Market Update
Market Update: The FARE Act
As financial markets remain volatile—fueled by inflation and global tensions—New York City real estate continues to stand out as a stable, long-term investment. With the recent passage of the Fair Access to Rental Expenses (FARE) Act, the rental landscape is shifting, and we want to ensure you're prepared.
Enacted Wednesday, June 11th, the FARE Act caps what tenants can be charged in broker fees and shifts more commission responsibility to landlords. While this move aims to make renting more affordable, it also introduces new dynamics for landlords and agents.
For renters, this could reduce upfront costs. For landlords, it’s more important than ever to work with an experienced brokerage team that can attract qualified tenants and price your property strategically.
Despite regulatory changes, NYC real estate remains competitive:
Manhattan’s median sale price is up 12% year-over-year to $1.175 million, with resale condos hitting $1.595 million.
Rents have climbed 6.4% since last year, with continued increases expected this summer.
NYC’s total property market value is projected to rise 5.7% in fiscal 2025, led by residential growth.
Limited inventory continues to favor sellers and landlords, reinforcing the need for thoughtful strategy.
Whether you’re renting, buying, or listing, this is a moment to stay informed and strategic. Our team is here to help you navigate the evolving market with clarity and confidence.
Questions about how the FARE Act affects your next move? Let’s connect.
Property of The Month
135 E 83rd Street, 8/9C
Step inside one of the Upper East Side’s most exciting new listings... Brought to life by a seasoned interior designer, this two-level, three-bedroom home with a den has been meticulously reimagined to create a luxurious urban retreat in one of Manhattan’s most sought-after neighborhoods.
At the heart of the home is an open-concept kitchen that’s as functional as it is stunning. Anchored by dramatic Calacatta Vagli marble countertops, the space features a curated selection of high-end appliances from LG and Samsung, a sleek Sharp built-in microwave drawer, and a statement-making 36" Hallman range. Custom cabinetry and a walk-in pantry add both elegance and practicality, making this kitchen a dream for home chefs and design lovers alike.
Sunlight pours in through brand-new, west-facing windows, casting a golden glow over wide-plank oak floors that stretch throughout both levels of the home. This isn’t just beauty without brains, though—the entire space is thoughtfully wired for modern living. Enjoy Alexa-controlled lighting and air conditioning, four Nest-controlled PTAC units (also Alexa-enabled), and a brand-new in-unit washer and dryer—all designed for seamless comfort and efficiency.
Refined millwork and thoughtful touches throughout elevate this residence even further, making it truly move-in ready.
Take a look at this designer listing and reach out for a tour today.
Honored in the RealTrends Verified List
At Compass, we’ve seen firsthand how the Private Exclusive program can give our sellers a real edge—especially in a market as fast-moving and competitive as New York. For clients who want to quietly start sharing their home without going fully public, it’s the perfect way to get a jump on exposure. By tapping into Compass’s nationwide network, we’re able to strategically market listings to top-performing agents who are actively working with serious, qualified buyers—often before the general public even knows the home is available. This early visibility has helped many of our sellers generate buzz, gather valuable feedback, and even secure competitive offers—all while staying in control of their timeline.
Seaside Escapes: Best Beaches Within 2 Hours of NYC
As summer approaches and the city gets that familiar thick, humid, heat, there's nothing like a quick beach getaway to cool off and reset. Whether you want the energy of a lively boardwalk or the quiet calm of soft dunes, these coastal escapes offer the perfect dose of salt air and sun—no plane ticket required.
1. Rockaway Beach – Queens
Just a subway or ferry ride away, Rockaway Beach is New York City’s only legal surfing beach. With taco shacks, frozen drinks, and live music in summer, it’s a great blend of beach day fun and low-key cool. Don’t forget your board, or rent one right on the sand.
2. Long Beach – Long Island
Hop on the LIRR and be oceanfront in under an hour. Long Beach boasts a clean, wide shore and a 2 mile boardwalk perfect for biking, jogging, or just soaking in the breeze. It’s great for day-trippers looking for both sun and structure—with cafes and bars just steps from the sand.
3. Jones Beach State Park – Long Island
This classic New York beach destination stretches for over six miles along the Atlantic and delivers pure nostalgia. Whether you’re grilling with friends, swimming in calm surf, or catching a show at the amphitheater, Jones Beach is ideal for families and groups who want a big, open beach with everything in reach.
4. Asbury Park – New Jersey
Edgy and artistic, Asbury Park is a beach town with soul. Vintage arcades, colorful murals, and live music fill the boardwalk, while the beach itself is relaxed and clean. It's perfect for those who want more than just sun—Asbury offers scene and substance.
5. Sandy Hook – New Jersey
Accessible by car or a breezy Seastreak ferry ride, Sandy Hook feels like a proper escape without the commitment. Miles of unspoiled beaches, scenic bike trails, and bird-watching spots make it ideal for nature lovers. It’s also one of the few beaches where clothing is optional—if that’s your vibe.
6. Fire Island – Long Island
A little planning goes a long way on Fire Island. Car-free and dreamy, this sliver of sand offers charming communities like Ocean Beach and Kismet, where sandy paths lead to cozy cottages and sunset bars. Whether you’re there for family fun or a group weekend, Fire Island is magic in motion.