Contact Us at 917-860-2782 or vshtainer@compass.com

New York City

How New York City's New Rent Laws Could Impact You

You may have heard chatter over Rent Laws in New York City over the recent weeks, and wondering what is it all about? City Council recently met to conduct their annual meeting in Lower Manhattan to discuss this years rent guidelines. With over 65% of New York’s 8 million people being renters, these regulations will likely impact you or somebody you know. With mixed opinions on the board's decisions, let's dive into precisely what the board decided. 

Rent Regulation

One of the most significant disagreements to be resolved in this years meeting was the issue of rent regulation. Previously if a tenant were to live in a rent regulated apartment and their income was to surpass a certain amount, the apartment would become deregulated.

Now, if you live in a regulated apartment, your apartment will continue to remain regulated despite your financial situation. Additionally, the laws called for more apartments to be part of the rent-regulated system. Additionally, and notably landlords now only have the power to add up to $89 to an apartments rent in between tenants after a renovation, previously landlords had the ability to add up to $1000.


For Renters

For regular renters, this meeting was a harbinger of good as well. It was a common occurrence for troublesome tenants to be put on a “blacklist” by their landlord; this is now considered a misdemeanor. Additionally, more restrictions have been placed on evictions, giving the tenants more time to leave their apartment if evicted and creating a fine between $1,000 and $10,000 for illegal evictions on the part of the landlord. 

Other ways the new laws impact Renters include:

  • Security Deposits must be returned to the Tenant within 14 days of vacating the unit

  • At least 30 days’ must be given to Tenants if the Landlord intends to raise the rent by more than 5%

  • Tenants have 30 days to fix lease violations, up from 10

  • Application fees are limited to $20, even when a background check is included


However, the news was not so good if you are a renter of a rent-stabilized apartment with the board voting 5-4 to raise rents for the 3rd consecutive year. The increase will go into effect on renewal leases started on or after October 1st, 2019, and September 30, 2020. The increase will come at a 1.5% increase for one-year leases and 2.5% for two-year leases. While this is still an increase, it is rather small compared to the 14% increase that New York had seen in the ’80s.


The new regulations affect a wide variety of renters and landlords in positive and negative ways. Feedback from Landlords is that these laws are disincentivizing them to upkeep existing apartments given there may be a cap on how much they can increase rent after a renovation. However, tenant advocates see the laws in a positive light, saying that some of them were desperately called for. 


Interview: Why Long-Time Upper East Side Resident Makes the Move to Upper West Side

When speaking to Real Estate, you know that the first thing anyone mentions about property is “Location, Location, Location!”. In New York City, we are fortunate to have so many diverse neighborhoods, each with their own character and offerings.

We help our Client hone in on the neighborhoods that best align to their lifestyle. We often find that people end up falling in love with a neighborhood and staying for many years.

But what about when people are interested in a neighborhood that they’ve never considered? It happens, and yes, it can actually offer great opportunity!

Why Long-Time Upper East Side Resident Victoria Shtainer Moved to the West Side:

Move to the Upper West Side

 Q: As a long-time resident of the Upper East Side, what made you explore additional neighborhoods that were not in your original consideration set?

Victoria Shtainer: It is a Buyer’s Market currently in NYC and we wanted to take full advantage of that. It is currently cheaper to Buy than to Rent, especially when we need a large apartment to accommodate the entire family. With that said, there is New Development available in NYC that offers Tax Abatement, which is a huge positive for Buyers/Investors and something that should strongly be considered, even if those buildings are not in your target neighborhood.

Q: You mentioned Financial Reasons – Can you elaborate a bit more on some of the opportunities out there for Buyers currently?

Victoria Shtainer: Yes, given it is a Buyer’s Market, and the volume of New Development that is on the market in NYC, the ball is in the Buyer’s court to negotiate. While some may be hesitant to buy, that is when even greater opportunity can be had. Financial opportunities can include

  • Tax Abatement: Buildings such as One West End Avenue and Waterline Square are offering a 20 Tax Abatement which means monthly Real Estate Taxes are incredibly low for 20 years, thus reducing the carrying costs significantly. This is a huge benefit, especially if you are an investor looking to purchase your unit to rent.

  • Incentives: New Developments are offering Buyers incentives to attract them to their projects given the competitive market. This may include Sponsor paid Common Charges for X amount of years, Sponsor Paid Transfer Tax, as well as negotiability on the Asking price.

I practice what I preach! All of this comes together to result in what was an amazing opportunity to move to the Upper West Side from an investment standpoint. Just as I would advise Client looking for a great opportunity, I demonstrated that by doing so myself.

Q: Do you foresee yourself having to adjust your lifestyle from what you might have been used to on the Upper East Side versus your new neighborhood?

Victoria Shtainer: No! In fact, the amenities here from both a building and neighborhood standpoint are amazing. Given the Upper West Side has many New Developments, the building is outfitted with state of the art amenities including a pool, expansive terrace, in-building parking, and more.

From a neighborhood perspective, we have access to everything we would want such as Supermarkets, working studios such as Soulcycle a block away, and popular coffee shops. Additionally, you can easily access the West Side Highway to get to the Lincoln Tunnels and George Washington Bridge.

Q: Given the New Development selection around the City, what made you focus on the Upper West Side compared to another neighborhood?

Victoria Shtainer: I think that there is tremendous upside in this area, especially from an investment standpoint when you factor in the financial benefits I previously mentioned.

Hudson Yards is a few blocks South and has completely transformed the Far West Side, and the arrival of Waterline Square is going to add great value and interest to this neighborhood. The project included 3 amazing buildings by 3 world-class architects and will be bringing a host of neighborhood amenities including 28,000 square foot Cipriani and Empellon, 2.7 acre park, and an ice skating rink in the winter.

 I think that the Far West Side is experiencing what Downtown experienced during the post-Sandy era.

Fourth of July: Things to Do in New York City and The Hamptons

It is almost time to celebrate America’s independence and enjoy the long weekend ahead.  The Fourth of July marks a time to partake in summer festivities including barbecues, beach trips, and of course fireworks. Whether in NYC or the Hamptons we have rounded up some of our favorite ways to celebrate this classic American holiday from firework displays to parties. 

NYC

Whether viewing the fireworks or going to a rooftop party spending the Fourth of July weekend in New York City is never a bad idea. Here are some of our favorite things to do in order to celebrate.


The 5th Annual Freedom Fest at Pier 15

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This annual event is celebrating its 15th year this year. The event features a top DJ, a dinner buffet fully stocked with Fourth of July classics such as burgers and hot dogs, an open bar, and most importantly an excellent view of the fireworks. The event will run from 6:45-11:00pm on July 4th. Tickets are $205 per person.

View the Fireworks from any of the Free Viewing Spots Around the City

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This year Macy’s will be hosting its 43rd annual fireworks display with fireworks launching from the Brooklyn Bridge and barges along the lower east river. The fireworks can be viewed from many locations across NYC including Brooklyn bridge park, and dedicated viewing sections on FDR drive, or any place with unrestricted views of the bridge. The firework display will begin at 9:20pm on July 4th.

Circle Line Fourth of July Cruise

Get an incredible view of the fireworks and the NYC skyline this July 4th on circle line cruises. Cruise down the Hudson river with complimentary beer, wine, and a buffet. Tickets are $229.

The Hamptons

Fourth of July events will be taking place all throughout the week out East in the Hamptons. Here are some of our favorite places to celebrate or view the fireworks.


Southampton Fresh Air Home’s American Picnic

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This Hamptons classic event will be taking place for its 32nd year on Friday July 5th from 7-10pm. Featuring fireworks by Grucci, carnival games, a picnic, dancing, and music this event is perfect for families and and event not to be missed.

Sag Harbor Yacht Club

With one of the best Hamptons fireworks display, pulling in around 20,000 viewers a year the Sag Harbor Yacht Clubs annual John A Ward Independence day fireworks display is back. The event is set to take place at 9:30pm on Saturday July 6th and can be best viewed from the marine park, Sag Harbor Wharf, or Havens beach.

Veuve Clicquot Champagne Pool Party

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Set to take place at the Topping Rose House on July 4th from 1-5pm this pool party is not to be missed. Featuring a DJ, a grill out, and champagne this event is a great way to kick off fourth of July weekend. Tickets are $50 and include two glasses of champagne.  






Guide: 5 Things to Do for Mother's Day in New York City

Mother’s Day is Sunday May 12th. Whether spending the day with Mom in the city, or sending her a gift, we’ve rounded up 5 ideas for Mother’s Day in New York City as well as a few gift ideas. From Brunch to a Staycation, check out these fun things to do with Mom in New York City:

Brunch

Photo: Teddy Wolff

Photo: Teddy Wolff

We could right an entire post just on Brunch places…it is New York City after all. Check out Simon & the Whale conveniently located in Gramercy in the Freehand Hotel. The restaurant is done by Gabriel Stulman who is also behind city favorites Fairfax, Charlie Bird, and Fedora.

Notable items for a Mother’s Day Brunch include griddles banana bread with date syrup, ricotta artichoke popovers, and sorrento lemon mascarpone danishes

New York Botanical Garden Party

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Enjoy the beautiful spring blooms at the weekend-long garden party at the New York Botanical Garden. This year is expected to be the biggest Garden Party yet! Stroll through the newly opened Lilac collection and enjoy live music and dancers on the garden’s main stage. There are a bunch of activities planned throughout the whole day, making it a great family event. Activities include putting on the green, croquet, guided walking tours throughout the gardens, face painting, and bouquet making demonstrations to name a few.

The event will take place during the entire weekend, from 10am-6pm on Saturday and Sunday.

All garden pass $28, $12 children // 2900 Southern Boulevard

 Mother’s Day at the MoMa

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Check out that exhibit you’ve been wanting to see at the MoMa with a special day planned for Mom. Before the Museum opens to the public, enjoy breakfast in the Terrace 5 Café which overlooks the Abby Aldrich Rockefeller Sculpture Garden.

After breakfast, you can participate in exclusive group tours of the MoMa collection, including special exhibitions.

Tickets: $120 Adults // $25 Children

Staycation at the Four Season New York Downtown

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Treat Mom to a special weekend Staycation at the new Four Seasons New York Downtown. They are offering a special promotion package for Mother’s Day called the Overnight Pamper Package. The package includes:

  • Overnight accommodation

  • In Room Dining Breakfast for Two

  • 80 minute Soveral Facial

  • Complimentary glass of Champagne or Wellness Elixir in The Spa

Rates starting at $795

Tea at Bergdorf Goodman

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BG at Bergdorf Goodman hosts afternoon tea daily from 3-5pm. If a full brunch isn’t your thing, this is a great way to pass the afternoon at a place that all women love, the famed Bergdorf Goodman department store.

Tea service comes with an assortment of tea sandwiches, freshly baked scones, fruit preserves, Devonshire cream, and a variety of petite sweets. We recommend getting the option paired with a glass of Veuve Clicquot Champagne. After tea, take mom downstairs to pick out a luxurious gift.

$45 per person or $62 with glass of Veuve // 58th Street at 5th Avenue

Gift Ideas:

Flowers: Flowers always make the perfect gift for Mother’s Day. What Mom doesn’t love a beautiful arrangement? One of our favorites in New York City is Ovando

Ovando takes a unique approach to floral arrangement, creating stunning displays both classic and modern. Quality and craftsmanship defines the brands beautiful arrangement. The store, dubbed the Botanical Gallery, is a experience not worth being passed up, and can also be rented for private events.

They have a special collection for Mother’s Day which you can shop directly here.

Fragrance: Replenish Mom’s favorite perfume, or buy her a new one. Byredo has some of the best scents available. For Mother’s Day, why not pick a scent thats grounded in floral notes?

Byredo Rose of No Man’s Land is an elegant floral fragrance that was created to pay homage to the nurses and heroines who served on the front lines of World War I. The fragrance has notes of pink pepper, Turkish rose petals, and raspberry blossom among others.

Available at Barneys

Dress - Looking to splurge on Mom? Treat her to an iconic Dolce & Gabbana dress that will be perfect for Spring and Summer whether in the City, The Hamptons, are the Almafi Coast. Dolce & Gabbana has beautiful prints inspired by the Italian scenery and Coast. They are known for the recognizable floral prints.

Dolce & Gabbana Cold Shoulder Anemoni Print Poplin Dress - Available at Bergdorf Goodman

Are Glass & Steel Skyscrapers Being Banned in New York City?

de Blasio Comments on Glass Skyscrapers

Headlines have been swirling around various media outlets stating that, per Mayor Bill de Blasio, glass and steel skyscrapers will be banned in New York City moving forward. The Mayor made comments on Monday morning’s edition of Morning Joe on MSNBC where he was quoted saying, “We are going to ban the classic glass and steel skyscrapers, which are incredibly inefficient.”

This message took on various other similar forms and was picked up by multiple media outlets including a cover on the New York Post here in the city. De Blasio spoke on various media outlets using a similar tone of strong language that implied a ban. He stated that these traditional skyscrapers are contributing to global warming. This prompted many to begin to think about a New York where there would be no new glass and steel skyscrapers.

Are Glass and Steel Skyscrapers Being Banned?

The short answer: No!

The comments from de Blasio were made with very few details or facts supporting them. The Director of the Mayor’s Office of Sustainability also chimed in to clarify that there is no prohibition on buildings made of glass in New York City.

It is important to note, however, that we are likely moving in a direction that would require construction to meet certain environmental efficiency standards. City Council just passed a package of bills which was inclusive of a mandate for building retrofits to reduce carbon footprint by 40 percent by the year 2030.

We are already seeing new construction as well as construction from recent years adapting to a more sustainable model by having projects certified as various LEED levels.

LEED stands for Leadership in Energy and Environmental Design and was devised by the United States Green Building Council. This rating system is the most widely used green building rating system in the world, and the LEED certification is a globally recognized sustainability achievement.

The rating system evaluates the environmental performance of a building, and through this process, encourages market transformation. The evaluation looks at things such as materials, water efficiency, and performance such as indoor quality for occupant comfort. 

Fun Fact: 10 Hudson Yards was the first commercial office space in New York to receive the coveted Platinum LEED certification.

NYC Real Estate Tax Changes: What You Need to Know

We recently provided updates on the proposed Pied-a-terre tax that had the possibility of being passed in New York City. With the recent passing of the State budget, there has been changes to Real Estate Taxes in New York. Below is everything you need to know about the real estate tax changes as a result of the New York State budget.

Overview: The Pied-a-terre tax was not implemented. Instead, there is a newly revised and implemented Progressive Mansion Tax and Progressive Transfer Tax. This will impact those in the $2-$5M purchase range the most.

The Progressive Mansion Tax:

The new law applies to all closings that take place on or after July 1, 2019 except for those contracts that were entered into prior to April 1, 2019. This is specific to NYC contracts.

The new tax now has 8 tiers that have a higher Mansion Tax rate as purchase price escalates.

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The Progressive Transfer Tax:

In addition to the Mansion Tax overhaul, effective April 1, 2019, the Transfer Tax also received an overhaul.

For Residential purchases over $3 million, the NYS Transfer Tax increases from its current rate of 0.4% to a rate of 0.65%.

Additionally, for Commercial transactions greater than $2 million, the NYS Transfer Tax will increase from its current rate of 0.4% to 0.65%.

What Does it Mean for Me?

While no tax increases on property would be ideal, the above could be make less of a blow than the Pied-a-terre tax. The pied-a-terre tax would have positioned New York City as being not investor friendly and was also an annual charge -i.e. the property owner would have incurred this tax every year for owning the pied-a-terre.

As a Buyer, it is important to understand that, while yes, costs of gone up on certain transactions, these taxes are a one-time, upfront cost. The owner does not incur the Mansion Tax and Transfer tax on an annual basis as would have been the case with the pied-a-terre tax.

As was the case with the proposed pied-a-terre tax, the State has earmarked the additional revenue (expected to be $365 million) from the Progressive Mansion and Transfer Taxes to go to the failing MTA system in New York City.

 

As always, for questions about how taxes impact you, consult your qualified tax advisor who understands your personal financial sitaution

Pied-a-Terre Tax Looms Over New York City Luxury Real Estate Market

Thought taxes in New York City couldn’t get any higher? Think again. The Pied-a-terre tax is back on the docket, and it has recently gotten some major support that pushed it further along than what it was last a topic of discussion in 2014.

Ken Griffin made headlines when he purchased a penthouse at 220 Central Park South for $238 million, making it the most expensive home in the country. He plans to use the home when he visits his New York office. This headline also caught the attention of City Council who started discussion on the Pied-a-terre tax once again.

So, what is a Pied-a-terre and the proposed tax?

A pied-a-terre is a part-time second home occupied for less than half of the year. Often times, it is an investment for the owner and may not be occupied. Given that the owner’s primary address is elsewhere, owners of a pied-a-terre in New York are not subject to state or local income tax.

The current proposal has a sliding tax surcharge and fee for homes priced $5 million and over, with higher priced homes incurring higher fees. City and State officials cited that they feel this additional tax is necessary to fund the failing mass transit system in New York City.

 Cause for Concern

Regardless of whether you think it is fair to tax the rich disproportionately or not, a proposed tax plan should be assessed in regard to economic impact before being implemented. From a real estate perspective, there is cause for concern based on the proposal of a pied-a-terre tax in New York City.

International Buyers: International Buyers have already been on the decline in recent years, and the implementation of a pied-a-terre tax would likely prevent some would-be foreign buyers from investing in New York.

 Luxury Condos and Co-Ops: We would likely expect to see some sort of downtick in the luxury segment of the market. Just because a buyer can afford a $5 million apartment, does not mean they spend frivolously and love taxes. Why would they invest in New York when they could invest in another viable city that does not impose a pied-a-terre tax?

The luxury segment of the market has already been under pressure in recent years, so another tax could additional pressure that is not needed in this sector.

 New Development: An adverse impact on the Luxury Market would likely spill over to the New Development pipeline for luxury properties. If there is a decreased demand overall for properties $5 million and up, why would Developers be incentivized to build properties that may not sell? This, of course, would then have an impact on all the employment created within the construction sector when development is booming.

High Costs to Transact: New York City is one of the most expensive places to transact on property without the additional pied-a-terre tax. Costs associated with a real estate transaction in New York City include Transfer Tax, State Transfer Tax, Mortgage Recording Tax, Mansion Tax, and Real Property Taxes. Not to mention, under the new Federal Tax Code, the deduction of SALT has been eliminated.

 Overall, if the tax were to have an adverse impact on the real estate market for properties $5 million and up, we would likely see a reduction in value at the high end of the market. This may especially may be the case for properties that are already valued/priced near the $5 million threshold as Buyers will submit bids under $5 million to avoid the tax.

Image via Getty Images

Top Picks for an Enjoyable Valentines Day

Valentine's Day is rapidly approaching on February 14th- have you made plans to make the day special for your loved one? We have curated some ideas to celebrate Valentine's Day from gifts to dining. If you are single, why not grab a friend and head to a great restaurant or enjoy a good bottle of champagne?

Chocolates

Teuscher Chocolates

For the chocolate lover, Teuscher is a must! The iconic Swiss Chocolatier is most well known for its Dark Chocolate Champagne Truffles. The company started over 70 years ago in a small town in the Swiss Alps as one master chocolate maker embarked on a journey to find the best ingredients which would lead him to create recipes for, what many critics, regard as the world’s best chocolate.

For Valentine’s Day, head to the Boutique on Madison Avenue or Rockefeller Center to pick up the Velvet Valentine Hearts filled with their iconic truffles.


Flowers

Ovando

Ovando takes a unique approach to floral arrangement, creating stunning displays both classic and modern. Quality and craftsmanship defines the brands beautiful arrangement. The store, dubbed the Botanical Gallery, is a experience not worth being passed up, and can also be rented for private events.

The Valentine’s Day collection is filled with everything from heart-shaped arrangements to iconic Ovando arrangements in beautiful pink and red colors. Our team favorite is the iconic floating orchids for which Ovando is known.

Champagne

Ruinart

Ruinart is the oldest champagne house in the world, established in 1729, and producing champagne since. The house barely survived World War I because of severe damage, but we are glad it did! Most of their Champagnes rely heavily on the Chardonnay Grape. With Teuscher Truffles in hand, you cannot go wrong pairing it with Ruinart Blanc de Blancs.

Dining

Manhatta

If you are looking for a truly special dinner spot where the food is equally as amazing as the views, you must go to Manhatta. Located on the 60th floor of 28 Liberty, the restaurant by Danny Meyers functions on a 3 course pre-fixe menu with an accessible price point.

What You Need to Know: Judge Rules in Favor of Airbnb

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Airbnb came into the headlines in New York last summer when City Council voted unanimously to enact a law that would require Hosts to disclose information including address of properties and identity to the city. City officials and the Mayor argue that Airbnb has essentially created an illegal hotel industry within the city. New York is one of the largest cities for the home sharing service. Under existing New York State law, most buildings do not allow an apartment to be rented for less than 30 days unless the permanent tenant is living in the apartment at the same time. City officials hoped this law would crack down on those violating this law and remove listings from Airbnb.

The law passed last summer stated that the detailed information pertaining to the units would need to be provided to the city monthly. Airbnb and Homeaway brought a law suit against the City, claiming that the law was unconstitutional. The law was slated to go into effect next month, however, a Federal Judge has blocked the enactment of this law in Manhattan Court.

Based on the recent ruling, here’s what you need to know:

  • The law is blocked from going into effect based on the premise that the collection of the data would be in violation of the 4th Amendment and would subject hosts to involuntary search and seizure.

  • This blocking is not necessarily permanent! It will be blocked will the litigation between parties continues. The outcome of the litigation will be important

  • City officials arguing that many people are running illegal “hotels” as they are violating the short-term rental law, and having guests in units for very short terms, creating a “revolving door” which could be potentially dangerous to other building residents

It is important to remember, if you are considering listing a property with Airbnb, under New York State law, short-term rentals cannot be less than 30 days unless the permanent tenant is also occupying the unit. This was and still is a State Law!

We anticipate that many people are in violation of this, and that is what the proposed legislation was hoping to crack down on. If you are listing your property on Airbnb in New York City, ensure you are adhering to all laws.

2019 Outlook: What to Expect for the New York City Real Estate Market

New York City Skline

As we enter a new year, we welcome new expectations for the housing market as we think about the year ahead. Briefly looking back at 2018, the year started off on a different note than it ended, namely rates rose to their highest levels in decades by year’s end, and the market fully transitioned to a Buyer’s Market. How do we expect 2019 to pan out?

The year ahead is likely to be a bit tougher than 2018 and remain soft overall as a result of the Fed. Prices remaining at minimum stable would be a positive, and a small rate of price appreciation would be even better. When people see their home rise in value, they feel wealthier whereas declining home values can spark a feeling of an impending recession. Thinking about 2019, we identified 4 areas of focus 1) Interest Rates, 2) Millennials, 3) Inventory, and 4) Rentals.

Interest Rates

We anticipate that interest rates will continue to rise in 2019 given the strong economic fundamentals and low unemployment rate in the US economy. Rates may begin to approach levels that finally squeeze some folks out of the market and into a smaller home than originally planned. Rising rates may also encourage some would be “Trade Ups” to stay put. Increasing rates is likely to impact first-time buyers most heavily as increased rates means less buying power. From a larger, national housing market perspective, this could also contribute to slowing sales as Buyers grapples with higher mortgage rates and recent rapid price increases over the past few years. 

Millennials

Millennials may be more at the forefront of the 2019 market than they were in 2018. This group could be a large driving force on the buy side of the market, especially for entry-level priced properties in New York City. The largest portion of Millennials will be ages 29-30 in 2019, a prime age for first-time homeownership. In a market such as New York, Millennials tend to be more affluent and savvy consumers, understanding the value in buying a property versus paying New York rent prices over the long term. Successful Millennials who have worked in industries such as Finance and Tech are likely armed with enough cash for a down payment.  Studio-1-bedroom properties priced below $2M are appealing to this group of Buyers. 

Inventory

Inventory is likely to remain elevated in NYC in 2019. New Developments continue to come to market and close, projects remain in the pipeline, and resale inventory will continue to come to market as well. This will be especially evident in the luxury sector of the market ($4M+) which has been experiencing a glut of inventory versus demand, a factor resulting in the shift to a Buyer’s Market. Average asking prices were inflated approximately 10% throughout 2018, and we expect the same to hold true throughout 2019. This means that Sellers had to take a significant reduction from Ask in order to get deals done. It is important to remember that deals get done when the price is right!

Rentals

Rent prices could likely see an uptick in 2019, attributed to the arrival of Amazon and increased demand. Amazon will bring with it a large number of high paying jobs, and thus increased demand from their employees as well as peripheral interest generated when a company such as Amazon picks a city as their home base. Google has also been discussing bringing a large number of net new jobs to NYC. Whether we see an increase in rent asking prices with concessions available or the dropping of concessions with asking prices remaining consistent resulting in a net effective increase in rent remains to be seen. We feel the latter is a probable scenario as landlords tend to drop concessions with demands increases as there is more competition for units. Additional rental inventory is something to watch in 2019 as it relates to pricing as this could be a factor that keeps a lid on rising rental prices.