Why Rent In NYC Is Out Of Control Right Now
Rents in New York City are at an all-time high. The median asking rent in Manhattan reached $4,100 in June 2022. CNBC Make It spoke to three New Yorkers whose rents increased up to $2,100 a month.
But are New Yorkers willing to pay up? One challenge for renters is the requirement that they earn 40 times the rent when applying for an apartment. With the median asking rent in Manhattan around $4,000, that means the minimum income to qualify for an apartment at that price is $160,000. The median household income in New York City is $67,000.
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Why Rent In NYC Is Out Of Control Right Now
I’m a life long NY’er and still love the city. But for all the young people in this video and watching the video I’ll share one thought. Keep your housing expenses as low as possible and do not get over your head. If that means you can’t live in NYC so be it. There are endless equally good or better places to live & you don’t need to be in NYC for opportunity any more. Your 20’s are critical to setting up your life, don’t put yourself in a hole.
@Esq718 Me too.😥
This is tried and true advice, when I was in my 20s I decided that I needed some low expenses when it came to rent, and I made sure I secured a good/cheap housing, even my rent increase wasn’t a lot,
my heart goes out to my fellow millennials,
Some of this was a bit predictable though, they got free months rent, they got cheaper rent rates, some got a rent freeze, and they knew that the rents were a great deal when they got them… it should’ve been foreseen that the rents were going to increase, albeit not by this much, but this demand is so high right now, it’s not too big a surprise, what these people did, is sat on their hands expecting nothing to change, when the pandemic emergencies was over,..in NYC one wrong move can 🤬 your whole💩up
@iranjackheelson IDK, it’s pretty special. It truly is the worlds melting pot and there is 100 of anything you can think of and it’s available 24hrs a day. The city really is electric. But that doesn’t change my feeling that if your going to live there, find a way to do it well within your means .. or … live somewhere else.
Sound advice
I am a Landlord in Queens, NYC for a 3 bedroom, two story, duplex with a nice backyard and 2 car driveway. The property was paid off a long time ago, and it went under a full renovation in 2012. I kept the rent exactly the same for my tenants since 2015, and I don’t plan on ever raising it. Why?
I have the best tenants who take care of my property like it’s their own, and there’s no way I want to lose them.
People need to take care of each other. The world is messed up enough.
I got a land lord just like you. He sees what my wife and I and my parents do to keep our place looking mint so I haven’t heard anything about increasing rent in his part since i moved in. With inflation and the stagnation of wealth growth, I really appreciate someone who understands what’s going on and is willing to work with us.
@ksegg have you ever asked yourself why? It might be that you work with greedy property agent which advise you you can increase the rent every minute. What do expect if you pass that attitude to your tenant. There is no tenancy laws which protects people who does’t want to own a mortgage. Wish you good luck with your next tenant.
You’re a good person.
Values Thats the Problem With Modern Culture They Seemed to Lack Values
You are the needle in the haystack.
I left NYC when I was 20. The best decision in my life. Don’t be stupid in pay high rent when other cities are even better and more affordable!!! I hope people take my advice.
@A bsolute I have friends also who don’t listen. They all live with their moms with no savings!
Ppl wont listen
I have NYC friends, who I been telling to move to NJ for yeaaaaaaaaaaaaaaaaaars, now still stuck there with no savings.
Me: semi-retired and moved out of state.
Smh…
Agreed.
As someone who is currently moving cause the landlord just increased rent, this video is SO ACCURATE. It is nuts how much I’m expected to pay for a shoebox 5-story walkup with very uneven floors, no living room, in a neighborhood where rats have literally started walking up to me on the sidewalk. And I’m expected to live here because my job wants us in the office two days a week for no reason. We went remote during COVID and did our jobs just fine. Now we have to be in the office to help promote a good “work culture.” NYC sometimes feels like an abusive relationship. NYC makes you think this is normal until you live in other cities and realize it’s not.
The vote out the ones who are crooks
@HierophantPurple Yes but hipsters want to live in Manhattan
With all of the crime there it’s not worth it.
People need to stop identifying with a place. Being broke but being able to say you live in NY is so unhealthy.
@Purple Panda everything to do with it…IT’s called vanity and ego….You sound young…You’ll figure it out…
they wear it like a cardigan sweater sometimes….around their necks…
Born and raised
@Effy Traveler bruh LEAVE!!
So true
This is crazy. I was born and raised in NYC. We moved an hour outside of the city. We have a town house for 1/3 of a one bedroom in nyc. I’m done. It’s not healthy living in small spaces or with strangers. I’m so happy now that I’m gone. I can visit and come back to a clean rat free home. Renting in NYC just isn’t sustainable.
Facts I moved to tennessee after 27 years in brooklyn totally worth it i only go back to visit relatives
@K T NYC is good to visit but living is nice but really expensive
Ditto, originally from the Bronx and bought a Townhouse an hour north almost 20 years ago, best decision I ever made. I barely hung out in Manhattan, I knew back then that NYC was nothing but hype. We would take our daughter on the Metro North occasionally to the city and she loved it. Still have family in Bronx so we visited frequently to keep her a little street smart. Now she has become one of those “I want to live in the city” people, good luck to her!
@Rico Suave East
What part did you move to?
It’s also all the “luxury apartments ” that mostly remain empty. In my building 40% of the apartments are empty for last two years.
I have to visit many of the new condos in LIC for work and it’s always baffling to me how empty some of the buildings are. Many of them were purchased as investment and remain empty.
mines too
@Bald Eagle exactly. They may need to subsidize people because the ones that can truly afford luxury rentals would usually consider buying.
Why? Why?
Total mortgage demand hits a 22-year low… lower than the real estate crash of 2008/2009… but don’t worry, we are not in a recession and the real estate market can only go up…
@burgerflipper
Well, in July 2022, the economy produced like 529,000 new jobs and the unemployment rate is 3.6%.
Not exactly “Recession” numbers!
We are not in a recession till our president says we are.
@Georgia Trigg How can one find a fiduciary financial advisor that can help make good gains during this bear market and when the bulls finally arrive? I would not mind looking up the pundit that helped you.
@Abbie Morrison that’s right, I started investing sometime in 2018 and by late 2021, I pulled out a profit of over CAD750k with no prior investing knowledge or skill. I was basically just following the guidelines set by my financial advisor. So you don’t necessarily need to be a perfect investor or do the hard work, just have a professional who guides & mentors you.>
Building a good financial-portfolio has been more complex since covid, so I would recommend you seek professional support. This way you can get strategies designed to address your unique long-term goals and financial dreams.
I’ve lived in New York City for over 16 years and have really pondered the thought of leaving recently. 44 years old and I can’t afford to save, expenses are through the roof, and my neighborhood is gentrifying faster than I can keep up. Then, I don’t qualify for any kind of food support from the gov’t because “I make too much” and affordable housing wait lists are infinite. It is unbelievable to think that I did all the “right” things (went to college, have worked two jobs to stay afloat, kept my expenses low) and have to consider moving back with my mother at this age. 💔
Poor mother!! lol
After staying in Italy for a bit, I was enlightened on how living with family is over there. Unless one is married, it is expected that one lives with their parents. Better for both. It’s only in Egomanic America that it’s looked down upon. Humans are social creatures and we’re not suppose to be living solo. Life is so short and precious so enjoy this time with your mom. It’s a beautiful thing! 💖
I think the solution is to get out of NYC.
@Johnny R – Leave ASAP! The US is a very big country.
As a recent first time home buyer, I can sympathize with renters..you really are at the mercy of these landlords who have an unfair power over your life.
@Parson K landlords are artificially making the prices extremely expensive to extort more money. And will be crying whenever federal rent control is implemented.
Landlords just adjust to the market. That’s capitalism.
Just move out to a different state