceless-someone thousands of dollars. A real scolding when, on a weekday afternoon, I hadn't received the application I was promised and accordingly called the broker, who was shopping at Home Depot with his wife and asked why I was disturbing him. Typos everywhere, which is absolutely forgivable when it's an extra letter in a date ("May 1stt") but much less so when it suggests that the rent is $800 per month lower than advertised. Incorrect information on the official lease—including the wrong expiration date, a clause that the building did not allow pets (which it did), and a disclaimer that our fireplace was strictly decorative (which it wasn't). It's tempting to chalk my experience up to one-time bad service. But the more I reflect, the more I think that my experience is a product of a few layered problems that, taken together, amount to a systemic failure for New York renters. According to a recent New York Times story, StreetEasy reported that as of March 2o25, roughly 57.5 percent of rentals on its platform did not require tenants to pay a broker's fee. This means that avoiding paying a broker's fee could cut a New York City renter's housing options almost half in an already fiercely competitive rental market. — When I told my coworker I was seeking the perspectives of folks who've had notable experiences with brokers, he asked me if I had tried throwing a rock. In New York, they're everywhere. Indeed, it didn't take much looking to learn that another renter on the Upper West Side, Fabrice Houdart, a human rights advocate, had a similarly frustrating encounter with not just any broker, but the very same one who listed my unit. After not hearing back from the broker about a rental application for nearly a week, Houdart CC'ed the broker's manager, which seemed to anger the broker so much that he withdrew the offer against Houdart's wishes. The urgency was high for Houdart, a single father seeking housing near the school his twins were set to attend. Ultimately, after filing a complaint with the New York Department of State, Houdart cut his losses and secured a different apartment the following week (with a 12 percent broker's fee). But the experience left him with a sour taste. "I had this very awful experience because I had zero power. I feel the broker and the landlord have all the power," Houdart says. " [The] goal was to make as much money as possible. And I was only a number." For other New Yorkers, forced broker's fees have acted as a barrier to renting altogether. Alex Sramek, a technical writer, first moved to New York in 2013, and was initially excited when he found an "unreasonably cheap" three-month sublet within a three-bedroom unit in Washington Heights. Sramek moved in and immediately hit it off with his new roommates. But three months later—when the sublease period was ending and the group identified another nearby apartment to move into together—they were told they would have to come up with about a 15 percent broker's fee, which they couldn't afford. "We ended up just splitting ways," Sramek says. "We each just sublet in different apartments and we lost touch and it was kind of the end of that." After years of bouncing around from sublease to sublease, Sramek eventually landed his own lease on a one-bedroom apartment. The catch? It was only possible for him after the New York Department of State issued guidance to pause forced broker's fees during the pandemic in 2020—guidance that the New York State Supreme Court overturned in 2021 after the Real Estate Board of New York sued. Ever since that brief reprieve, some New Yorkers have been waiting for a bill like the FARE Act to eliminate forced broker's fees once again. Tim Samuel, a software engineer in Astoria, who has paid two broker's fees in New York and describes them as "nonsensical," was excited enough about the legislation that he and some friends attended the City Council hearing at which the bill passed in November. "We were in the background, just supporting and being there…forty-two members out of the fifty-one voted yes." That tally was enough to establish a veto-proof supermajority, meaning supporters of the bill could feel optimistic about its becoming law. That optimism extends to the FARE Act's sponsor, Chi Ossé, who developed the bill after several poor encounters with brokers during his own apartment search in Crown Heights. Ossé kept asking himself the same question: "Do you really want one month's rent for this apartment and you're not even showing up and giving a guy a tour?" When I recently spoke with Ossé, he made a point to say that he isn't "anti-broker." In fact, he ended up hiring a broker himself and had a perfectly positive experience. But he is "anti-things not being fair" and takes issue with the fact that the fees are forced on tenants who never hired brokers in the first place. When I asked Ossé what greater fairness might look like as the law goes into effect, he emphasized what renters will gain: "This just makes mobilization around housing as a tenant in New York City a lot more affordable…and [it] gives tenants more bargaining power, which they don't usually have in the current system." To me, it looks a lot like the sketch of a better future. After years of giving up money and trust in the system, New York City renters are finally set to get something back. Top photo byRelated Reading: Will NYC Renters Finally See the End of the Dreaded Broker's Fee? What the Roaches in My Rent-Stabilized Apartment Taught Me About the Housing Crisis
Yahoo
6 days ago
- Business
- Yahoo
Tour Kim Kardashian's amazing homes worth more than £96m
In the public eye for more than 15 years, reality star turned entrepreneur, Kim Kardashian is worth an estimated $1.7 billion (£1.3b). Having developed several multimillion-dollar businesses, with a growing family to boot, the SKIMS owner has an impressive property portfolio to match. Let's take a closer look at the homes she's picked up on her way to the top.... The social media influencer, entrepreneur and aspiring attorney has lived in a variety of homes around the Los Angeles area, including Bel Air and Beverly Hills. She currently splits her time with her four children between her Hidden Hills mansion, which she now owns entirely since she bought out ex-husband Kanye West, and a beautiful beach house in Malibu. But where did the most famous Kardashian grow up? Pictured here with her lawyer father, Robert Kardashian, and sister Kourtney, Kim grew up in the idyllic surroundings of Los Angeles. Her parents, Kris and Rob, raised children, Kim, Kourtney, Khloe and Rob until their divorce in 1991. Before the split, the Kardashian family lived together in this Beverley Hills 90210 mansion, a short hop from Rodeo Drive. According to property site Style of Home, after tying the knot in 1978, newly married Kris and Rob splashed out the tiny sum of $383,000 (£283k) on the home a year later, eventually selling it in 1994 for a huge $1.5 million (£1.1m). Adjusted for inflation, that's $3.2 million (£2.4m). The sprawling open-plan property in Beverley Hills stretches over 3,922 feet (364sqm) and was built in 1951. With four bedrooms and four bathrooms, the home had plenty of space for the young Kardashian clan. The décor has been updated since those days and it was for rent with in May 2025 for $17,500 (£13.5k) per month. In 1998, seven years after her mum Kris married Caitlyn Jenner, then known as Bruce, Kim graduated from Marymount High School in Bel Air, California, which she attended with future socialite friend, Paris Hilton. But it would be a few years before her career started to take off. At just 20 years old, the soon-to-be reality star secretly wed music producer Damon Thomas. But when Kim's dad passed away in 2003, her marriage broke down a year later. Around this time, she also became close with former high school friend Paris Hilton and began working as the celebutante's assistant, where she got her first taste of the limelight. In a 2019 episode of Keeping Up With The Kardashians, Kim acknowledged that Hilton "literally gave me a career". But it wasn't until 2007 when the reality show, Keeping Up With The Kardashians first aired on E! Entertainment that Kim gained her first taste of fame. The show followed the daily exploits of the Kardashian-Jenner family, including stepfather Caitlyn Jenner and younger half-sisters Kendall Jenner and Kylie Jenner. A year previously, in 2006, Kim, Kourtney and Khloé opened their first DASH store in Calabasas. They closed them in 2018 due to other work commitments. Just before she was first thrust into the limelight on KUWTK, Kim moved out into her first home in 2005. Taking up 1,720 square feet (160sqm), the condo boasts three bedrooms and is located in the Beverly Grove area of Los Angeles. She sold up in 2010 for $885,000 (£686k), and it was sold more than 10 years later in 2021 for $1.3 million (£967k), so it hasn't increased phenomenally during that time. Just as well she moved on! After slowly climbing up the celebrity ranks, Kim released a perfume in 2009 and a year later bought her first mansion. This Tuscan-style gated resort villa was home to the star from 2010, when she bought it for $3.4 million (£2.5m). That would be $5 million (£3.6m) in 2025. The five-bedroom, five-bathroom abode sweeps across nearly 4,000 square feet (373sqm) and boasts a private pool, perfect for filming KUWTK scenes. Rich, hardwood flooring flows throughout a large chef's kitchen complete with a centre island that's lit by a plethora of hanging lights and panelled windows. The kitchen area opens out to the family room and a lower-level outdoor living space for large get-togethers and Kardashian family dos. Ornate floor and wall tiling adorn the upstairs bathroom, which is illuminated via recessed spot-lighting, while wall sconces and two large windows provide leafy views over the garden and beyond. During her three-year stint at the home, the businesswoman married former NBA basketball player Kris Humphries in August 2011. Despite featuring in a special titled Kim's Fairytale Wedding: A Kardashian Event, Kim filed for divorce just 72 days into the marriage. The pair lived in the house together until their divorce was finalised in 2013, when Kim promptly sold the house for $3.6 million (£2.6m). If she sold it today that's $4.9 million (£3.6m). Shortly after her split from Kris Humphries, Kim started dating long-time friend Kanye West. After dating for two years, the pair married in May 2014. Unsurprisingly, their wedding was a high-profile celebrity-filled affair, held at Fort di Belvedere in Florence, Italy, following a seven-month engagement. Before the birth of their first child, North West, in 2013, the couple bought this villa in Bel Air for $11 million (£8.1m). It's seen here in a video by X17 Online. They were there for fewer than two years when they sold up, but still managed to make a pretty profit, selling the six-bedroom, eight-bathroom pad for $17.8 million (£13.4m) in 2014. Today, that's $23.8 million (£17.6m). At the time, it was the most expensive home ever sold in the gated community of Bel Air Crest. In 2014, Kim and Kanye purchased this expansive estate in Hidden Hills for $20 million (£14.8m), set across three acres (1.2ha) of land, boasting beautiful vineyards, mature trees and rolling lawns, as seen in a house tour video with Vogue. According to People Magazine, Kris Jenner Tweeted that the home was valued at around $60 million (£44.3m) after the couple completely reimagined it. When adjusted for inflation, that's $76.7 million (£56.6m) today. Inside the palatial home, huge arching hallways and streams of white space make for a somewhat spiritual building. Speaking to Architectural Digest in February 2020, Kanye described the Hidden Hills mansion as a 'futuristic Belgian monastery'. Designed by the couple alongside Belgian architect Axel Vervoodt, they spent $20 million (£14.8m) on the extensive renovations. During the renovations, the couple and their children stayed across the road at Kris' home for three years, eventually moving out in 2017. The massive house boasts two kitchens, two pantries, several freezers and a huge walk-in refrigerator. Here we can see the family in one of two kitchens that has a vast, round wooden table. Kim paid $23 million (£17.3m) to buy out her husband's share of the Hidden Hills house following their divorce in 2022, and has maintained its monastic vibe since. She has continued to put her stamp on the property, adding new art and personal items, but explained to Vogue in 2022: "Everything in my home is really minimal. I find there is so much chaos out there in the world that when I come home, I want it to be just very quiet." Even the kitchen appears to be a temple to calm, with its light-coloured wooden cabinets and cool marble counter top, not a trace of clutter in sight, which is pretty remarkable considering the star lives here with her four children from her marriage. 'Shockingly, four kids have not messed up my cream house,' she says. In the living room, an unbleached Steinway piano takes pride of place by the window, in keeping with the general neutral colour scheme. Kim has admitted she gave up trying to learn to play years ago, but she's certainly got her hands full with reports in November 2024 suggesting she is undertaking a huge renovation project on her home. Several of the exterior walls were removed, exposing the interior, so perhaps Kim wants a change! Kim purchased a 2,260-square-foot (210sqm) condo for $1.6 million (£1.2m) in 2017, in Calabasas, before listing the property for $3.5 million (£2.6m) two years later. It was relisted in 2022 and 2023 but was reported to be still on the market in November 2024, despite having been redesigned by celebrated architect Vincent Van Duysen several years ago. She purchased another condo in the same area off-plan in 2016, which was listed at $2.7 million (£2m) in 2023 but didn't sell, so neither were snapped up. Not content with just one Hidden Hills mansion, Kim and Kanye invested in a second neighbouring property in October 2019 for $3 million (£2.2m). Earlier in the same year, they had also purchased a second adjoining house in an off-market deal for $2.7 million (£2m), securing seven-and-a-half acres (3ha) of land surrounding their primary Hidden Hills mansion. Inside, the home offers vaulted, wooden ceilings in the expansive main living room, along with four bedrooms, four bathrooms and a four-car garage. Encompassing 3,874 square feet (359sqm) in total, the ranch was a sizeable real estate investment for the former couple, and all for the sake of protecting their privacy. No Kardashian property would be complete without a pool and an expertly landscaped backyard. Featuring a covered patio and built-in barbecue terrace for hungry celebrity guests, it's not known if the pair ever resided at the property. In the wake of their divorce, Kim took ownership of the house. In September 2022, she placed it on the market for $5.3 million (£4.1m) with Tomer Fridman of The Fridman Group, earning herself a significant return on her initial investment. Across the road, you'll find the home's state-of-the-art equestrian facilities, which include a four-stall horse barn, a tack room, a feed room and a corral area. Kim's eldest daughter, North West, is especially fond of horse riding and even had a Western-style seventh birthday party back in 2020. News of Kim and Kanye's split came in 2021 after months of rumours and seven years of marriage. We now know that Kanye claimed the ranches in the divorce settlement, while Kim bought her husband out of the Hidden Hills estate for $23 million (£18m). The pair finally agreed on a settlement over custody and child maintenance in November 2022, sharing joint custody of their children. Ye pays Kardashian $200,000 (£157,000) a month in child support, and they split the cost of their children's security, schooling and university fees. Neither pays the other spousal support. Kim bought another Hidden Hills property in 2022 as a 'buffer' home when her ex-husband purchased a house nearby to be near his children. Clearly a tear-down purchase, she never got around to rebuilding the 4,200 square-foot (390sqm) pad. However, according to Hello Magazine, Kim put the fixer-upper back on the market later that year, less than six months after buying it. Priced at $7 million (£5.2m), she was hoping to make a profitable $700k (£517k) on what she paid for the estate. Perhaps the reason Kim decided to sell up her Hidden Hills buffer home so quickly was to snap up this beautiful seaside estate. Built in 1944, the Malibu beach house previously belonged to supermodel Cindy Crawford. Crawford reportedly purchased the property for over $50 million (£37m) from biotech engineer Walter de Logi's wife after he died in 2014. Hidden from sight behind a huge gate and at the end of a long stretch of driveway, how much did our favourite aspiring lawyer and model pay for the pad? Undergoing extensive renovations in the 1990s and more recently in 2016, Kim's new four-bedroom Mediterranean-style villa was once a six-acre (2.4ha) estate before being split into two lots. Cindy Crawford sold the smaller of the two parcels to a retired hedge fund manager, Adam Weiss. After listing it in March 2022 at a little under $100 million (£74m), Weiss sold up to the Skims founder in September 2022 in an off-market deal for a much lower $70.4 million (£52m). The savvy entrepreneur strikes again! Alongside a light and spacious gym, the 7,500-square-foot (697sqm) house hosts numerous roomy living areas illuminated via walls of glass throughout offering glittering views across Malibu beaches. Cindy Crawford still lives in her next-door parcel, where Kim will also be neighbours with Leonardo DiCaprio and Neil Diamond, no less. The Malibu estate is reportedly the fourth priciest California home sale of 2022, lagging slightly behind Bel Air's jaw-dropping The One mega-mansion, which sold at auction for a whopping $126 million (£94m). Outside, Kim and her brood can enjoy a full-size tennis court framed by mature trees, a wraparound deck for alfresco dining and a pool area with a cabana and fireplace. Moreover, a winding pathway leads down to a secluded beach, the perfect spot for one of the world's most famous women to relax by the sea. The house, which miraculously escaped the devastating LA fires in January 2025, was given its debut on Season Six of The Kardashians. Kim is joined by the rest of her family and can be seen lounging by her massive pool and watching the dolphins. Kim has said it has been her lifelong goal to own a home in Malibu, and she plans to undertake an extensive renovation project to create her dream home. Kim's pending home build project is also her most adventurous. She has commissioned Japanese architect Tadao Ando to design a vacation home on a piece of land in Palm Springs. She originally bought the undeveloped site in California's Madison Club in La Quinta for $6.3 million (£4.7m) in 2019 with then-husband Kanye. The land was awarded to Kim in her divorce settlement, but teams were still waiting to break ground in February 2025, delayed by various building permits not being granted. Sharing Ando's vision in several Instagram posts, Kim reveals a 'spaceship'-style building with a central circular courtyard right in the centre of the futuristic home. The imposing structure, which will be built in Ando's signature streamlined concrete, will reportedly feature multiple bedrooms and bathrooms and an outdoor elevator. The star visited the Pritzker prize-winning architect in Japan in April 2023 and has said that she is 'so deeply honoured... to have the opportunity to work with him and finally see this special project come to life." It was her ex-husband, Kanye West, who introduced Kim to the work of Ando when they visited Japan in 2018, and the proposed house has been dubbed the 'revenge mansion'. Sharing a picture of Ando working on drawings for her new home, Kim wrote: 'I visited his office in Japan so that we could make the finishing touches before we break ground.' Clearly excited by the project, the home is bound to boast spectacular views as the land it sits on grants views of the three surrounding mountain ranges: San Jacinto, Santa Rosa and the San Bernardino mountains. Let's just hope the building work is back on course soon. The mum of four is said to still spend much of her time in her main expansive Hidden Hills estate with the kids and 'momager' Kris Jenner close by. With her divorce from Ye long finalised and their assets divided, Kim is free to pursue her passion for buying and selling property. And building, too, it would appear. We can't wait to see what she does next…
Yahoo
23-05-2025
- Business
- Yahoo
Assembly passes bill to address ‘unconscionable' rent increases
The bill would codify a test judges use when determining whether a disputed rent increase is too high. (Dana DiFilippo | New Jersey Monitor) Lawmakers advanced a bill Thursday that would codify a test used by judges to determine whether a disputed rent increase is 'unconscionable.' Supporters of the bill say it is part of the Legislature's push to make New Jersey more affordable. 'Every New Jersey resident deserves a place to call their own — whether that's buying a home or renting an apartment — at a price they can afford,' bill sponsor Assemblywoman Yvonne Lopez said in a statement. 'Housing policy isn't just about buildings — it's about dignity, access, and stability. That's why we took steps today to improve how we develop, regulate, and expand housing across the state.' The bill passed in the Assembly 50-26 with four abstentions. A companion bill in the state Senate introduced in March has not yet been scheduled for a hearing in the chamber's community and urban affairs committee. Under the measure, a judge would consider several factors to determine whether a rent increase is too high, including: the amount of the hike; the landlord's expenses and profitability; other area rents; the length of time since the last increase; the length of tenancy; and the condition of the property. The bill says no one factor would deem whether a rent increase is too high, would allow a judge to consider other factors not identified in the measure, and says the judge could weigh 'whether the rent increase would shock the conscience of a reasonable person.' New Jersey has no statewide rent control law but allows local governments to do so. Assemblyman Brian Bergen (R-Morris) slammed the bill for its 'very subjective language' that doesn't clearly define how much rent increases can be. 'It puts all the onus on these property owners, and eventually, it's going to end up in a tremendous amount of litigation,' said Bergen. 'Yet another example of you killing business.' The bill would require a judge to consider not only other properties' rents but also federal fair market rent estimates from the Department of Housing and Urban Development, which say a one-bedroom apartment in the Hudson County area costs $2,029 per month and a three-bedroom costs $3,218. Around Camden County, they cost $1,512 and $2,468, respectively. According to the average one-bedroom monthly rent in the state is $2,051 and for a three-bedroom, $3,521. The U.S. Bureau of Labor Service's consumer price index reported in April the cost of housing was up in New Jersey nearly 6% over one year. Most of the bill would go into effect immediately. The bill's provisions that establish the confidentiality of certain eviction records would take effect six months later. SUPPORT: YOU MAKE OUR WORK POSSIBLE
Yahoo
13-05-2025
- Business
- Yahoo
CSGP Q1 Earnings Call: Product Expansion, Cost Controls, and Guidance in Focus
Real estate data provider CoStar Group (NASDAQ:CSGP) met Wall Street's revenue expectations in Q1 CY2025, with sales up 11.5% year on year to $732.2 million. The company expects next quarter's revenue to be around $772.5 million, close to analysts' estimates. Its non-GAAP profit of $0.16 per share was 46.8% above analysts' consensus estimates. Is now the time to buy CSGP? Find out in our full research report (it's free). Revenue: $732.2 million vs analyst estimates of $730 million (11.5% year-on-year growth, in line) Adjusted EPS: $0.16 vs analyst estimates of $0.11 (46.8% beat) Adjusted EBITDA: $65.6 million vs analyst estimates of $30.51 million (9% margin, significant beat) Revenue Guidance for the full year is $3.14 billion at the midpoint, roughly in line with what analysts were expecting EBITDA guidance for the full year is $370 million at the midpoint, below analyst estimates of $389.9 million Operating Margin: -5.8%, in line with the same quarter last year Free Cash Flow was -$26 million, down from $136 million in the same quarter last year Market Capitalization: $31.8 billion CoStar's first quarter results reflected ongoing investment across its digital real estate platforms, with CEO Andy Florance emphasizing the continued strength in commercial information services and accelerating sales momentum in key brands like LoopNet, and the recently acquired Matterport. Management highlighted strong net new bookings and noted that operational cost controls contributed to profits above Wall Street's expectations, despite a challenging commercial real estate environment that has seen low transaction volumes and muted rent growth. Looking ahead, management attributed its full-year and next-quarter guidance to anticipated improvements in the real estate cycle and strategic expansion of sales capacity, especially at CFO Christian Lown reaffirmed that capital allocation would remain focused on scaling the sales force and integrating Matterport, while noting that cost-saving measures would continue to offset higher investments in growth initiatives. The company expects revenue growth to pick up in the second half of the year, driven in part by maturing sales teams and product integration. Management noted that revenue growth was supported by both product innovation and changes to go-to-market strategies, particularly in digital marketplaces. The following points summarize the most significant drivers and themes from the quarter: sales force expansion: CoStar added 56 new sales professionals in Q1 and plans further hiring, aiming to capitalize on a large addressable market in the multifamily segment and recent competitor exits. The absorption of experienced sales staff from Redfin's rent division was cited as a positive for pipeline growth and execution. LoopNet strategic pivot: A shift in sales strategy from focusing on selling high-value signature ads to broader subscription packages resulted in a surge in net new bookings. Management reported twice the productivity per sales representative compared to the prior year, reflecting improved alignment with customer needs. Matterport acquisition impact: The recently closed Matterport acquisition contributed to revenue and is expected to yield long-term benefits as the technology is embedded across CoStar's platforms. Management described opportunities to grow both R&D and sales, and to accelerate the adoption of Matterport's digital twin technology in real estate listings. brand and sales ramp: The dedicated sales force grew to 314 reps, with management pointing to improved Net Promoter Scores and a significant decline in early contract cancellations. The company's marketing campaign increased unaided brand awareness to 36%, while new pricing strategies and the launch of product options like Boost aim to further drive agent adoption. Cost optimization measures: Over $50 million in annualized savings were realized, primarily through reduced investment and a company-wide headcount reduction. These efforts helped deliver profitability above consensus, despite ongoing investments in product and brand expansion. Management's outlook for the remainder of the year centers on continued investment in sales capacity, integration of recent acquisitions, and gradual improvement in real estate markets. The company expects these trends to support revenue growth and margin improvement in the back half of the year. Scaling sales across platforms: Expansion of dedicated sales teams—especially for and expected to accelerate revenue growth as new hires mature and contribute to bookings. Integration of Matterport technology: Embedding Matterport's digital twin solutions across CoStar's ecosystem is seen as a lever for increasing customer engagement and reducing churn, with management citing opportunities for enhanced product differentiation. Real estate market recovery: Management believes that improving fundamentals in the commercial real estate sector, including falling vacancy rates and higher transaction volumes, will support higher pricing and increased product adoption, although ongoing market uncertainty remains a risk. Alexei Gogolev (JPMorgan): Asked about industry reactions to changes in listing rules and the competitive dynamics with Zillow; CEO Andy Florance described agent sentiment as overwhelmingly negative toward certain competitor moves, viewing it as an opportunity for CoStar. Peter Christiansen (Citi): Inquired about the integration and monetization plans for Matterport; Florance and CFO Christian Lown highlighted plans for deep product integration and expanded R&D, expecting usage to drive engagement and retention across platforms. George Tong (Goldman Sachs): Questioned the sustainability of cost reductions and capital allocation; Lown confirmed the $900 million investment plan remains unchanged, with cost management focused on reallocating spend to more productive growth initiatives. Ryan Tomasello (KBW): Sought clarity on the drivers behind revenue growth deceleration in multifamily for Q2 and confidence in acceleration later in the year; Lown pointed to seasonal factors and the ramping sales force, with optimism for the second half. Stephen Sheldon (William Blair): Asked if CoStar could become more aggressive with pricing for its core suite as market conditions improve; Florance indicated that stronger market conditions could lead to higher price adjustments and volume growth. In the coming quarters, the StockStory team will be watching (1) the ramp-up and productivity of new sales hires for and and their impact on net new bookings, (2) the pace and effectiveness of Matterport's integration and the rollout of new digital twin features, and (3) early signs of a real estate market recovery reflected in transaction volumes and vacancy trends. Continued execution on cost management and successful product launches will also be important markers of progress. 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