May 16, 2022
Monthly maintenance in co-ops and common charges in condominiums will continue to rise over the long term. But, Brick Underground reports, there are certain red flags that may indicate to residents and buyers that steep hikes are coming.
Monthly fees are up in both condos and co-ops, thanks to the rising costs of just about everything: energy, taxes, regulatory demands and higher staff wages recently awarded to members of the Service Employees International Union’s Local 32BJ under a new four-year collective bargaining agreement. Moreover, the COVID-19 pandemic has meant residents spending more time at home and in common spaces, which in turn means more wear-and-tear, and the need for costly repairs. As a result, on a national level, the monthly median condo fee increased by 19% from August 2020 to August 2021, according to Zillow. In New York, the past few turbulent years have upended the traditional math of budgeting.