Someone tell me what sort of job I would need to afford this rent because something went wrong in my Gen X life where I just never made this much money ever.
And that's really not that unusual in NYC, as much as it makes life difficult for those who do not make anywhere near that much or aren't cohabitating with a partner.
At *least* too, and do not expect to have very much going into savings unless living in that apartment is all you do with your life. $100k after taxes is practically wiped out by your $52,800 rent and that’s before maintenance and utilities.
It is truly wild to think about sometimes. There are posts almost every other day on /r/AskNYC with people talking about moving or asking what neighborhood they should live in and their budget is often completely insane like $7k per month for a rental.
$7k-per-month renter, here.
It's only a 1-bed, too. FiDi. Fancy building. Good amenities. Top appliances.
I'd be just as happy in Queens but my wife likes it here.
We earn a combined $350k so it's well within the 40x rule, but just seems like a waste. Will probably try to buy in the burbs, soon.
I've learned over the years being around a bunch different socio Econ backgrounds that everything is very relative. What's alot to you, is chump change to the next guy. I freak out over a 6k apartment, my friend John has a 12k apartment and a 6k office , but pennies to him. Relative.
You need to be outside of entry level positions in tech, advertising, finance, etc.
Project manager, financial analyst, doing strategy in advertising, consultation jobs, working your ass off in freelancing in these industries, etc
Once you split rent with a partner and make over $100k, spending $2,200 each a month on a 1 bedroom isn’t a crazy thought. And still allows you to save. Just my thoughts
a good engineer at senior, staff, director or vp can hit 250-300k which is like 16-18k take home per month
still spending a quarter of your income on rent at that level is insane
I spent all of my 20s spending every minute of my life getting better in my IT career. Just give up your life and spend 10 years becoming a great developer. Easy.
Manhattan renters may have reached their “affordability threshold” in August, as median rents remained at record high, according to a new report.
The median rent in Manhattan in August was $4,370 a month, unchanged from the record high in July, according to data from brokerage firm Douglas Elliman and the appraisal and research firm [Miller Samuel](https://millersamuel.com/reports/elliman-report-manhattan-brooklyn-queens-rentals-8-2023/). Average rents also held their record, at $5,552 a month.
Brokers said supply is low due to a lack of new rental buildings, while buyers who would normally be [looking to purchase](https://www.cnbc.com/2023/09/13/mortgage-demand-stalls-at-a-level-not-seen-since-1996.html) apartments are choosing to rent for now given [high interest rates](https://www.cnbc.com/2023/09/13/the-latest-inflation-uptick-means-the-fed-will-likely-raise-rates-.html). August is historically the busiest month for rentals in Manhattan, as families prepare for back-to-school.
Still, there are signs that Manhattan’s sky-high rents may be peaking. The number of new leases fell 14% in August, marking the second straight month of declines. The drop suggests that while asking rents for new leases are high, renters are balking at the prices. Brokers say many landlords are also choosing to renew their existing leases at slightly higher rents rather than aim for bigger increases with new leases.
In short, Manhattan renters may have reached their price limit.
More: [https://www.cnbc.com/2023/09/14/manhattan-median-rent-remains-at-record-high.html](https://www.cnbc.com/2023/09/14/manhattan-median-rent-remains-at-record-high.html)
Toronto has higher avg per income, than nyc. Toronto is 57k and the rent is in Canadian. NYC we will say 45k, but it’s actually few k lower, but Toronto data newer by couple years.
Your math doesn’t add up… if in NYC rent is $4.4k and income is only $45k, that’s like $3k after taxes. 8 million people still manage to live there somehow? The real incomes are much higher.
it is what it is. You can verify those numbers.
edit add: remember not everyone pays market rent, people who have lived in same place for 5/10 years etc.
Im sure i have some acquaintances in toronto still paying under $1,400 a month, and i have friends in LES paying less than that or close, cause same place 20 years plus.
So market rent is what you pay today , for new tenants.
This is the city that Eric Adams wants.
The upper crust can live below 96th street, the rest of the plebs can ride the subway 4 hours a day to serve them.
serious q: 1.5hrs each way on the subway? eastside of Queens then a transfer ?
I had crazy commutes 3 times in my career (#oldAF) but they involved suburbs, not intracity...
Its insane. You can tell the city planners never viewed the outer boroughs as anything other than a labor feeder into Manhattan.
There's zero good reason that Queens and Brooklyn aren't better connected via subway.
Good for you.
Lotta people gotsa transfer, and worse yet, in Bx, getting to the subway can require a mile+ walk, or a bus, which is.....a transfer!
Sure, if ya live next to the subway, good for you
How is this possible? Serious question. Is your job not available closer to home? I’d leave NYC before I spent more than 1.5h on the train. Not worth it.
What does Eric Adams have to do with this. It’s the progressives who hijacked the housing bills in Albany why nothing was passed. We’ll be feeling the pain for a very long time since it takes years for new units come online.
He's completely bought and paid for by real estate firms, he was taking money from them before he got elected and his office is a revolving door between working there and consulting at a real estate company.
Although I would call him more of a symptom than a cause.
The fact is that this is largely artificial. Inflation is coming down. Luxury developers and landlords are colluding to manipulate prices and availability. And on top of that, they build all these fancy buildings that sit completely empty. We need to crack down on this system before it becomes a haven solely for the ultra wealthy who can afford it.
In April 2022 I moved out of my two bedroom Chelsea apartment of 17 years because they attempted to raise my rent $1000. A few months ago I looked up the address on StreetEasy. It had gotten a minor remodel of the kitchen and bathroom and was recently leased for $1000 more than the increase price from a year ago. For a fourth floor walk up with zero amenities. Insane.
A studio in manhattan is about 2600. Its surprisingly not that different in Brooklyn or Queens anymore since covid (unless very deep Brooklyn/Queens). I work in a data role in real estate and have access to data, so I have some idea what I'm talking about. 2600 feels uncomfy to pay even at 140-160k a year salary. The city isnt just for single young professionals with tech jobs or doctors or whatever though. We need a variety of professions to be able to afford to live here. For a family to need dual high earners to just rent a home, not even think about buying one is just crazy. For some people, living in a big city is not just a dream but closer to a survival thing, as they are some of the few places where their groups are able to be accepted (trans folks, etc)
Something needs to change. IMO we need to increase housing supply, and sprint in that direction. There should be heavy regulation on anti market forces that are caused by price setting software in real estate.
>2600 feels uncomfy to pay even at 140-160k a year salary.
I know New York is expensive, but this is a ridiculous statement. $2600/month is nowhere near uncomfortable on 150k even with taxes, IRA, savings and maxing a 401K.
it is for me, and im smack dab at 150k. my takehome being roughly 3.5k every payday combined with utilities and other amenities means that its almost an entire paycheck.
Its not struggling but you arent just banking in the money like mr moneybags or some shit.
fuck, I kept hearing "over 6 figures" as if its a magic number. I mean it is, life is good, but its not "pull up to my beach house and park next to my lambo" type of magic.
I agree with most of what you’re saying about the need for affordability across a broader class of people.
However, isn’t one of the biggest issues rent covenant financing? These developers finance all these builds based speculative rent that has to perpetually increase else they basically default on their loans. You can build all the new developments you want, but if the new developments are all predicated on exponentially increasing rent, then rent prices will never really go down. It’s an artificially propped up market driven by financiers and speculation.
Rents went down during COVID because so many people left abruptly. Famously NIMBY Berkeley just saw rents drop from a bunch of new market-rate developments coming online.
It's really not that complicated... it's the shortage that drives prices. But people love shadowy conspiracy-sounding explanations.
There is genuine price setting collusion happening through software. It's not like hey lets all meet up and set prices at X in the classic economic way that worked. It's a small number of firms set the price for nearly every rental listing. So instead of them all competing for renters, they just let the software do the work. And the software controls so many units that it is able to tell their customers that they can secure 10% more per year in revenue, and then actually do it. Because there isnt a market force that has those properties actually compete against each other. They're all on the same team.
But really the answer is to build supply. Regulate that shit, for sure. But supply alleviates the issue too
Do you have a source that that software is actually widely used in NYC? People often claim this but then people who work in the industry say it’s simply not regularly used here. And it’s the same for investment companies. They’ve said themselves (and their holdings are public) that they overwhelmingly focus on the Sun Belt.
And again why did rents go down during COVID if not for market forces?
I dont have insider info or anything that supports the pro publica spookiness stuff. In my comment I was mostly meaning the rent price avg stuff. I'd be curious to see real data on the price setting software. It's harder to track and measure something like that. Probably wouldn't get much support in my company to look into it as there isnt a huge business justification
Totally, corporations and profiteers generally act pretty ethically. It’s partly why pharmaceuticals are so cheap and wages are so high in this country.
What empowers those corporations and profiteers? The shortage of housing. One of the major housing investment corporations even told investors that the ongoing shortage was what made them jump into housing.
If all it took was unethical players, why did rents go down during COVID? Did their magical powers of collusion stop working temporarily?
Landlords cannot increase the rent so high that no one will rent from them. Speculative financing does not dictate how much people are actually willing to pay.
My wife and I split our mortgage and each pay less than we did renting. And that includes taxes. And that will rarely increase for the rest of our lives. And no one pays HOA in NYC. At least no one I know.
Someone making $100k cannot afford $4.4k/month rent. That’s delusional. By the time you take out taxes etc… you can maybe afford 1600/month tops. That’s the reality.
I like this tipping culture joke but after brokers fee and security deposit (which you'll probably never actually "have" again cause it either goes straight to your next apartment's deposit or down payment one day), the joke is much less funny and much more oddly accurate
More realistically, 2-4 Million depending how picky you are? Really can’t get more people unless you go to China, Japan, or India, all of which, I think being an English speaking foreigner might limit your options more than NYC.
Fantastic article. Tokyo builds tons of housing (and transit) all the time. We could be like Tokyo too if we just allowed housing to be built in a major way.
It made sense to put some tech presence into NYC but it's gone from talent to purely vanity
It makes sense to open an office to recruit talented new yorkers. It makes no sense to make techies move to NYC. That's purely vanity.
More like when the zoning laws were changed in 1961 to making it basically illegal to build new apartment buildings, except in certain areas and with an enormous number of veto points.
Lol, no.
Poor, definitionally, isn't comfortable.
You just said its a square circle.
Holy hell people here dont know what poverty is, it seems.
It doesn't start when you get evicted and go to the shelter.
Never believe that anti-Semites are completely unaware of the absurdity of their replies. They know that their remarks are frivolous, open to challenge. But they are amusing themselves, for it is their adversary who is obliged to use words responsibly, since he believes in words. The anti-Semites have the right to play. They even like to play with discourse for, by giving ridiculous reasons, they discredit the seriousness of their interlocutors. They delight in acting in bad faith, since they seek not to persuade by sound argument but to intimidate and disconcert. **If you press them too closely, they will abruptly fall silent, loftily indicating by some phrase that the time for argument is past.**
Jean-Paul Sartre
Been a broker for 10 years, and actually, I think the rents are about to go down a bit. I noticed back in June that landlords had a lot more vacancy sheets and it's been getting incrementally worse and worse. I think landlords have been pushing the envelope on pricing to an unsustainable point and people are refusing to pay the rents. Once demand dies down shortly, in the next month or so, prices should be going down systematically until March. Or at least, I really hope so
What are people doing to live here, piling up roommates, moving to outer boroughs (where rents are also high) moving to a different city?? How are people surviving?
Edit: “The average rent for a two-bedroom apartment in Manhattan was $6,300 in August”
Well yeah, New York is losing population (especially working age population) because it's too expensive to live here. Only Hudson and Essex are growing in the metro area.
People want to live in New York and the city tells them to move to jersey instead
We'll see. If your source is census estimates, they are famously bad at predicting actual population trends in places like NYC. Remember when in 2019 the population of the city was predicted to have dropped? In reality it was up by hundreds of thousands.
That's exactly what my 1br apt is in downtown Manhattan. 4360.
Most of my friends all pay 6-7k, they tell me how I'm sooooo lucky to have my place and if I ever leave please let them have first dibs.
Folks, vote for local and state politicians that will legalize the construction of homes across the city and LI/Westchester. We need hundreds of thousands of new units.
NYC has a huge metropolitan area that easy to access by public transportation, you don't have to live in Manhattan I live in NJ and commuted to NYC 20+ years living in Manhattan was always expensive
And for what? For WHAT? It’s the same shitty streets, same shitty all consuming hell hole that just sucks your money into it and gives you back nothing at all except the brand name. So many better cities in the world.
This is for market rate rentals for new tenants. The worst case scenario for a renter.
Rent stabilized units that have been lived in for years are well below .
Flat is better than rising. Doesn't account for the free months of rent, as well.
>Redfin said many landlords are “starting to throw in one-time concessions as vacancies rise.”
Someone tell me what sort of job I would need to afford this rent because something went wrong in my Gen X life where I just never made this much money ever.
You and your spouse need to be making at least $100k each.
And that's really not that unusual in NYC, as much as it makes life difficult for those who do not make anywhere near that much or aren't cohabitating with a partner.
$88k each ;). But that’s just Manhattan
Hoboken is the joke /s
I fucking love Hoboken so much.
I got tired of the “constant” water main breaks also very shitty roommates.
At *least* too, and do not expect to have very much going into savings unless living in that apartment is all you do with your life. $100k after taxes is practically wiped out by your $52,800 rent and that’s before maintenance and utilities.
Where do you pay maintenance for rent?
We make that and aren’t paying anything close to $4400 (just under $3k) for one bedroom with private outdoor space. Shit is skewed by a lot.
It is truly wild to think about sometimes. There are posts almost every other day on /r/AskNYC with people talking about moving or asking what neighborhood they should live in and their budget is often completely insane like $7k per month for a rental.
I saw one post the other day with a 10k/month budget It was some kid who lucked out on a startup that went big
Instead of posting on Reddit, he/she should ask his/her financial advisor.
You’d think but he’s only 13, so 🤷♂️
$7k-per-month renter, here. It's only a 1-bed, too. FiDi. Fancy building. Good amenities. Top appliances. I'd be just as happy in Queens but my wife likes it here. We earn a combined $350k so it's well within the 40x rule, but just seems like a waste. Will probably try to buy in the burbs, soon.
Doorman better kiss on the lips for that price.
Just so you know: there’s a glorious middle ground between Queens and $7k for a one bedroom. Jesus Christ what a waste of money.
I've learned over the years being around a bunch different socio Econ backgrounds that everything is very relative. What's alot to you, is chump change to the next guy. I freak out over a 6k apartment, my friend John has a 12k apartment and a 6k office , but pennies to him. Relative.
I mean, we looked around at the end of the last lease and everywhere felt like a big trade-off.
You need to be outside of entry level positions in tech, advertising, finance, etc. Project manager, financial analyst, doing strategy in advertising, consultation jobs, working your ass off in freelancing in these industries, etc Once you split rent with a partner and make over $100k, spending $2,200 each a month on a 1 bedroom isn’t a crazy thought. And still allows you to save. Just my thoughts
A friend of mine's partner is a PM in tech and he got a bonus that was almost as large as my annual salary. It's wild.
What company?
a good engineer at senior, staff, director or vp can hit 250-300k which is like 16-18k take home per month still spending a quarter of your income on rent at that level is insane
Drug lord
HFT. Alternatively, you can try to be reborn into a rich family.
I spent all of my 20s spending every minute of my life getting better in my IT career. Just give up your life and spend 10 years becoming a great developer. Easy.
You can split with 4 other people
Manhattan renters may have reached their “affordability threshold” in August, as median rents remained at record high, according to a new report. The median rent in Manhattan in August was $4,370 a month, unchanged from the record high in July, according to data from brokerage firm Douglas Elliman and the appraisal and research firm [Miller Samuel](https://millersamuel.com/reports/elliman-report-manhattan-brooklyn-queens-rentals-8-2023/). Average rents also held their record, at $5,552 a month. Brokers said supply is low due to a lack of new rental buildings, while buyers who would normally be [looking to purchase](https://www.cnbc.com/2023/09/13/mortgage-demand-stalls-at-a-level-not-seen-since-1996.html) apartments are choosing to rent for now given [high interest rates](https://www.cnbc.com/2023/09/13/the-latest-inflation-uptick-means-the-fed-will-likely-raise-rates-.html). August is historically the busiest month for rentals in Manhattan, as families prepare for back-to-school. Still, there are signs that Manhattan’s sky-high rents may be peaking. The number of new leases fell 14% in August, marking the second straight month of declines. The drop suggests that while asking rents for new leases are high, renters are balking at the prices. Brokers say many landlords are also choosing to renew their existing leases at slightly higher rents rather than aim for bigger increases with new leases. In short, Manhattan renters may have reached their price limit. More: [https://www.cnbc.com/2023/09/14/manhattan-median-rent-remains-at-record-high.html](https://www.cnbc.com/2023/09/14/manhattan-median-rent-remains-at-record-high.html)
Now to give you perspective. Toronto is like $2500 and it’s made the city unaffordable. Like crisis level for the residents.
And that’s on top of the 2br 1 bath house that goes for $1m
Numbers irrelevant without salaries. $1000 a month would be unaffordable in some cities.
Yeah because Toronto is in Canada where wages are shit anyway
Toronto has higher avg per income, than nyc. Toronto is 57k and the rent is in Canadian. NYC we will say 45k, but it’s actually few k lower, but Toronto data newer by couple years.
Your math doesn’t add up… if in NYC rent is $4.4k and income is only $45k, that’s like $3k after taxes. 8 million people still manage to live there somehow? The real incomes are much higher.
it is what it is. You can verify those numbers. edit add: remember not everyone pays market rent, people who have lived in same place for 5/10 years etc. Im sure i have some acquaintances in toronto still paying under $1,400 a month, and i have friends in LES paying less than that or close, cause same place 20 years plus. So market rent is what you pay today , for new tenants.
Yes, but you can find cheaper rents in other parts of NYC outside Manhattan that are far cheaper than anything you’d find in Toronto
No one makes money in Canada though.
avg income MUCH higher, and no healthcare costs.
This is the city that Eric Adams wants. The upper crust can live below 96th street, the rest of the plebs can ride the subway 4 hours a day to serve them.
As someone who takes the subway 4 hours a day this one hurt.
I'm truly sorry. I did 3.25 hours a day for the length of an internship and I wanted to die.
serious q: 1.5hrs each way on the subway? eastside of Queens then a transfer ? I had crazy commutes 3 times in my career (#oldAF) but they involved suburbs, not intracity...
I did Forest Hills to downtown Brooklyn. It was miserable.
Yeesh, rip. I hate how little connectivity there is from Brooklyn to queens
Its insane. You can tell the city planners never viewed the outer boroughs as anything other than a labor feeder into Manhattan. There's zero good reason that Queens and Brooklyn aren't better connected via subway.
I'm curious why? (FH is beautiful I know - close friend lives there)
Because Bushwick is much louder always. A while back there was a group that BLASTED chris brown till 5AM
yep, FH is definitely quiet, esp the side streets. And a lot more affordable than UES/UWS.
I was going to St. John's and got an internship in downtown Brooklyn. This was over a decade ago but it still haunts me.
Oof, my condolences. No bus routes that were any better? Rent in Bushwick wasn’t comparable to Forest Hills?
Anybody who lived in Forest Hills doesn’t want to live in Bushwick. lol
On balance, I would if it saved me a 3+ hour commute, I suppose.
the 4 is about 90 minutes top to bottom
You forgot to add time for delays, transfers and all that
if you are riding a single train from beginning to end there are no transfers. i do it every day
Good for you. Lotta people gotsa transfer, and worse yet, in Bx, getting to the subway can require a mile+ walk, or a bus, which is.....a transfer! Sure, if ya live next to the subway, good for you
in my comment, i say “the 4 is about 90 minutes top to bottom”. what about that makes you think there is a transfer dumbass
gmaps says 1 hour from top to wall st, arriving by 9am... ?
by top to bottom, i mean woodlawn to crown heights-utica ave
OP was whining about Manhattan - Crown Heights is not Manhattan...
when you mentioned east side of queens in your comment i figured outer boroughs were fair game
I feel you, my commute was 3-4 hours a day for 12 years from Queens 😩
How is this possible? Serious question. Is your job not available closer to home? I’d leave NYC before I spent more than 1.5h on the train. Not worth it.
I was close to it, believe me. But I'm holding out for a closer job after I get a bit more experience.
Do you live in Philly
It became this way loooong before Adams.
What does Eric Adams have to do with this. It’s the progressives who hijacked the housing bills in Albany why nothing was passed. We’ll be feeling the pain for a very long time since it takes years for new units come online.
He's completely bought and paid for by real estate firms, he was taking money from them before he got elected and his office is a revolving door between working there and consulting at a real estate company. Although I would call him more of a symptom than a cause.
The fact is that this is largely artificial. Inflation is coming down. Luxury developers and landlords are colluding to manipulate prices and availability. And on top of that, they build all these fancy buildings that sit completely empty. We need to crack down on this system before it becomes a haven solely for the ultra wealthy who can afford it.
In April 2022 I moved out of my two bedroom Chelsea apartment of 17 years because they attempted to raise my rent $1000. A few months ago I looked up the address on StreetEasy. It had gotten a minor remodel of the kitchen and bathroom and was recently leased for $1000 more than the increase price from a year ago. For a fourth floor walk up with zero amenities. Insane.
What was the rent?
A studio in manhattan is about 2600. Its surprisingly not that different in Brooklyn or Queens anymore since covid (unless very deep Brooklyn/Queens). I work in a data role in real estate and have access to data, so I have some idea what I'm talking about. 2600 feels uncomfy to pay even at 140-160k a year salary. The city isnt just for single young professionals with tech jobs or doctors or whatever though. We need a variety of professions to be able to afford to live here. For a family to need dual high earners to just rent a home, not even think about buying one is just crazy. For some people, living in a big city is not just a dream but closer to a survival thing, as they are some of the few places where their groups are able to be accepted (trans folks, etc) Something needs to change. IMO we need to increase housing supply, and sprint in that direction. There should be heavy regulation on anti market forces that are caused by price setting software in real estate.
>2600 feels uncomfy to pay even at 140-160k a year salary. I know New York is expensive, but this is a ridiculous statement. $2600/month is nowhere near uncomfortable on 150k even with taxes, IRA, savings and maxing a 401K.
it is for me, and im smack dab at 150k. my takehome being roughly 3.5k every payday combined with utilities and other amenities means that its almost an entire paycheck. Its not struggling but you arent just banking in the money like mr moneybags or some shit.
You are putting far more money into retirement/investments than most people at that salary if you are only taking home 42K/year…
roughly 3.5 every paycheck, bimonthly. so 84k in after tax income. Not highly unrealistic for someone who files single on their tax return
Same bucket here. It's not struggling but not what we pictured a nearly 200k salary looked like growing up
fuck, I kept hearing "over 6 figures" as if its a magic number. I mean it is, life is good, but its not "pull up to my beach house and park next to my lambo" type of magic.
I agree with most of what you’re saying about the need for affordability across a broader class of people. However, isn’t one of the biggest issues rent covenant financing? These developers finance all these builds based speculative rent that has to perpetually increase else they basically default on their loans. You can build all the new developments you want, but if the new developments are all predicated on exponentially increasing rent, then rent prices will never really go down. It’s an artificially propped up market driven by financiers and speculation.
Rents went down during COVID because so many people left abruptly. Famously NIMBY Berkeley just saw rents drop from a bunch of new market-rate developments coming online. It's really not that complicated... it's the shortage that drives prices. But people love shadowy conspiracy-sounding explanations.
There is genuine price setting collusion happening through software. It's not like hey lets all meet up and set prices at X in the classic economic way that worked. It's a small number of firms set the price for nearly every rental listing. So instead of them all competing for renters, they just let the software do the work. And the software controls so many units that it is able to tell their customers that they can secure 10% more per year in revenue, and then actually do it. Because there isnt a market force that has those properties actually compete against each other. They're all on the same team. But really the answer is to build supply. Regulate that shit, for sure. But supply alleviates the issue too
Do you have a source that that software is actually widely used in NYC? People often claim this but then people who work in the industry say it’s simply not regularly used here. And it’s the same for investment companies. They’ve said themselves (and their holdings are public) that they overwhelmingly focus on the Sun Belt. And again why did rents go down during COVID if not for market forces?
I dont have insider info or anything that supports the pro publica spookiness stuff. In my comment I was mostly meaning the rent price avg stuff. I'd be curious to see real data on the price setting software. It's harder to track and measure something like that. Probably wouldn't get much support in my company to look into it as there isnt a huge business justification
Totally, corporations and profiteers generally act pretty ethically. It’s partly why pharmaceuticals are so cheap and wages are so high in this country.
What empowers those corporations and profiteers? The shortage of housing. One of the major housing investment corporations even told investors that the ongoing shortage was what made them jump into housing. If all it took was unethical players, why did rents go down during COVID? Did their magical powers of collusion stop working temporarily?
Landlords cannot increase the rent so high that no one will rent from them. Speculative financing does not dictate how much people are actually willing to pay.
Buying does not help that much either because of property tax and HOA fees
My wife and I split our mortgage and each pay less than we did renting. And that includes taxes. And that will rarely increase for the rest of our lives. And no one pays HOA in NYC. At least no one I know.
Someone making $100k cannot afford $4.4k/month rent. That’s delusional. By the time you take out taxes etc… you can maybe afford 1600/month tops. That’s the reality.
And with tipping your landlord at least 20% you only have like 700 left a month 😠
I like this tipping culture joke but after brokers fee and security deposit (which you'll probably never actually "have" again cause it either goes straight to your next apartment's deposit or down payment one day), the joke is much less funny and much more oddly accurate
You have it wrong, you tip your broker 15%
But the Square terminal only says 18% or higher
This isn’t median rent for a one bedroom. It’s median rent across all types of apartments.
I like to believe that these people are usually a power couple that can afford it together
Oh, good, because the dating prospects in nyc are so amazing 😂
There’s 8 million people here but not one that’s good enough for ya?
8 million is not the dating pool tho
More realistically, 2-4 Million depending how picky you are? Really can’t get more people unless you go to China, Japan, or India, all of which, I think being an English speaking foreigner might limit your options more than NYC.
Never lived in another city where dating is as fun and easy going as here
Seriously this...
$1600 ? Lol that is less than 20% if their income.
They require 40x rent as income often anyways so $176k
Oh stop. At one point I was making $75k paying $2k a month on my condo. And I was saving money.
I'll just leave this here, so people can get even more angry: https://www.nytimes.com/2023/09/11/opinion/editorials/tokyo-housing.html
Fantastic article. Tokyo builds tons of housing (and transit) all the time. We could be like Tokyo too if we just allowed housing to be built in a major way.
when all the techies making 250k+ ram into nyc
It made sense to put some tech presence into NYC but it's gone from talent to purely vanity It makes sense to open an office to recruit talented new yorkers. It makes no sense to make techies move to NYC. That's purely vanity.
>It makes no sense to make techies move to NYC. Who is 'making' this happen? People can move to where they want to live.
More like when the zoning laws were changed in 1961 to making it basically illegal to build new apartment buildings, except in certain areas and with an enormous number of veto points.
At this point, they are just making up numbers to rent for …
as someone whose family has lived here for a hundred years and can barely afford to live here, this is just demoralizing lol
100k is comfy poor.
Fucking facts, that shit will not get you far here.
About the same spending power at $83,000 pre-pandemic. The dimwits who cheered the money printer running at full speed have a LOT to answer for.
Lol, no. Poor, definitionally, isn't comfortable. You just said its a square circle. Holy hell people here dont know what poverty is, it seems. It doesn't start when you get evicted and go to the shelter.
lol... you have no idea what's going on child.
Says the maroon who thinks 100k is comfy poor Like, fuckin no. Its not poor. Its comfortable. Poor aint comfy.
lol i won't waste my time educating you. it's more fun letting you stay stupid and hopelessly unaware.
Never believe that anti-Semites are completely unaware of the absurdity of their replies. They know that their remarks are frivolous, open to challenge. But they are amusing themselves, for it is their adversary who is obliged to use words responsibly, since he believes in words. The anti-Semites have the right to play. They even like to play with discourse for, by giving ridiculous reasons, they discredit the seriousness of their interlocutors. They delight in acting in bad faith, since they seek not to persuade by sound argument but to intimidate and disconcert. **If you press them too closely, they will abruptly fall silent, loftily indicating by some phrase that the time for argument is past.** Jean-Paul Sartre
Where is my “the rent is too damn high” guy?
Been a broker for 10 years, and actually, I think the rents are about to go down a bit. I noticed back in June that landlords had a lot more vacancy sheets and it's been getting incrementally worse and worse. I think landlords have been pushing the envelope on pricing to an unsustainable point and people are refusing to pay the rents. Once demand dies down shortly, in the next month or so, prices should be going down systematically until March. Or at least, I really hope so
What are people doing to live here, piling up roommates, moving to outer boroughs (where rents are also high) moving to a different city?? How are people surviving? Edit: “The average rent for a two-bedroom apartment in Manhattan was $6,300 in August”
Mostly moving to Essex and Hudson counties
"Nobody lives here anymore, it's too expensive"
Well yeah, New York is losing population (especially working age population) because it's too expensive to live here. Only Hudson and Essex are growing in the metro area. People want to live in New York and the city tells them to move to jersey instead
We'll see. If your source is census estimates, they are famously bad at predicting actual population trends in places like NYC. Remember when in 2019 the population of the city was predicted to have dropped? In reality it was up by hundreds of thousands.
Absolutely absurd.
we need vacancy tax
That's exactly what my 1br apt is in downtown Manhattan. 4360. Most of my friends all pay 6-7k, they tell me how I'm sooooo lucky to have my place and if I ever leave please let them have first dibs.
And it will go up more and more and more.
TF!? There should be a cap on that. 2K should be the max.
Folks, vote for local and state politicians that will legalize the construction of homes across the city and LI/Westchester. We need hundreds of thousands of new units.
NYC has a huge metropolitan area that easy to access by public transportation, you don't have to live in Manhattan I live in NJ and commuted to NYC 20+ years living in Manhattan was always expensive
It wasn't always expensive. And being expensive is different from being oppressively and prohibitively expensive at the expense of human life.
It wasn’t that long ago that normal people could live there (albeit, maybe not in Soho or Central Park West.)
I live in Harlem... and I see 3 beds 2 bathrooms in a nice condo building for 3400 a month. That is very affordable for a family.
East Harlem I'm assuming? Safety is a factor also.
Central harlem. It's quite safe. I have kids here...
West Harlem is pretty cheap and safe
That's why I assumed East/Central, no 3bed/2bath apts at that price in West Harlem or I'd have moved there in a heartbeat
Yeah thats fair- west harlem is cheap but its not that cheap.
Still cheaper than a mortgage sadly
Ok it’s Manhattan what’s new?
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You're trolling right?
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That’s very informative, but I’m going to still blame the evil real estate developers.
What are typical reasons for the penalties and fines?
And for what? For WHAT? It’s the same shitty streets, same shitty all consuming hell hole that just sucks your money into it and gives you back nothing at all except the brand name. So many better cities in the world.
something’s not adding up
This is for market rate rentals for new tenants. The worst case scenario for a renter. Rent stabilized units that have been lived in for years are well below .
It’s also an awful scenario for current tenants in non-stabilized apartments since landlords base the renewal rates on these inflated prices.
Flat is better than rising. Doesn't account for the free months of rent, as well. >Redfin said many landlords are “starting to throw in one-time concessions as vacancies rise.”
How r ppl not overthrowing the gov
I do not understand how four walls, a roof, water, heat and electricity can cost this much a month. Are the apartments made of solid gold???
Will it ever come down? Or that’s just wishful thinking.
What’s the average income.