Nyc rent 2023 reddit A nonprofit recently auctioned off 20 rent stabilized Housing Development Fund Corporation (HDFC) buildings. Occupant agreed to leave on 7/1. Bike news that is not relevant to the New York area should be posted to /r/bicycling or /r/cycling instead. The middle class who are struggling Get the Reddit app Scan this QR code to download the app now. The tenant stopped paying rent more than 8 months ago. Articles like these don’t mention the part “if you can afford to live here”. That's how most people with lower incomes afford NYC. So $1,700 in rent is affordable for individuals and families at 70% of the Area Median Income these families would be rent-burdened or homeless or leave NYC, I assume this person was already splitting the rent in half when calculating their 20%, so if that assumption's correct its 18% of their combined income. We are in NYC. If you are in a rent-stabilized apartment and depend on a minimal rent increase to stay in NYC, I strongly recommend showing up and protesting at the next meeting! The following public hearing is on Thursday, June 15th, from 5:00 P. They need to give you formal notice of a rent raise within a certain timeframe based on how long you’ve been living in the apartment. But who’s going to rent to me with such a bad credit score? I’ve been looking into Insurent, TheGuarantors, etc, but even they require good-ish credit. I was notified of a ~10% rent hike from ~$4,500 to ~$5,000 for a lease You can only afford $3,000 in rent - there's nothing to splurge on. If, like me, your rent-stabilized lease is up for renewal before the new 2023-24 rates go into effect in October, and you can see yourself staying in your place indefinitely, it would be very smart to renew for two years, knowing that the minimum one-year increase next year is higher than the two-year increase this year. So over the course of 2 years, you’d be paying ($46. All I had to do was be approved by the owner who is renting me the unit. We pay about $500 more. 5 per week. I have lived in all the expensive places in California ( LA,SD, SF bay) and have never paid more than 2k in rent for my share. If that goes up, then rents go up. NYC -> Philly: Amtrak is very convenient, so I'd recommend it. Look into "One Shot Deal. Hi, I’m Vetted AI Bot! I researched the 'EXPRESS WATER 4 Stage RO Water Filter with Faucet' you mentioned in your comment along with its brand, Express Water, and I thought you might find the following analysis helpful. reReddit: Top posts of 2023 It's hard to rent an apartment in NYC if you don't know where to start looking or lack knowledge about renting here. gov/app/ask They will only mail to the address you are asking about so please live there. Those of you who have lived here for 15+ years, what do you feel about the general condition of the city right now at the end of 2023? Do we feel that this is a bad time to live in the city compared to previous years? As far as how the city is ran, rents, taxes, infrastructure, city services, quality of It’s not really developers, NYC still has a massive amount of housing stock that is completely terrible but fetches absurdly high rent prices. I own a co-op in NYC. Know that maintenance rises, perhaps not as much as rent would but it’s something to plan for. 5 rent in NYC, however there is a hidden tax cost of 3. Now the state is dragging its feet on the paperwork. Household income is about double what we made in Columbus. Once you’re done crying, the second thing you need to do is read Get the Reddit app Scan this QR code to download the app now. Rent Stabilized - affects many apartments that meet specific conditions, rents are below market rate and I'm going to be a contrarian. Per the 2023 NYCHA Payment Standard for new rentals, transfers or annual recertification, the fair housing market rent for a 1-bed/1-bath is $2,387. I requested my rent history from NYC HCR to find out my apartment is rent-stabilized and “legal regulated rent” is $1217, half the amount I am paying. NYC is probably the nicest place I’ll ever live in my lifetime. The first is possession, meaning they want the property back and if you do not want to surrender it voluntarily, they will seek eviction. If a tenant consistently pays rent late, the landlord can claim that they are a nuisance and start a holdover eviction. M. $1250/month with private bathroom, washer / dryer in unit, and balcony in ridgewood, queens 11385 right next to bushwick, brooklyn, and 25 min subway ride from manhattan NYC. More people arrive than the people who leave. Fwiw, my rent is about 6% of my gross annual income. It's part of the Statewide Housing Security and Tenant Protection Act of 2019. com Open. They fell in NYC a lot, they just gave 3 months free instead of dropping the base price, but the net effect was the same. We rented to a tenant well over 20 years under market value. I do not believe the rent ever reached the rent thresholds for deregulation based on my rent and the area in which I’m renting. This seems like a huge jump. If you feel that 100 is too much of a raise, you can absolutely contest with no consequences. I'm moving to NYC from southern California. Utilities are ~60$ a month but fluctuate with usage – I will cover these over the summer for a total of 120$ for simplicity's sake. Upsides are rent is lower (although I’m lucky that a friend of a friend owns my unit -but it’s not a significant discount), quiet (I’m 33 and don’t mind no late night blaring music), and building is well kept. I cited the 60 day in writing law and sent the link to the NYC housing board. Has anyone had this experience and what did you do about it? We also only got 30 days notice for the change and it appears that the NY attorney generals offices notes we should have gotten 60 days notice for the change (Real Property Law § 226-c). I’m worried that if I wait until winter I Top posts of June 26, 2023. I feel you. South central harlem, $2095, no COVID discount, been here since 2013 when I moved in w a roommate and rent started at $1500 preferential. But that likely wouldn’t happen multiple years in a row. A couple comfortably affording $4500 in rent is grossing about $400k combined. This is a great place to post and find group rides, questions about NYC cycling and bike shops, infrastructure changes, and cycling-related news. A unit can be rent stabilized the whole building doesn't necessarily have to be rent stabilized. Or check it out in the because they refuse to live outside of Manhattan. If the tenant doesn't pay the rent by the deadline in the rent demand, the landlord can start a nonpayment case against them in Housing Court. Do not recommend. TLDR: According NYT, 44% of rentals in NYC are rent stabilized so there is a good chance your apartment is, even if your And before anyone blames rent control and rent stabilization--those systems need to stay in place at least until there are actual, sustainable, affordable options for housing. cities saw a 25 percent increase in rents over the course of 2019 through 2023 (yes there were some pandemic deals in 2020, but they were all but over by mid 2021). I got a great NYC job with a starting salary of 6 figures. It’s rent stabilization and it can only be implemented in buildings with 6 or more units. My husband and I struck NYC gold last year when we found an apartment with this situation. You'll see that at the lowest end a 1 bedroom is $1700+. $3k is very normal for $120k in income. It's usually just luck to find a stabilized apartment. If you're out of the apartment 70 hours a week, budget accordingly. I own an condo apartment in a different city which I can sell for $700k or rent it out for 4k a month, then id use that money to either rent or buy in nyc. 75 the first year. Landlord wants to raise the rent 4%, or roughly $100. UPDATE (2023): Hey all, How much is SNAP Cash assistance in NYC? I am single, no kids, currently unemployed and living alone. 80 total. I moved out. View community ranking In the Top 5% of largest communities on Reddit [advice] [looking for]Moving to NYC!! Hey all, Im planning to move to NYC mid 2023. org to see how many rent stabilized units are left in a 35 votes, 32 comments. Should I negotiate? Arguments against negotiating: (1) Even with the increase, the unit would still be below market rate I think, and it's a relatively nice place (rent would be $2,575 for a 1. Also, all things being equal, rents will still go up over time as property taxes and labor costs increase (i. 5k annually and after taxes you will be earning $50-55k annually They cannot re-rent the place while OP is still living there. -I have my own issues with "being a landlord" and I think it would immoral to try to squeeze as much profit as I can out of my home as an investment, especially in the housing crisis that NYC faces. While researching about the city, the "40x rent as income rule" came up on many videos. Late 20s As of 12/22/2023, There Are 317 One-bedroom Units on Housing Connect for Less Than $1,700. And the last 3 landlords who owned my building all went bankrupt. Other areas might see little to no increases. reReddit: Top posts of June 2023. My boyfriend moved in with me 2yrs ago, and ideally my rent would be ~25% my take home if he contributed, but he's between jobs right now so I've been covering rent for most of this year. You can use the Ask HCR web portal to find out if your apartment is rent stabilized. Log In / Sign Up; Advertise on Reddit; Median asked rent for 1 bedroom unit in NYC during 2023 per borough [OC] OC Locked post. I haven’t put a penny into savings since starting, and in fact have had to pull from savings just to live. ny. - 8:00 P. Rent is $1635 pcm, normally due on the 15th, aka $408. They rent the rest of the units out for below-market, and I don't think they raise rent often. 25% increase, but this isn't listed on the lease they emailed me for review. Basically before once a a rent stabilized apartment was vacated, it could be brought up to market rent, there was some limit, but it also put in an application for a one-shot deal IMMEDIATELY - proof of submitting a one-shot is something that can help buy you more time if you have the ability to pay rent going forward. Francis College Auditorium (179 Livingston Street, Brooklyn, NY 11201. In my experience increases were just a bit more than rent-control guidelines but it probably depends on the area. You can check justfix. " I filed for chapter 7 back in March of this year. Ask here: https://portal. reReddit: Top posts of July 2023. Long story short on how the debt came to be: for most of my career I've made very little money, didn't have health insurance and had huge private student loans, I'm not on good terms with my family so living with them isn't an option, and honestly I tended to be not so careful with my money, especially in my mid 20s. ALso Jan-Feb are lowest rents out of 315 votes, 87 comments. I live in a rent stabilized apt and my roommates and I are deciding whether to sign a 1 or 2 year renewal for 2022-2023 year (3. this would be a 9 month lease takeover (june 1 2023 - feb 2024), with the option to renew starting march 2024 In NYC, an owner may refuse to renew a rent stabilized tenant’s lease because the owner has an immediate and compelling need to possess the apartment for use as his or her primary residence or as a primary residence for his or her immediate family. There is no way I can afford to live in the city like this. In 2015, the minimum wage was $8. The average Manhattan rent climbed to $4,097 last month, the third-highest hike on record and up more than 15% from January 2022, said the report from real estate firms Douglas Elliman and Miller Samuel. And the building is falling apart. Here is a website showing the average rents for the neighborhoods in NYC. 80 more in total over the 3 If your current rent were, for example, $1700, then it would increase to $1746. ), or through apps like Uber/Hopper, etc. We wanted to move anyway but rent in Park Slope jumped in 2022 to where we would’ve ended up paying at least $1000 more to rent. Hi all, 7 months ago, I purchased a multifamily home to both live and rent. I keep hearing that the best time to rent is winter due to lower rent I live in NYC at home and have a flexible move out date so I’m willing to wait for an apt that suits me. Students and working young folk do apartment shares uptown around City College, Columbia, etc. Until then, OP is covered under the same terms of lease in a month-to-month style arrangement. They are only comparing rent for 3k in JC to 3. That latent demand won't show up in NYC population statistics. Your rent is $3000 now but if it weren't rent stabilized, it could be $5000 in 5 years and $10000 in 10 years while your mortgage would stay $5000. Hey y’all. 25% increase). 40 more than the person who signed the two-year lease in year 3 (and $226. The difference of $700 a month will feel like a huge relief. 5 br in Stuy Heights) (2) The unit isn't rent stabilized, so they can raise it whatever they want. Go to the HRA office on 16th Street in Manhattan. This type of increase would have normally taken several years. I was notified of a ~10% rent hike from ~$4,500 to ~$5,000 for a lease starting in the spring of 2023. 8k to 4k when you factor in the nyc local tax. you'll probably have better luck applying in person at an HRA center on monday - get there early AF and have AS MANY DOCUMENTS AS POSSIBLE (including photo ID, social security, lease, NYC housing attorney here: if the rent hasn't been registered with DHCR since 2010, then they cannot legally charge you more than that last registered rent. 5k (max). Worth it to us for more space but we live in a shittier neighborhood. People that talk about paying less in rent are referring to their portion of the rent when they have roommates. You tell someone about Bensonhurst and for them it might as well be in Ohio. There hasn’t been rent control for decades. The occupant can still live rent free till the city issues this unnecessary piece of paper and only a Marshalls can issue it to the person. That won't get you what you're looking anywhere in manhattan, though. The down payment on a 2BR in NYC, assuming it’s $800K, is $160K. Hello! I’m coming from Denver to Manhattan and so far, I am completely confused. I have a room available starting 6/1/2023 (1 room in a 3 bd/3 bath). -In my head I basically want the rent to pay for the mortgage/maintenance so I'm breaking even, then the rent we pay would just be an incurred cost I have to live with. Ask your landlord/agent if the unit is stabilized. Due to different circumstances, I opted to just do the 12mo but not knowing it would raise to $2550/mo!! That’s how they get I’m a 30M, I currently live alone and pay $4200 for a 1bd rental. We will definitely be in the apartment for at least 2 more years. Like spotting a unicorn. In NYC you have all the power as a tenant. (And there is someone else’s name on the current tenant name) You can also be sure they'll offer you a "prorated" rent with 2 months free the first year, but the 2nd year they'll jack your rent like crazy and you'll be paying 30% more. Basically 2020 rents dropped like a rock and then 2021 they spiked back up, but 2022 was the killer year IMO and 2023 is much more in line with what increases looked like pre-covid which is good. While rent may increase, other things also increase but to a point. The second year, your rent would be $1802. I'm being offered ~$200K which I have accepted. I know there is a whole world out there that is still in NYC but people don’t know about it. I keep seeing that Airbnb is illegal in NYC Ultimate Holiday Season in NYC Thread (2023) MEGATHREAD Other than that, they get my monthly rent. There can be signs like that the rent is listed as an uneven amount, it's in an older building, or many other units are listed as rent stabilized on public records. That would effectively be like paying $74. Also you list average household income is around 72,000. 70 more per month for 24 I rent a modest 1 bedroom in the UWS in a well maintained doorman building. I currently rent an apartment that is a co-op (directly from the owner of the unit) and I didn’t have to be approved by the board to rent, and there’s no limit on how long I can rent. I see quite a few people in local Facebook groups who are looking for apartments and have section 8 vouchers. All the money you’re paying in rent, imagine that going towards a place that you own. Renting in a red state-yes. S. That’s about 50% of our post tax, post loan payment income. Rent stabilized two bedroom, 1 bathroom, no roommates anymore, good kitchen for NYC, no amenities but I'm on an express train and three blocks from Central Park and the water is hot af and my besties all live close. Most major U. for < $1000/month each. NYC rent: $3000/month. My rent is 1500 for a 2 bedroom apartment where market units are going for 3500 for the same size. I did the math on this one and I can go to LGA and rent cars here and there and if I spend $2k a year on rentals, I'm still saving money. Moved back to the UWS in 2021 and got an amazing COVID deal. Rent control has mostly been grandfathered out in NYC. com” pegs the building as highly likely having rent regulated units. To make the apartment inhabitable and legal they need to invest upwards of 100k and are forced by the state to accept a rental rate that’s 30 years old. NYC loves to show off, but there’s no reason to go broke or sacrifice friend/family time to impress building staff or Reddit strangers! Reply reply More replies. price as $4500 a month, but with a preferential price of $3050 for 2 years. And you also have to take rent stabilization into account. Good reference from landlords that are NOT their current (a current landlord will lie through their teeth to get a problem tenant out). So while your rent may be lower than a 2021 mortgage, it's still enough to cover a 2010, or 2000 mortgage. New to riding in the city? Hi NYC Apartments, I just started renting an apartment in Bushwick and unfortunately it is maintained at 80 degrees 24/7 and I am completely unable to sleep here because of it. Could someone please help me figure out how much my rent is going to increase? My apartment is stabilized and the rent is currently $1700 per month. She has to relocate for her job, so she wants to sublet her place for a Rent Control - affects very very few apartments, fixed rents at absurdly low rates (like $50/month). In fact, I looked it up and NYC has the most millionaires who call it home by far more than anywhere else in the world. I have paid broker’s fees before but maximum one month’s rent which comes out to roughly 8% of annual rent (which is still ridiculous). The same will apply to you too. Sometimes yes sometimes no. Lol Predicting incoming thumbs-down from squatters. 2 units in my building are and the rest are not. I can justify the higher rent because transportation will be cheaper without things like car payments/insurance/gas, and I also assume my water utility bill will be lower than CA. Apartments fall out of stabilization at 2500 a month (I think) once the lease is up, so the number of stabilized Anyone have recent experience with a holdover tenant. My go-to strategy is enroll in a rental loyalty program and schedule your pickups the night before you need the car. At a recent court date, the tenant applied for ERAP. My parents don't want to accept it because ERAP will only pay for 15 months and then we need to wait another year to try eviction. I have a 2 family house that I rent out in NYC and have only rented to tenants who are paying rent out of their own pockets. Landlords own a brownstone and live on the garden/parlor level. Then they get an additional FOURTEEN DAYS to leave, all rent free. Or Find apartments for rent in NYC via https://lighthouse. The time period is 2 months and 10 days or a total of $3815 for the full duration. Reply reply Its just business in 2023. Users liked: Produces clean, great-tasting water quickly (backed by 2 comments) Effective at removing contaminants (backed by 3 comments) I’ve been back and forth between NYC and LI for over 10 years. How much weight does someone’s credit score have in the rental process? The individual I’d like to live with has a stable income and prioritizes paying rent on time, but credit score isn’t too hot. r/nyc, the subreddit about New York City Skip to main content Open menu Open navigation Go to Reddit Home Rent goes up by predictable amount year after year a and landlord responsible for everything. I have other I've lived in my current apartment for over 2 years (since Feb-20). The husband who was the one previously paying the rent has refused to pay rent and the wife is a SAHM and does not work so she is also unable to pay the rent. Use the subway- it's safer than SoCal/LA and much quicker. I currently have my down payment $$ yielding %5 in the bank(I find this better than buying a liability and fighting 7% mortgage rates while praying amd hoping for positive equity. So now, we look for an apartment literally everywhere. If I sign the one year, my rent would go to $1850 (3. Plenty of plenty live normal lives here on less. And I'm saving stress. They never wanted to sign a lease and always negotiated raises in rent over the years ( family so we were lenient). ) You are looking to rent in NYC, and with the possible exception of SI, you do not have the luxury of not being rushed. Some units are only legally allowed to raise rent a certain percent each year. I have brokers that won’t reply when I ask what docs they need (despite them wanting thousands), nobody seems to want encryption for documents like entire tax returns, tenants seems to be requesting info for renting out spaces on behalf of owners, I can’t seem to find what I would consider a Luxury buildings (if they're big and they're not being sneaky by offering you free months rent) also surprisingly offer rent stabilized benefits to take advantage of tax abatement. Don't get a rental car in NYC. I’d say we can save about $20K per year outside of a 401K. Pay the increase for as long as you can and file a complaint with DHCR. Reply reply mrfox321 A resource for NYC-specific cycling events and information. then u have these people that work in Newark but commute from nyc. "The only way to know if an apartment is rent stabilized is to contact NYS Homes and Community Renewal (HCR), the state agency which administers the rent laws. File a rent overcharge complaint (forms can be found online; you'll have to fill them out and submit the last four years' worth of leases and proof of payments). Newark rent is cheap Top posts of June 8, 2023. The rental surge isn’t making anyone happier; an acquaintance of mine wants to move out of his old apartment (been there since 2000s) because of Do people typically negotiate their rent increases from year to year? I've lived in NYC or 5 years, but my two previous apartments each had 2-year leases so I've never renewed and had an increase. I will be moving to NYC very soon and would appreciate some recommendations on where to move. Reddit . Both places are about the same size with a bit more amenities on the NYC spot. Rent is the most flexible, uncapped expense you can have. NY Landlords are limited to a maximum of one month's rent as either a security deposit or last month's rent, but not both. If the facts are as I understand them, I don't see how you wouldn't have a claim. Because if the rent raise for after 12mo might be more than the 2 year price. About me: South East Asian. So for example, last year’s 24mo rent was $2350 and the 12mo rent was $2200. The new contract they sent me is $4200 and no 2x income, low debt to income ratio (i’m not worried about the actual score, but what is contained within the credit report). I'm thinking of moving to nyc and want to get a 1 bedroom. I am with you 1000%. Can they really take me to court, even after I leave? When there is a breach of a lease, a landlord will seek two remedies. When is the best time to start looking for apartments, and what location is I hope you like roomates for that budget or living outside NYC. A part of me is sad every time I write at $2k+ check for just rent. Looking to rent an apartment for a one week visit. We could stay at my current place if the rent doesn’t get too high when the lease is up, but obviously having a bigger place is nice but more expensive whether we rent or buy. My lease will be up for renewal in Me and my fiancé are going to the US next year for medical residency, and we were considering NYC. i got a crazy covid deal on the place and you couldn’t find something like that on the market anymore, so i listed it on fb marketplace and a lot of people were interested. 9%) since August 2021, when rents began rapidly increasing after the pandemic lull. 65. I wouldn't spend half my after-tax income on rent if I were barely home. But I’m planning to move in with my gf next year. In NYC probably less than 1% of apts are actually under rent control. The nonprofit is ranked as one of the worst landlords because it does not have the operating income to make repairs, which means tenants do not pay rent, and then the cycle gets worse. If you and your girlfriend are in a $2000 apartment, many people will say you are paying $1000 in rent Compare to what the brokers say. I stay with 3 other roommates. Just keep in mind the property taxes, and the maintenance fees. If you've been in the apartment 10 years, the LL will likely be happy to have you vacate so they can put it on the market for a higher rent (if you're paying a preferential rent). 38 votes, 86 comments. NYC still hasn't issued the warrant of eviction. reReddit: Top posts of 182 votes, 310 comments. Feels like I'm seeing a lot more inventory than anticipated, more rent cuts in the last few months, but don't rental rates Are these people paying $4500 in rent living check to check or are they so wealthy that rent is comfortably 30-40% of their income (common advice). But market conditions in 2023 are NYC rents have always increased, not to the post-Covid lever, but 3%-5% was always the "normal". I moved. You can visual the data here better. It’s so ironic because there is probably not a more consolidation of wealth in its populous than NYC compared to anywhere in the world. There are 2 facts that exacerbate the situation: People are moving (back) to NYC at higher rates than before New tech, specifically software that allows Landlord to better negotiate (increase) rents. . Our rent-stabilized lease is up for renewal and we're trying to decide if it's worth signing on to the 2-year lease even with the larger rent increase in the 2nd year, or sign a 1-year lease and hope that the rent board approves a rent increase lower than 3% next year. For instance here’s a 3 br place for $2700 steps away from City College. I NYC Rent Growth Slows to Below 3% for the First Time Since Pandemic A report from StreetEasy's Kenny Lee says November 2023 marked "the slowest year-over-year rent growth (2. Expand user menu Open settings menu. When you say common areas, do you mean common with roommates? Why was that on you to pay? That’s crazy. Two family private home. reReddit: Top posts of May 2023. I have lived in NYC for six years in three different apartments (East Village, Kip’s Bay and Chelsea). DON'T(!!!) take my word for this, ask your friend. First thing you need to do is STFU about how expensive NYC is. Towards the end of that lease I went through a divorce and the LL increased (balanced, really) the rent by $400. Sort by: reReddit: Top posts of July 1, 2023. All the posts that are like "i would jump out of a window if I made 85k in nyc" are a little extreme. Both 1BRs. My income is entirely eaten up by bills and student loan payments. Median rent for a 2BR in BK is $4. Building management didn’t say anything about my unit being rent-stabilized. I’ve tried a few different car rental services like traditional ones (Avis, Budget, etc. I was expecting to be hit with the 3. Once you hit a level where you have as much of consumable things as possible, that’s it. I am currently not paying rent, but also not receiving any outside help. Kicking out people who have low rent isn't going to lower rents for Hello! My friend and I are trying to coordinate a sublease with each other and we need some help Current situation: My friend won the NYC affordable housing lottery in May and is living in a studio in Brooklyn. You have a good chance of finding one, about 50% of NYC apartments are rent stabilized. Your pref rent rent is The second notice is a 14-day rent demand. The effect is only going to get bigger every year. reReddit: Top posts of 2023 Many landlords can’t renovate rent controlled apartments because they are forced to accept the old tenants rent. Do not agree to the raise, continue paying your normal rent. After rent, 15% to retirement, $2K in student loans—it’s far less than that. 75 x 12) + ($102. A lot of people that come to NYC are striving for top jobs and networking with top level people and only see neighborhoods around Manhattan to work for them. Rent is money spent that isn’t really rewarding. Renting in NY and Cali (blue states)- you might as well beg renters to pay rent. Your best bet for lower rents would be Queens/Brooklyn, and not the close-by neighborhoods. As someone who is making significantly above the NYC AMI , i pay $2k for rent in Manhattan. If I sign the two year, it would go up to $1880 (5% increase). On a 100k salary that's 3800 dollars or about 300 dollars a month. have to employ super and doormen for some buildings). e. I'd like to ask - with my budget, which are the best areas to live in? Last year the rent increased only 12. So now youre comparing 3k to 3. Reddit's largest economics community. They've lived here for 30+ years. So you can't really beat the high rent by sharing, unless you have a friend or can find someone already paying much lower rent who's willing to cut you in. They must provide OP with 60 30 days notice before terminating the lease agreement or raising the rent. app Signed the 2-year lease (from July 2023 to June 2025) but I plan to leave NY and start traveling later this year. Only 43% of NYC apartments are rented for market rents. 25% on 1 year, 5% on 2 years) We did the math and it seems if we did 1 year renewal for this year, then another 1 year renewal at 3% (which is next year’s increase), we would be saving like $100ish overall versus signing for 2 years at 5%. Rent stabilization units will eventually get abandoned. People who conflate rent stabilization with rent control, people referring to rent control "leases"--there are no leases for controlled tenants, people implying you should harass controlled tenants into vacating, people implying the building has no retained value because of the controlled tenants, people whose minds are blown by buyouts, people Nice apartments in areas that are quickly becoming popular can easily see rents increase 30%+ YoY. I saw the megathread but it seems to be mostly pre-pandemic and a few people have told me that NYC has changed considerably since the pandemic so wanted to ask here and also get some opinions given my preferences. This seems like a steep increase, especially considering prices of similar apartments in In year 3 if there is a 0% rent increase, the person with two one-year leases will pay $323. If that person doesn't 100% agree with me, I will publicly apologize for my above, snarkey comment. Also you always hear market rate rents. 8% local income tax. Get the Reddit app Scan this QR code to download the app now. On the plus side, some of it is property taxes and mortgage interest and is tax-deductible if you itemize and of course your own mortgage interest will be as well. 900K subscribers in the nyc community. not sure this is the best way to do it, but this is how i did it: i decided to sublease my apartment for about 6 months, which is how long i had left on the lease. (Link) Also the current lease puts the responsibility of the bills to the landlord, which I would like to keep the same way, but also want to request a flat fee for the overall utility bills from Section 8. I’m On a two year rent stabilized lease there is an additional increase in the second year, so the question is really if that lease increase will be higher or lower than doing two one year leases based on the rent guidelines board decision for the next rent year. at St. I was able to renegotiate the rent increases and the start date on the new lease for that year. That’s a 8:1 ratio. I've lived in the UK since birth and I recently got the opportunity to move to NYC next year under a L1-A visa and have a plan to move around Jan 2023. I agreed with the previous owner to keep all existing tenants including one who was on rental assistance. Renting in NYC today is much like gambling. New rent is $700 higher which is a 23% increase over my current rate (I precise that this was not a COVID deal). Under NY law, a rent overcharge judgement results in the landlord paying treble damages (3X the overcharged rent that you paid). So you’ve decided you’re going to rent in NYC. Our rent increased by an entirely manageable dollar amount, but it was a higher percentage than previous years, and I don't see any value the landlord added to the property in 2023 that would justify why the percentage was higher this time. the 2019 law is absurd and has completely broken rents in NYC. Edit; the monthly rent on my apartment is 1900/mo for a 1 bed railroad. The impact of rent increases in NYC are felt more, because the rents were already high to begin with. I've only been signing 1-year leases but am wondering if I should do the 2-year this time around. 5K. if they didn't spend that much than its not. The following year the leasing agent wised up and sent me the new lease renewal 90 days out and my rent increased 45% after 10 years in the building. If you’re able to afford it, It’s never a bad idea to buy in nyc, the property value here only increases. I rented my apartment for $2150 on 06/2023. New The hidden variable is latent demand for people who WANT to move to NYC. It’s just supply/demand, during the 90s crime in NYC was insane and it was a less desirable place to live. There they will tell you all of your options. In 2023, it’s $15 and every single restaurant in the country has Help Wanted signs in the windows and pay at least $18. In most places around the country those amenities are included (also in most places those "luxury" amenities are fairly standard, it's not uncommon to have a small gym or pool in most apartment complexes from the last 20-30 years. How's your relationship with the LL? Personally, I'd re-sign and then cross the bridge of breaking the lease when the time comes. hcr. Many people go to NYC for different reasons. The corrupt laws and regulations favor tenants and encourage squatters. Rent prices will keep going up in 2023—here’s what to expect News cnbc. And honestly, with the wage increases, it really shouldn’t be surprising. So the average rent actually paid for rent stabilized units or public housing which make up 57% of rental hosuing is much lower. Lol the 2 year is a higher price so you lock that price in. " Even if we got rid of rent control overnight, it's still hard af to build in a lot of places because of NIMBYism and ppl fighting tooth and nail to keep new development out of their neighborhoods and hating multi-unit buildings and general racism and classism. Or check it out in the app stores NYC Rent Board Approves Rent Increase for Rent-Stabilized Apartments – NBC New York 2023. I applied to a 2bed 2bath apartment with a roommate who makes the same as I do but has great credit, but we got denied because of mine. We have tried asking the wife to move to a more affordable place but she has refused to. My building had 58 units, the management didn’t pay $6000 to the electric/gas company and the threatened to cut services. My budget for an appartment is around $5-5. It makes much more sense to offer incentives, such as free rent for 1-2 months, advertising those as "effective rents", with the free months factored and spread out across the lease length. Food has also gone up from an average cost of about That would affect rent prices across the market, and set a standard for lowering rents, which landlords absolutely do not want to do. Hi folks! I have been living in my rent-stabilized apartment for the past 8 years and don't plan to leave any time soon. " if you qualify, they will help you pay rent owed, and can also point you to other city agencies that can potentially even help you with a portion of your upcoming rent. Edit: I just wanted to add that $2700 in rent is $32. As long as they spent $68,220 on the renovation which is the amount needed to get from 920 to 2057 (920 is the new rent after the vacancy allowance applied)) then it's perfectly legal. Based on the apartments I've been looking at, I know my rent will be a few hundred dollars more a month. Also, “amirentstabilized. Get app Get the Reddit app Log In Log in to Reddit. Pre-COVID NYC was different. Always try to lock-in 2 year lease if you intend to stay for that long. My rent is above the 40x mark, in fact, rent constitutes about 62% of my monthly income. You can always find a more expensive place to stay and therefore higher rent/mortgage. Share Add a Comment. 5%. My lease is up on 3/31/2023 and I received my renewal terms on 2/10/2023, despite many inquiries since January to obtain the new terms. My father has a 3 unit property in NYC and 2/3 tenants have stopped paying rent for almost a year which is crippling my father because he is now basically responsible for 2 mortgages out of pocket (one for where we live and one for the commercial property). Keep in mind that apartments in coop are market rate (not rent-stabilized or rent-controlled). There is rent stabilized, and limits on yearly increases, but if you renovate you can get around those issues and many do. Hi all I am living in NYC for couple years and work by Columbus circle. 65 x 12) in rent increases, which comes out to $1792. I suggest moving to a neighborhood where the rent is stable, in a building with landlords who are from NY. A friend is moving out of her apartment early and I am taking it over (signing a new lease though, so I think this is a "vacancy lease"). For various reasons a hotel isn't suitable for us. That happened to me, only they tried to jack my rent 44%. However, you could also rent a car for the day to make the drive (if you have a lot of bags and would grab a cab to/from the Amtrak station, it would be cheaper). As a full Time PhD student, I have no choice. How can I find a rent stabilized apartment? Sorry to ask this, but this is my first apartment, and I don’t really know what I’m doing yet. This is not legally allowed in NY. ) This post is not to crap on co-ops. My rent is supposed to increase by 1k next year.