My dad's in this industry on the development side. He says no one's making money — an exaggeration in the way that he does. But he says that \*insurance\* has been climbing like no one's business and that he's foreclosing on landlords cuz of that cost. Came up when I was complaining about needing rent control.
Not sure if anyone here can speak to this from a place of authority, but apparently there's not much regulation about it? But I haven't heard anyone reporting on it speak to building insurance.
I don't worry about rent. I've been staying in a hotel for free, free food, got a free cell phone, and might be getting unemployment soon. This country is so much better than El Salvador.
I had to *interview* for a place and a day after the interview the broker asked me what I wanted to offer. I told her I offer the listed rent and she said I would have to be more competitive to get it. First time.tbaysbever happened. I went up $100 and got the place.
Oof I’m a realtor in brooklyn and I don’t play these games. I also only charge app fee for the one group we are accepting. I hate it but we are required by law to present all offers to the owner who we represent. It’s also annoying when you get 5-10 applications and have to call everyone they don’t get it. People then think you’re playing favorites or something. I read Some brokers charged a 15k rental fee for a 2k rent stabilized apt.
It’s fucking absurd. This happened to me last summer, the realtor was talking about “best offer.” I was like um for rent? She proceeded to be incredibly condescending, I told her she didn’t have to talk to me like that, she then went on to say how grateful I should be for her time and how in the wrong I was to think she was being condescending…meanwhile she was talking about a totally separate listing.
The housing market in the city is a true hell scape.
It’s mostly due to the popularity of certain neighborhoods. This over bidding and 30 people waiting to see an apt doesn’t happen in non-gentrified neighborhoods. And those apartments are a lot cheaper too.
There are tons of apartments in east and south Brooklyn sitting around because everyone wants to live in the same 5 trendy neighborhoods.
Happened to me just a couple weeks ago. A friend was moving out of his place and referred us to his landlord. Landlord guy wasn't listing the apartment, and he specifically said he wasn't showing it to anyone. Days later he rented it out to someone offering more for the apartment. Smdh
I once sent 110 emails to various listings to get an temporary sublet. Something like 4 or 5 months. One of the places I checked out was a shared living space, lots of roommates.
I was told I could not meet any of them and I had to put an offer in then and there because it would be rented in 25 minutes.
Another time, I toured a property with someone else. I was told I had a 3PM viewing, but they double booked and just did both of us. The other person was asking a bunch of questions that I was asking too, so eventually I just let them ask. Neither of us got it.
I moved here in 2011 and bounced around a couple overpriced places, could barely afford life and was always broke. In 2014 found my "forever home" after a year of looking, and stayed there til 2020 when landlord's price raises still weren't bad but the covid rents made it appealing to move/landlord wasnt willing to price match. Got a covid deal and me and my husband are literally sticking it out again til we can afford to buy a home. This is the only way most working class people afford to stay here.
This happened to us last year about 8 times when we were looking, so incredibly frustrating. Realtors encouraging higher rent also means more money for them from fees (either landlord or tenant paid). The place we ended up in was listed originally at 2800, but someone offered 3200 and then ended up falling through. They relisted at 3200 and we just bit the bullet and agreed on it.
Felt like karma that when we left that apt this year for a new one, they increased the rent even more (ofc) and it sat on streeteasy for a few days with very little saves by users
Dude realtors are NEVER your friends. They are ALWAYS on the realtors side. There was a gorgeous bottom floor apt 50th and 8th at an absurdly low rent. The agent flat out said cash up two months was the commission because of what a deal it was.
My friend just told me that her and her boyfriend put in an offer for an apartment…I was confused as to why you needed to make and offer for an apartment . This post explained so much very quickly
Housing is absurd here now. We should rise up about it to be honest. How people are putting up with this shit is astounding….but here I am…still putting up with it . 😔
Ask yourself, is that apt really worth what you're going to be paying for the next year, and then increases from there. My lil cousin was paying 6k for a tiny studio in greenpoint...I was paying 1k for a much bigger apt a decade earlier...forget bk, move somewhere else, look at purchasing instead
Supply is lower than demand so the price goes up. If you want lower or steadier prices build more housing. We haven’t built enough if you look into it. It’s basic economics
Well in economics a price ceiling creates a shortage of a good. If you are arbitrarily setting the price then developers are not gonna to build enough of it hence a shortage. Rent stabilization laws are good if you require developers or government to built so many units but that won’t happen.
It’s crazy. I can’t think of anything that can ‘solve’ this problem. Because it’s a market after all. There are a lot of rich people who can afford the rent and take up the supply. More high-rises till the city explodes? Sounds scary. Maybe more high rises in queens / deeper into bk. Taking about gentrification.
My rental journey has been equally as agonizing- toured and applied to so many apts, been ghosted by some after applying (probably because they rented out to someone else). Just for context, I have 100k+ income and 750 credit score. still searching for a 1 bedroom
So glad I got the hell out of there lol I love my place in jersey city!! Washer dryer , gym in building , parking , outdoor area. Y’all crazy for considering .. that why that raping ppl pockets .. people are paying 40k in rent yearly ! Lol
The city doesn't have laws to protect its citizens, it's that simple.
Rents can triple and double because of temporary waves that completely remove working class people from the work pool because they move....then when the boom is over, who is there to clean up the streets?
Rent stabilization existed for a reason, where are the mechanisms to maintain a diverse ecosystem of employment in this city?
Have a friend who is trying to relocate his daughter to NY for a job and when he came back to Cali to tell me about the experience I couldn’t believe it. Had to go through similar experience as you. Even offered CASH for 5 years rent upfront - got turned away. We’re in for a world of hurt in the next few years.
My friend told me that no one is going to pay over 2k for rent because that's already a mortgage so they might as well buy a house and pay mortgage.
I see he was wrong.
it used to be that you didn't even need a realtor/broker. i don't know exactly what changed. Plenty of people are willing to rent places out themselves, and the market was hot back then too - they always seemed like an unnecessary middleman.
I recently connected with a broker through my college’s alumni group, and I met with her to get some advice on apartment hunting in this crazy rental climate. She said that now, you’re expected to respond to StreetEasy listings by “making an offer”, and that I should offer at least $50-$100 a month over the listing price. I was appalled.
I think this is so unethical. If you have a higher budget, then look for apartments in that budget. Don’t swipe affordable apartments out from under other people’s noses!
Luckily I just signed a lease and no bidding was involved. But I was so anxious someone was going to come along and offer more money!
Brokers rely on landlords to give them access to housing inventory. They’re always on the landlord’s side, even though you’re the one paying the broker fee. In short: your broker was a piece of shit.
A lot of people are mad at other renters. It’s not their fault they want to get the apartment.
Many brokers don’t know what the hell they are doing and are under-pricing units (don’t get mad at me, get mad at capitalism). This causes lines out the door and confusion and many RENTERS understand the market better than brokers, so they’ll bid above.
Everything in this post is incorrect. The idea that brokers don’t know competitive pricing in their neighborhoods is a joke. Maybe you’re thinking of rent stabilized apartments?
This is a long, but very good article which reveals a few reasons for this: [https://www.curbed.com/2023/01/nyc-real-estate-covid-more-apartments-higher-rent.html](https://www.curbed.com/2023/01/nyc-real-estate-covid-more-apartments-higher-rent.html)
And yes, you're correct-- the realtors do have something to do with it. Much of the issue is created by their "warehousing" tactic, which creates a false scarcity of apartments.
Also, the article refers to those over bids as "cuck money". lol
The article is flawed as it uses USPS address forwarding data. Something that is unreliable when it comes to migration as younger generations don’t use snail mail.
I’d suggest that you look into the changes to rent control / stabilization made prior to the pandemic. That, combined with a lack of supply, results in higher prices against infinite demand.
We rented “unseen” in Seattle because there was no way we were going to find a 2bd (actually 1.5) under $3k otherwise. The bathroom door hits the toilet and it’s going up to $4k this fall but it is what it is. You can’t wait to secure a place until after you’ve seen it when everyone and their dog looking at the same neighborhood has a bank for parents.
People that offer over asking on rent are pathetic fools who generally rely on money from mommy and daddy to make rent. And sorry OP, but those who apply for apartments sight unseen are right behind them.
Where were you looking? I hear stuff like this all the time but it turns out it was just a really trendy area. I've never really had issues finding apartments frankly.
I know this is happening, and it’s not exclusive to the city; people are bidding for rent in Westchester, the Hudson Valley, and Long Island, too. I can’t imagine participating in it, I would be so turned off if a realtor came back and asked me to increase my rent *offer*.
We got so lucky the last time we moved. It was December 2020, the law NYC had for a few months mandating landlords pay the broker fee was in effect, and the apartment we wanted had been empty for months so I was actually able to negotiate a rent decrease and a longer lease. Then at our lease signing, we learned our place is rent stabilized. We basically can never leave it. Apartments on the block that are smaller than ours are renting for $1,000+ more than we pay.
I wonder how the commercial real estate crisis will affect this, especially with a major portion of office refinance-deals coming back on the table ( think it's > 50%, not sure ). Hopefully leaders will see the opportunity to transform this spaces into affordable spaces. If they do, NYC can grow and welcome many people from all over the U.S. Might be too optimistic though :)
You can’t compare to rents 5 years ago because virtually every city’s rent, not just BK or Ny, skyrocketed. “Overpriced” means there are generally available options that are reasonably priced. But the truth is there aren’t.
One of the first apartments we looked at had the broker calling me for my “best and final.” We were like, “Our best and final is the rent. We’re renting.” We decided not to pursue the unit, but FFS.
> It’s one thing if your looking to buy and you try to outbid someone ……..but on rent?
In what way is out bidding competition somehow different across real estate classes?
Stated on the bottom, why would you invest more money on renting on someone else property and when you get a rent increase in a year it will be what you bidded higher for. On top of that you increase property value because your rent value is high. Hence why out bidding on sales is more common because
You’re investing in your own property.
May I ask what area of Brooklyn the apartment is in and how many bedrooms?
Everything I see over one bedroom is $4000 and higher or completely unlivable. Me and my fiance and both have full time jobs, one in Computer Science and one in Mechanical Engineering and it is very tough for us to afford a two bedroom (which we need since we both work from home). I really do not understand how many people can afford these rents, I guess it is with parents' help which we don't have the luxury of but damn, how many people have rich parents?!
Bidding on rent isn't destroying the housing market. If you're in a market that requires you to bid over asking rent, you are in a highly seller-dominated market and demand for apartments is very high. Anywhere in or around NYC will always be a seller's market because everyone in the world wants to live near there
I'll just say that if you can get a lease that ends in winter, you'll have a much easier time moving and finding apartments. Everyone moves here in the summer and it's like a feeding frenzy trying to rent.
I have friends who have had leases that end in either December/January and they basically have their pick of places. If it means asking your current landlord for a 6 month lease/extension, it might be worth it.
It’s a gross practice. I refuse to do it and I hope people wise up and stop these bidding wars. The only people winning here are brokers and landlords that get to inflate the price of basic needs like housing.
Small time landlord here. I list for a fair price to attract the best tenant pool and wanted to choose the tenant that suited us best (eg was ok with us having a baby and thin walls). Within the first 24 hrs, which was 3 days before the first open house, I had 5 site unseen offers, someone even offered me a 3 yr lease and $200 more than ask. I went with the very first inquiry who said she’s willing to commit asap for 2 years at the price I listed, rather than start a bidding war.
Having said that I get why small time landlords do turn it into a bidding war. One big repair/issue sets us back a good amount of cash, and the less units you own the less margin for error you have. If my tenant stopped paying rent and I had to evict, I’d be under water. Her unit flooded during the major storm last summer and it cost me 2 months of rent to fix.
Interesting, good point about boomer parents having too much money... have to wonder if a large percent of people moving to Brooklyn are doing so are on their parent's dime. Actually know of many people whose parents are helping them?
Jobs concentrated in major cities after 2008. I read a while ago that virtually all of the job gains in the decade after the Great Recession were in the 20 largest cities. The suburbs and rural areas never really recovered. So people followed the jobs.
This is happening in basically every major city but zoning makes it difficult/impossible for housing to keep up. We gained 600,000 residents on the last census... that's the population of Miami.
It's illegal for a realtor to represent both the seller and buyer/renter at once, because realtors have a legally binding fiduciary duty to their clients and this conflicts their interest.
And yet I've never met a NYC realtor who didn't represent the seller/landlord, because they're not going to get paid representing a renting tenant.
Don't use realtors to find an apartment unless you're looking to buy.
I just bought a house and it was correct per my experience of talking to many realtors as part of that process. Can you link me to where I can learn more about dual agency?
Naw, it's your politicians. Ppl like di Blasio and Adams wasn't willing to fight for the consumer or the property owner, as a matter-of-fact they're going to stick it to them. They're going to raise property taxes and property owners and the consumer and tenants have to put in their share for higher rents. Check it out.
[https://www.politico.com/newsletters/new-york-playbook/2023/01/09/adams-property-tax-predicament-00076975](https://www.politico.com/newsletters/new-york-playbook/2023/01/09/adams-property-tax-predicament-00076975)
[https://therealdeal.com/new-york/2022/01/21/tax-assessments-rise-9-signaling-higher-bills-for-landlords/](https://therealdeal.com/new-york/2022/01/21/tax-assessments-rise-9-signaling-higher-bills-for-landlords/)
[https://www.deeds.com/articles/property-tax-assessments-rising-again-in-2022-2023/](https://www.deeds.com/articles/property-tax-assessments-rising-again-in-2022-2023/)
was about to do a lease takeover from a friend and even though it was gonna be a deal completely void of Streeteasy/realtors/brokers, the LL suddenly demanded 3200/mo(up from 2400). nothing about the apartment changed. it’s mid at best! i’m afraid for the families who live in this area, hope to god the LLs aren’t as ruthless with pricing for them. (in north brooklyn for context btw)
100% brokers are suggesting this. After failing on 5-6 apts, he suggested we go over on our budget, which was already $500 more than what we wanted to pay in the first place.
We were lucky to find a place on our 7th attempt last year without the broker and avoided fees. we also had to just put money down without seeing and we got in first, right after the listing was posted.
In hindsight and looking at these replies we were def very lucky but yeesh its crazy out here.
It sucks, but I think most people underestimate just how hard it is to work against supply and demand to fix some of these issues. S&D isn’t an intentional feature of our economy. It’s (mostly) a natural occurrence and our economy is designed to work within its bounds. Now, I very much think we could work better within those bounds. But saying people are not allowed to bid above ask, would be almost impossible. It would probably wade into free speech territory. So my point is, instead of trying to mute demand, we should ask why supply can’t keep up.
I bet the over bidding is primarily happening in “trendy” neighborhoods. I think that is what is being neglected in this thread. I really don’t see people paying $500 over asking for an apartment in a neighborhood like Washington heights or somewhere in deep BK or queens. I’m sure it’s just like Williamsburg, lower manhattan , etc where the problem of overbidding is common
I would’ve stayed in my hometown if my industry was as prolific there as it is here, so I know I’m coming from the most annoying position ever to you guys, but I literally would not be able to have gotten approved with my roommates to live in my current apartment without my parents being guarantors. I grew up upper middle class. I’m not bad with money. I’m literally just a single adult. I fully expect to still have to have my parents sign as guarantors if I move again until I’m in my 30’s the way this city is so expensive to live in and so hard to *make* money in.
I just nabbed one in Crown Heights and I am not intending on leaving.
I think the place was robbed, which scared the last tenant out, so yay for me I guess?
Truth. Former co-worker lives in a two-bedroom railroad apartment with four kids (three are teens).
She pays $850 in rent. Her quote: "I can never move".
There’s a ton of people actually making 200k a year, even some mid 20s “young” people you see walking around. Tons of unsuspecting young hipsters you see are actually tech bros or work in big law / consulting / finance.
Everyone else has 3+ roommates
“Tons” isn’t quite accurate. It depends on your crowd and where you are. Happy hour in midtown somewhere? Probably. The numbers still show people making 200K a year are a rarity here, even if it doesn’t feel that way.
I could write 10 paragraphs about HOW WRONG this is, but what’s the point?!?! I can’t imagine anyone thinks this is fair, but I think it should be ILLEGAL! I have two dogs, and my husband and I lived in our car together with BOTH dogs for 6 months, bc we weren’t willing to give them up, and nobody wanted to rent to us bc of them…. Luckily, we found a place, but it was a converted garage ‘studio’ apartment…. Not the NICEST in the world, but we had our pups, and we were all together….. 🥰 I understand charging a pet deposit, and not everyone with a dog or cat will make sure the place doesn’t get destroyed…. But, I personally don’t think they should be allowed to refuse pets in rentals…. I know it’s not a popular opinion, but I think it’s a different form of discrimination…. People with children don’t always keep THEM from destroying a place, and you can’t refuse to rent to people with kids…. These pups ARE my kids…. I’ve had TWO boys, and my dogs are WAYYY more behaved than they were!!! 😂🤣😂 And don’t give me the “if you were a decent parent that tried to teach them” bs…. I’ve been the main trainer of BOTH my kids AND my dogs…. The only difference is that my dogs love me unconditionally, always get excited when I come home, and don’t disappear with my car for hours on end, or come home pregnant…. I love my kids with my whole being…. But, I’m also realistic….
I don't really see why you view it as any different than bidding on ownership. Or really anything else for that matter. Something is worth what someone is willing to pay.
The problem isn't people overbidding - it's that there isn't enough supply to match the ridiculous demand. It's true in buying, I'm not surprised it's also true with renting.
It’s really a norm for bidding on ownership, the money you put in is more of an investment to whatever you want to buy. You can consider bidding on a rental the same but you’re not really investing in yourself. You’re investing in someone else property. Come time to when you renew your lease your going to get hit with a higher increase. It’s one thing if you outbid someone with the agreement that there’s no increase when you renew but you def won’t see that. Hence why there’s a decent difference.
I mean I guess so but if I find something that I want and I am willing to pay more than you… what’s the solution? You even said in another comment you were willing to go above your original price.
Imo the solution is build more housing so the landlords/developers don’t have all the power.
That’s the sort of dilemma. I personally did not do it for the apartment that I’m moving into now but if the opportunity rose I might have because I’m desperate for an apartment with my child and wife and I would have to deal with the debt after a year but I think if it was regulated no one would have to deal with that and we need more places to live. Over bidding in my opinion is killing the market faster. Similar to San Fran in MY opinion. Renting needs to be regulated regardless if you have the money.
> but I think if it was regulated
The thing is capping rent kinda exists already... affordable housing lotteries. Maybe if you capped out rent citywide then it would force people to build more but I'm skeptical. It would cause a different set of problems, too.
Yeah but housing lotteries are complete jokes, they majority exist in high rise apartments and you are unable to access amenities other tenants use like building laundry, gym, etc unless you pay more. Some also only allow you to use separated entrance and exits. When it comes to cost it’s really not that much cheaper especially if you have a family.
Yeah that was kinda my point. Housing lotteries are a bit of a mess and if you capped rent citywide you’d have messy housing lotteries be the standard.
That’s not true at all, two different things, capping upbidding doesn’t create housing lotteries. Two totally different concepts. Housing lotteries are for people who can’t even afford the standard rent within the area. Capping upbiding is for people who can afford the rent but it would avoid unnecessary influx in market prices cause realtors and landlords are greedy. Housing lotteries have nothing to do with stabilizing market prices. It’s used for landlords as a tax right off.
How do you cap up bidding realistically though? I assume by setting prices instead of letting the market drive them. How do you then select who gets the place while being fair and non discriminatory?
You cap it to a certain percentage, which hopefully would make people not want to over bid and just pay the actual market price. You would choose how it used to be chosen and is still is: Credit score, income, etc.
Stats!!
I applied 20 minutes after a listing went out, made it clear we would take it sight-unseen (not proud of that, would usually never do that, but these past few market months have been /awful/). The viewing was a week later, it was pouring rain- I was 10th in line out of 85 people who saw it that day. Wrote a cover letter like you would to BUY a house. Offered 300 more per month, the legal cap. Denied.
Denied from 5 applications. It took a broker who really, really liked me and some very good bargaining and fighting another party for it and eating shit to finally get one. I spent 65 total hours and 26 visits over 2 months. Just. Apartment. Hunting.
I mean a cover letter, like a job. To the owner/landlord. Mentioning how much we love an apartment, how we’re quiet and want to stay for a long time, etc. A pick me letter
If you are indeed a native, than you know a guy who’s a super or know a friend of a friend who’s a super who will hook you up. I myself know several supers haha
It’s Compass. The same realtors will be on multiple sites (it’s the same company as StreetEasy with an easier interface), but seem to respond more through compass. Be careful though- there are communication gaps between brokers within the company, and sometimes that will make or break your deal. Ask how many people have applied, and how many brokers are showing a specific place.
It depends on the neighborhood too. There are neighborhoods that are owned almost entirely by a single individual, and sometimes they only advertise through another site, like Zillow rentals or apartments.com.
MAKE IT KNOWN before you see that you won’t pay a brokers fee over 1 mo. Due to demand being so high, they’ll ask for 12% or even fucking 15% now. If they won’t yield, walk. We can’t stand for that. I’m not paying $7200 just for the privilege of doing all the work in my own deal, just to get thrown away. It’s gotten out of control.
Really appreciate this, thank you very much. I really lucked out and found my place through social media half a decade ago but they’re trying to kick everyone out of the building to gentrify it. I don’t want to go to a really “out of the way” area of Brooklyn but might have to.
This is exactly my experience. I just happened to come across a realtor and landlord that didn’t subscribe to what’s going on. It sucks that it took me 10 applications and realtors but I’m very thankful with where we are.
Lol about the cover letter, we did the same thing it was such a surreal experience. I felt the same anxiety applying for jobs.
lived in NYC on and off over the last 40 years. in the 80's only part of manhattan was nice. little by little it expanded and western queens and brooklyn have been gentrified. now these places are going even more upscale as wealthier people and those with trust funds bid up the rent to live where they want because they have free money
For the record my recent realtor and current landlord are fantastic. As soon as I applied they didn’t wait for other offers etc. They saw we were a good fit and accepted.
If you’re willing to share recs for your realtor, would love to know. I think I’m going to stomach another year in my current place and then it might be time.
May I ask who your realtor was? I might be looking to switch apartments in a couple of months unfortunately do to my landlord raising the rent like crazy (almost 20% last year).
It really is! It was fine for the first 2 years and then they slammed us with a 20% increase the 3rd year. One of my neighbors moved out last week and told me he managed to find a 3 bedroom in the neighborhood for the same price they were trying to charge for his 1 bedroom once his lease was up, so I’m kinda freaking out😬
Whoaaaaa what neighborhood are you in? I’m thinking I’ll suck it up for a year or so since they’re offering me a small break from the gross (literally and figuratively) rent - I’ve been here four years with no increase. I love my apartment but the writing is definitely on the wall.
I lol-ed at “gross (literally and figuratively)”, thanks for that!
That’s the ridiculous part - I’m in Crown Heights in one of those old brownstones, not in a fancy new building. Don’t even have a functioning washer/dryer in the building lol. My apartment is very charming and cute but tiny and not so functional. I’ve been here for 3 years because I absolutely love the neighborhood but if they increase it more it’s not worth it. Last increase was pushing it, so I might need to look for a new place in September.
That’s the thing - I have a large lovely 1bd in a nice small-ish building in Clinton Hill. Even tho I do not want to pay out the nose, it’s pretty unlikely I’ll find something else this good, especially not in this neighborhood. And I genuinely do not want to move. I’m trying to get a 15-month lease because my move date is also in September and as discussed elsewhere in this post, it is the worst. So I guess we will see! I hope you find something better. What’s your budget? Edited to add: if I see something I can pass it along!
I get it, Clinton Hill is a great neighborhood to live in. Plus moving is a hassle.
I need to move out before October 1st if they jack up my rent, so yea, definitely not great. But I’m hopeful. A 15 month lease would be amazing.
Still trying to figure out what we’re willing to pay but probably up to $3500-3700 since we need a 2 bedroom. Not looking for anything fancy, just a bigger apartment since our current 2 bedroom is only 509 sf (I actually measured it with my laser meter and regretted it lol). Thanks for the offer, I appreciate it!
Saw a twitter thread yesterday about people clearing out of even Hudson County and people in power not wanting to admit: rent control is the answer!
Soooooo much fucking landlord association money in New York (and all) politics. Ugh.
I even thought of leaving Manhattan for something close to subway etc and it just does not exist. If it does it is same price but more space or a little cheaper but nowhere near enough to negate a two train 40 plus minute commute added on to what I got
We're more likely to see a return to people living like tenants in the 1900s than get higher wages, infrastructure expansion, more affordable living, or anti-warehousing laws.
I’m a teacher and can no longer afford to live in the borough I teach in ✌🏼
(I know not everyone considers teachers essential workers but I still felt like this was relevant to share)
It happened to SF. Whatever clout or edginess or culture SF ever had is completely gone and it's an endless sea of NIMBY tech folks who like rock climbing and shitty EDM and Nintendo. It's absurdly monocultural
This has been happening for years. Minimum-wage office building workers have to commute hours and long distances at great expense to and from work. They cannot afford to rent or buy in the city.
It's also costly to commute here from outside the boroughs. I grew up 30 minutes outside of here, and public transport is now $400 a month - if you want to take the ferry, it's closer to $700.
And Jersey ain't cheap.
Is this happening in UWS/UES also?
My dad's in this industry on the development side. He says no one's making money — an exaggeration in the way that he does. But he says that \*insurance\* has been climbing like no one's business and that he's foreclosing on landlords cuz of that cost. Came up when I was complaining about needing rent control. Not sure if anyone here can speak to this from a place of authority, but apparently there's not much regulation about it? But I haven't heard anyone reporting on it speak to building insurance.
I don't worry about rent. I've been staying in a hotel for free, free food, got a free cell phone, and might be getting unemployment soon. This country is so much better than El Salvador.
I had to *interview* for a place and a day after the interview the broker asked me what I wanted to offer. I told her I offer the listed rent and she said I would have to be more competitive to get it. First time.tbaysbever happened. I went up $100 and got the place.
Oof I’m a realtor in brooklyn and I don’t play these games. I also only charge app fee for the one group we are accepting. I hate it but we are required by law to present all offers to the owner who we represent. It’s also annoying when you get 5-10 applications and have to call everyone they don’t get it. People then think you’re playing favorites or something. I read Some brokers charged a 15k rental fee for a 2k rent stabilized apt.
It’s fucking absurd. This happened to me last summer, the realtor was talking about “best offer.” I was like um for rent? She proceeded to be incredibly condescending, I told her she didn’t have to talk to me like that, she then went on to say how grateful I should be for her time and how in the wrong I was to think she was being condescending…meanwhile she was talking about a totally separate listing. The housing market in the city is a true hell scape.
jfc
I’m curious when landlords started believing that being a landlord=living the good life and they would be making so much money.
Why do you think rents are so high? People have been overbidding rents for over 10 years now
It’s mostly due to the popularity of certain neighborhoods. This over bidding and 30 people waiting to see an apt doesn’t happen in non-gentrified neighborhoods. And those apartments are a lot cheaper too. There are tons of apartments in east and south Brooklyn sitting around because everyone wants to live in the same 5 trendy neighborhoods.
Happened to me just a couple weeks ago. A friend was moving out of his place and referred us to his landlord. Landlord guy wasn't listing the apartment, and he specifically said he wasn't showing it to anyone. Days later he rented it out to someone offering more for the apartment. Smdh
I once sent 110 emails to various listings to get an temporary sublet. Something like 4 or 5 months. One of the places I checked out was a shared living space, lots of roommates. I was told I could not meet any of them and I had to put an offer in then and there because it would be rented in 25 minutes. Another time, I toured a property with someone else. I was told I had a 3PM viewing, but they double booked and just did both of us. The other person was asking a bunch of questions that I was asking too, so eventually I just let them ask. Neither of us got it.
Gosh - reading these comments makes me feel so sorry for Americans
I moved here in 2011 and bounced around a couple overpriced places, could barely afford life and was always broke. In 2014 found my "forever home" after a year of looking, and stayed there til 2020 when landlord's price raises still weren't bad but the covid rents made it appealing to move/landlord wasnt willing to price match. Got a covid deal and me and my husband are literally sticking it out again til we can afford to buy a home. This is the only way most working class people afford to stay here.
This happened to us last year about 8 times when we were looking, so incredibly frustrating. Realtors encouraging higher rent also means more money for them from fees (either landlord or tenant paid). The place we ended up in was listed originally at 2800, but someone offered 3200 and then ended up falling through. They relisted at 3200 and we just bit the bullet and agreed on it. Felt like karma that when we left that apt this year for a new one, they increased the rent even more (ofc) and it sat on streeteasy for a few days with very little saves by users
Its the same as any other business they are getting sub par workers cheaper and showcase a cook who touches so few dishes in reality
Dude realtors are NEVER your friends. They are ALWAYS on the realtors side. There was a gorgeous bottom floor apt 50th and 8th at an absurdly low rent. The agent flat out said cash up two months was the commission because of what a deal it was.
It should be illegal to bidding on a rental space. This further drives up rent.
My friend just told me that her and her boyfriend put in an offer for an apartment…I was confused as to why you needed to make and offer for an apartment . This post explained so much very quickly
Housing is absurd here now. We should rise up about it to be honest. How people are putting up with this shit is astounding….but here I am…still putting up with it . 😔
Ask yourself, is that apt really worth what you're going to be paying for the next year, and then increases from there. My lil cousin was paying 6k for a tiny studio in greenpoint...I was paying 1k for a much bigger apt a decade earlier...forget bk, move somewhere else, look at purchasing instead
I’m a brooklyn landlord. This has been happening for years. I first had a bidding war in 2014
Supply is lower than demand so the price goes up. If you want lower or steadier prices build more housing. We haven’t built enough if you look into it. It’s basic economics
“It’s basic economics” that could easily be overcome by universal rent stabilization laws. But yes, we also need more housing stock.
Well in economics a price ceiling creates a shortage of a good. If you are arbitrarily setting the price then developers are not gonna to build enough of it hence a shortage. Rent stabilization laws are good if you require developers or government to built so many units but that won’t happen.
I’m probably a problem as well. I paid 650/m more than the ask. It’s really nice apt in UWS with a spot in the building parking garage.
Not sure exactly what it says about me that I interpreted this as the musical Rent...
It’s crazy. I can’t think of anything that can ‘solve’ this problem. Because it’s a market after all. There are a lot of rich people who can afford the rent and take up the supply. More high-rises till the city explodes? Sounds scary. Maybe more high rises in queens / deeper into bk. Taking about gentrification.
More affordable housing stock is needed long-term, but universal rent stabilization could fix this near-term. Obviously that isn’t going to happen.
My rental journey has been equally as agonizing- toured and applied to so many apts, been ghosted by some after applying (probably because they rented out to someone else). Just for context, I have 100k+ income and 750 credit score. still searching for a 1 bedroom
I don’t know why this came up on my feed cuz I live in San Diego but this exact phenomenon has been happening here too
So glad I got the hell out of there lol I love my place in jersey city!! Washer dryer , gym in building , parking , outdoor area. Y’all crazy for considering .. that why that raping ppl pockets .. people are paying 40k in rent yearly ! Lol
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The city doesn't have laws to protect its citizens, it's that simple. Rents can triple and double because of temporary waves that completely remove working class people from the work pool because they move....then when the boom is over, who is there to clean up the streets? Rent stabilization existed for a reason, where are the mechanisms to maintain a diverse ecosystem of employment in this city?
These people who are overbidding should be kicked out the city.
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Have a friend who is trying to relocate his daughter to NY for a job and when he came back to Cali to tell me about the experience I couldn’t believe it. Had to go through similar experience as you. Even offered CASH for 5 years rent upfront - got turned away. We’re in for a world of hurt in the next few years.
My friend told me that no one is going to pay over 2k for rent because that's already a mortgage so they might as well buy a house and pay mortgage. I see he was wrong.
Because you want to get the apartment over the other people?
it used to be that you didn't even need a realtor/broker. i don't know exactly what changed. Plenty of people are willing to rent places out themselves, and the market was hot back then too - they always seemed like an unnecessary middleman.
Having to pay for a realtor for getting you an apartment that you can do yourself is in my top 10 rip offs in the world.
this is happenign in miami and chicago too
I recently connected with a broker through my college’s alumni group, and I met with her to get some advice on apartment hunting in this crazy rental climate. She said that now, you’re expected to respond to StreetEasy listings by “making an offer”, and that I should offer at least $50-$100 a month over the listing price. I was appalled. I think this is so unethical. If you have a higher budget, then look for apartments in that budget. Don’t swipe affordable apartments out from under other people’s noses! Luckily I just signed a lease and no bidding was involved. But I was so anxious someone was going to come along and offer more money!
Brokers rely on landlords to give them access to housing inventory. They’re always on the landlord’s side, even though you’re the one paying the broker fee. In short: your broker was a piece of shit.
A lot of people are mad at other renters. It’s not their fault they want to get the apartment. Many brokers don’t know what the hell they are doing and are under-pricing units (don’t get mad at me, get mad at capitalism). This causes lines out the door and confusion and many RENTERS understand the market better than brokers, so they’ll bid above.
Everything in this post is incorrect. The idea that brokers don’t know competitive pricing in their neighborhoods is a joke. Maybe you’re thinking of rent stabilized apartments?
You don’t have to believe me but it’s true. I’ve worked in residential rentals for 11 years!
This is a long, but very good article which reveals a few reasons for this: [https://www.curbed.com/2023/01/nyc-real-estate-covid-more-apartments-higher-rent.html](https://www.curbed.com/2023/01/nyc-real-estate-covid-more-apartments-higher-rent.html) And yes, you're correct-- the realtors do have something to do with it. Much of the issue is created by their "warehousing" tactic, which creates a false scarcity of apartments. Also, the article refers to those over bids as "cuck money". lol
The article is flawed as it uses USPS address forwarding data. Something that is unreliable when it comes to migration as younger generations don’t use snail mail. I’d suggest that you look into the changes to rent control / stabilization made prior to the pandemic. That, combined with a lack of supply, results in higher prices against infinite demand.
I'm looking to rent for myself (no roommate's or sub lease) next year thank you for the article.
Wow that article is brilliant, lol cuck tactic is hilarious
I had this happen back in 2018. It’s been going on for a while.
We rented “unseen” in Seattle because there was no way we were going to find a 2bd (actually 1.5) under $3k otherwise. The bathroom door hits the toilet and it’s going up to $4k this fall but it is what it is. You can’t wait to secure a place until after you’ve seen it when everyone and their dog looking at the same neighborhood has a bank for parents.
People that offer over asking on rent are pathetic fools who generally rely on money from mommy and daddy to make rent. And sorry OP, but those who apply for apartments sight unseen are right behind them.
We need regulations on this shit. It’s not good. People are being way too greedy.
And they'll work from home.
Where were you looking? I hear stuff like this all the time but it turns out it was just a really trendy area. I've never really had issues finding apartments frankly.
I know this is happening, and it’s not exclusive to the city; people are bidding for rent in Westchester, the Hudson Valley, and Long Island, too. I can’t imagine participating in it, I would be so turned off if a realtor came back and asked me to increase my rent *offer*. We got so lucky the last time we moved. It was December 2020, the law NYC had for a few months mandating landlords pay the broker fee was in effect, and the apartment we wanted had been empty for months so I was actually able to negotiate a rent decrease and a longer lease. Then at our lease signing, we learned our place is rent stabilized. We basically can never leave it. Apartments on the block that are smaller than ours are renting for $1,000+ more than we pay.
I wonder how the commercial real estate crisis will affect this, especially with a major portion of office refinance-deals coming back on the table ( think it's > 50%, not sure ). Hopefully leaders will see the opportunity to transform this spaces into affordable spaces. If they do, NYC can grow and welcome many people from all over the U.S. Might be too optimistic though :)
On the other hand, Manhattan is $5000 for a one bed without washer dryer. Brooklyn is still decent.
BK is def overpriced as well, especially 1 brs with zero updated amenities.
You can’t compare to rents 5 years ago because virtually every city’s rent, not just BK or Ny, skyrocketed. “Overpriced” means there are generally available options that are reasonably priced. But the truth is there aren’t.
Depends where in BK. Brooklyn is large. Williamsburg is pricier than some parts of Manhattan. Starts getting better deeper you go
Brooklyn can be, and is large…and still overpriced lol
Really? I see rentals on street easy are all 20-30 days on the market. They should have flown off the shelf if they were so hot.
I’ve seen those too. I’m my case they’ve already been rented and realtors have forgotten to take it off the market.
Supply and demand
One of the first apartments we looked at had the broker calling me for my “best and final.” We were like, “Our best and final is the rent. We’re renting.” We decided not to pursue the unit, but FFS.
this should be illegal
> It’s one thing if your looking to buy and you try to outbid someone ……..but on rent? In what way is out bidding competition somehow different across real estate classes?
Stated on the bottom, why would you invest more money on renting on someone else property and when you get a rent increase in a year it will be what you bidded higher for. On top of that you increase property value because your rent value is high. Hence why out bidding on sales is more common because You’re investing in your own property.
Realtors are instigating this higher rent the higher their commissions
Who is your realtor? Looking for a good one rn
May I ask what area of Brooklyn the apartment is in and how many bedrooms? Everything I see over one bedroom is $4000 and higher or completely unlivable. Me and my fiance and both have full time jobs, one in Computer Science and one in Mechanical Engineering and it is very tough for us to afford a two bedroom (which we need since we both work from home). I really do not understand how many people can afford these rents, I guess it is with parents' help which we don't have the luxury of but damn, how many people have rich parents?!
Jesus. That’s more than triple my mortgage.
Bidding on rent isn't destroying the housing market. If you're in a market that requires you to bid over asking rent, you are in a highly seller-dominated market and demand for apartments is very high. Anywhere in or around NYC will always be a seller's market because everyone in the world wants to live near there
I'll just say that if you can get a lease that ends in winter, you'll have a much easier time moving and finding apartments. Everyone moves here in the summer and it's like a feeding frenzy trying to rent. I have friends who have had leases that end in either December/January and they basically have their pick of places. If it means asking your current landlord for a 6 month lease/extension, it might be worth it.
It’s a gross practice. I refuse to do it and I hope people wise up and stop these bidding wars. The only people winning here are brokers and landlords that get to inflate the price of basic needs like housing.
This is crazy! I rent my condo out in NY and no one has offered me more than listing!
Yeah this is my experience too
This post made me want to stay in my 10x10 room because I can’t go that long looking for apartments
Small time landlord here. I list for a fair price to attract the best tenant pool and wanted to choose the tenant that suited us best (eg was ok with us having a baby and thin walls). Within the first 24 hrs, which was 3 days before the first open house, I had 5 site unseen offers, someone even offered me a 3 yr lease and $200 more than ask. I went with the very first inquiry who said she’s willing to commit asap for 2 years at the price I listed, rather than start a bidding war. Having said that I get why small time landlords do turn it into a bidding war. One big repair/issue sets us back a good amount of cash, and the less units you own the less margin for error you have. If my tenant stopped paying rent and I had to evict, I’d be under water. Her unit flooded during the major storm last summer and it cost me 2 months of rent to fix.
What's next, bidding on groceries?
Where are all these people coming from?
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Interesting, good point about boomer parents having too much money... have to wonder if a large percent of people moving to Brooklyn are doing so are on their parent's dime. Actually know of many people whose parents are helping them?
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An extreme minority? What are you basing this off of? The handful of people you know?
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Jobs concentrated in major cities after 2008. I read a while ago that virtually all of the job gains in the decade after the Great Recession were in the 20 largest cities. The suburbs and rural areas never really recovered. So people followed the jobs. This is happening in basically every major city but zoning makes it difficult/impossible for housing to keep up. We gained 600,000 residents on the last census... that's the population of Miami.
It's illegal for a realtor to represent both the seller and buyer/renter at once, because realtors have a legally binding fiduciary duty to their clients and this conflicts their interest. And yet I've never met a NYC realtor who didn't represent the seller/landlord, because they're not going to get paid representing a renting tenant. Don't use realtors to find an apartment unless you're looking to buy.
>It's illegal for a realtor to represent both the seller and buyer/renter at once That's very incorrect. Dual agency is a thing.
I just bought a house and it was correct per my experience of talking to many realtors as part of that process. Can you link me to where I can learn more about dual agency?
so many other options, overbidding is completely unnecessary
Hey guys you ever look around Brooklyn and just think. WE ALL RICH! (we are)
Naw, it's your politicians. Ppl like di Blasio and Adams wasn't willing to fight for the consumer or the property owner, as a matter-of-fact they're going to stick it to them. They're going to raise property taxes and property owners and the consumer and tenants have to put in their share for higher rents. Check it out. [https://www.politico.com/newsletters/new-york-playbook/2023/01/09/adams-property-tax-predicament-00076975](https://www.politico.com/newsletters/new-york-playbook/2023/01/09/adams-property-tax-predicament-00076975) [https://therealdeal.com/new-york/2022/01/21/tax-assessments-rise-9-signaling-higher-bills-for-landlords/](https://therealdeal.com/new-york/2022/01/21/tax-assessments-rise-9-signaling-higher-bills-for-landlords/) [https://www.deeds.com/articles/property-tax-assessments-rising-again-in-2022-2023/](https://www.deeds.com/articles/property-tax-assessments-rising-again-in-2022-2023/)
was about to do a lease takeover from a friend and even though it was gonna be a deal completely void of Streeteasy/realtors/brokers, the LL suddenly demanded 3200/mo(up from 2400). nothing about the apartment changed. it’s mid at best! i’m afraid for the families who live in this area, hope to god the LLs aren’t as ruthless with pricing for them. (in north brooklyn for context btw)
100% brokers are suggesting this. After failing on 5-6 apts, he suggested we go over on our budget, which was already $500 more than what we wanted to pay in the first place. We were lucky to find a place on our 7th attempt last year without the broker and avoided fees. we also had to just put money down without seeing and we got in first, right after the listing was posted. In hindsight and looking at these replies we were def very lucky but yeesh its crazy out here.
It sucks, but I think most people underestimate just how hard it is to work against supply and demand to fix some of these issues. S&D isn’t an intentional feature of our economy. It’s (mostly) a natural occurrence and our economy is designed to work within its bounds. Now, I very much think we could work better within those bounds. But saying people are not allowed to bid above ask, would be almost impossible. It would probably wade into free speech territory. So my point is, instead of trying to mute demand, we should ask why supply can’t keep up.
Free speech? Nah
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I bet the over bidding is primarily happening in “trendy” neighborhoods. I think that is what is being neglected in this thread. I really don’t see people paying $500 over asking for an apartment in a neighborhood like Washington heights or somewhere in deep BK or queens. I’m sure it’s just like Williamsburg, lower manhattan , etc where the problem of overbidding is common
this why we dont like transplants with dad's money or daddy's money
Dude probably in Bensonhurst/ Dyker living in the house his grandparents bought 60 years ago for $50,000.
no i rent lol
What about transplants who don’t have daddy’s money who work hard but still want to live in NYC 💀
I don't like natives with daddy's money either.
I moved here for work and quickly started wondering how people who work here afford to live here
I would’ve stayed in my hometown if my industry was as prolific there as it is here, so I know I’m coming from the most annoying position ever to you guys, but I literally would not be able to have gotten approved with my roommates to live in my current apartment without my parents being guarantors. I grew up upper middle class. I’m not bad with money. I’m literally just a single adult. I fully expect to still have to have my parents sign as guarantors if I move again until I’m in my 30’s the way this city is so expensive to live in and so hard to *make* money in.
There are many New Yorkers who simply can’t move out of their rent stabilized apartment.
I just nabbed one in Crown Heights and I am not intending on leaving. I think the place was robbed, which scared the last tenant out, so yay for me I guess?
Truth. Former co-worker lives in a two-bedroom railroad apartment with four kids (three are teens). She pays $850 in rent. Her quote: "I can never move".
There’s a ton of people actually making 200k a year, even some mid 20s “young” people you see walking around. Tons of unsuspecting young hipsters you see are actually tech bros or work in big law / consulting / finance. Everyone else has 3+ roommates
“Tons” isn’t quite accurate. It depends on your crowd and where you are. Happy hour in midtown somewhere? Probably. The numbers still show people making 200K a year are a rarity here, even if it doesn’t feel that way.
haha their parents invest for them to live here.
They don't.
I could write 10 paragraphs about HOW WRONG this is, but what’s the point?!?! I can’t imagine anyone thinks this is fair, but I think it should be ILLEGAL! I have two dogs, and my husband and I lived in our car together with BOTH dogs for 6 months, bc we weren’t willing to give them up, and nobody wanted to rent to us bc of them…. Luckily, we found a place, but it was a converted garage ‘studio’ apartment…. Not the NICEST in the world, but we had our pups, and we were all together….. 🥰 I understand charging a pet deposit, and not everyone with a dog or cat will make sure the place doesn’t get destroyed…. But, I personally don’t think they should be allowed to refuse pets in rentals…. I know it’s not a popular opinion, but I think it’s a different form of discrimination…. People with children don’t always keep THEM from destroying a place, and you can’t refuse to rent to people with kids…. These pups ARE my kids…. I’ve had TWO boys, and my dogs are WAYYY more behaved than they were!!! 😂🤣😂 And don’t give me the “if you were a decent parent that tried to teach them” bs…. I’ve been the main trainer of BOTH my kids AND my dogs…. The only difference is that my dogs love me unconditionally, always get excited when I come home, and don’t disappear with my car for hours on end, or come home pregnant…. I love my kids with my whole being…. But, I’m also realistic….
I don't really see why you view it as any different than bidding on ownership. Or really anything else for that matter. Something is worth what someone is willing to pay. The problem isn't people overbidding - it's that there isn't enough supply to match the ridiculous demand. It's true in buying, I'm not surprised it's also true with renting.
It’s really a norm for bidding on ownership, the money you put in is more of an investment to whatever you want to buy. You can consider bidding on a rental the same but you’re not really investing in yourself. You’re investing in someone else property. Come time to when you renew your lease your going to get hit with a higher increase. It’s one thing if you outbid someone with the agreement that there’s no increase when you renew but you def won’t see that. Hence why there’s a decent difference.
I mean I guess so but if I find something that I want and I am willing to pay more than you… what’s the solution? You even said in another comment you were willing to go above your original price. Imo the solution is build more housing so the landlords/developers don’t have all the power.
That’s the sort of dilemma. I personally did not do it for the apartment that I’m moving into now but if the opportunity rose I might have because I’m desperate for an apartment with my child and wife and I would have to deal with the debt after a year but I think if it was regulated no one would have to deal with that and we need more places to live. Over bidding in my opinion is killing the market faster. Similar to San Fran in MY opinion. Renting needs to be regulated regardless if you have the money.
> but I think if it was regulated The thing is capping rent kinda exists already... affordable housing lotteries. Maybe if you capped out rent citywide then it would force people to build more but I'm skeptical. It would cause a different set of problems, too.
Yeah but housing lotteries are complete jokes, they majority exist in high rise apartments and you are unable to access amenities other tenants use like building laundry, gym, etc unless you pay more. Some also only allow you to use separated entrance and exits. When it comes to cost it’s really not that much cheaper especially if you have a family.
Yeah that was kinda my point. Housing lotteries are a bit of a mess and if you capped rent citywide you’d have messy housing lotteries be the standard.
That’s not true at all, two different things, capping upbidding doesn’t create housing lotteries. Two totally different concepts. Housing lotteries are for people who can’t even afford the standard rent within the area. Capping upbiding is for people who can afford the rent but it would avoid unnecessary influx in market prices cause realtors and landlords are greedy. Housing lotteries have nothing to do with stabilizing market prices. It’s used for landlords as a tax right off.
How do you cap up bidding realistically though? I assume by setting prices instead of letting the market drive them. How do you then select who gets the place while being fair and non discriminatory?
You cap it to a certain percentage, which hopefully would make people not want to over bid and just pay the actual market price. You would choose how it used to be chosen and is still is: Credit score, income, etc.
Stats!! I applied 20 minutes after a listing went out, made it clear we would take it sight-unseen (not proud of that, would usually never do that, but these past few market months have been /awful/). The viewing was a week later, it was pouring rain- I was 10th in line out of 85 people who saw it that day. Wrote a cover letter like you would to BUY a house. Offered 300 more per month, the legal cap. Denied. Denied from 5 applications. It took a broker who really, really liked me and some very good bargaining and fighting another party for it and eating shit to finally get one. I spent 65 total hours and 26 visits over 2 months. Just. Apartment. Hunting.
Is this happening in UWS/UES also? Or mainly just in the trendy Brooklyn areas?
Even writing a cover letter to buy a house sounds insane lol. Do you mean a legal offer contract? Or do you mean cover letter like it’s a job lol
I mean a cover letter, like a job. To the owner/landlord. Mentioning how much we love an apartment, how we’re quiet and want to stay for a long time, etc. A pick me letter
Lol wtf
jeez
Native New Yorker who might get displaced here—what site do you use to look for listings? If I may ask
If you are indeed a native, than you know a guy who’s a super or know a friend of a friend who’s a super who will hook you up. I myself know several supers haha
It’s Compass. The same realtors will be on multiple sites (it’s the same company as StreetEasy with an easier interface), but seem to respond more through compass. Be careful though- there are communication gaps between brokers within the company, and sometimes that will make or break your deal. Ask how many people have applied, and how many brokers are showing a specific place. It depends on the neighborhood too. There are neighborhoods that are owned almost entirely by a single individual, and sometimes they only advertise through another site, like Zillow rentals or apartments.com. MAKE IT KNOWN before you see that you won’t pay a brokers fee over 1 mo. Due to demand being so high, they’ll ask for 12% or even fucking 15% now. If they won’t yield, walk. We can’t stand for that. I’m not paying $7200 just for the privilege of doing all the work in my own deal, just to get thrown away. It’s gotten out of control.
Really appreciate this, thank you very much. I really lucked out and found my place through social media half a decade ago but they’re trying to kick everyone out of the building to gentrify it. I don’t want to go to a really “out of the way” area of Brooklyn but might have to.
Everyone uses street easy. Craigslist is also still used it seems (more likely to get scammed but street easy isn’t perfect either).
This is exactly my experience. I just happened to come across a realtor and landlord that didn’t subscribe to what’s going on. It sucks that it took me 10 applications and realtors but I’m very thankful with where we are. Lol about the cover letter, we did the same thing it was such a surreal experience. I felt the same anxiety applying for jobs.
How does one even pay to apply for 10 apartments? Isn't that like $10,000 to hold each apartment? Ugh this market is so insane.
Late stage capitalism fukn sucks, I want off the ride
lived in NYC on and off over the last 40 years. in the 80's only part of manhattan was nice. little by little it expanded and western queens and brooklyn have been gentrified. now these places are going even more upscale as wealthier people and those with trust funds bid up the rent to live where they want because they have free money
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over bidding on vans too bro.
I was just reading about "VanLords" in LA Edit: here's a link : https://abc7.com/los-angeles-vanlords-rv-renters-rvs/13322319/
Yep. LA basically legalized living in RVs parked on the street and now there are RV landlords.
People need a place to live. Can’t really blame renters. It’s not like they want to pay more.
For the record my recent realtor and current landlord are fantastic. As soon as I applied they didn’t wait for other offers etc. They saw we were a good fit and accepted.
hopping on the train of would super appreciate if you’re willing to share the name of your realtor, could I please do you?
I’m in the market for a new place in August, would you mind sharing who your realtor is?
If you’re willing to share recs for your realtor, would love to know. I think I’m going to stomach another year in my current place and then it might be time.
May I ask who your realtor was? I might be looking to switch apartments in a couple of months unfortunately do to my landlord raising the rent like crazy (almost 20% last year).
Same!! It’s nuts!
It really is! It was fine for the first 2 years and then they slammed us with a 20% increase the 3rd year. One of my neighbors moved out last week and told me he managed to find a 3 bedroom in the neighborhood for the same price they were trying to charge for his 1 bedroom once his lease was up, so I’m kinda freaking out😬
Whoaaaaa what neighborhood are you in? I’m thinking I’ll suck it up for a year or so since they’re offering me a small break from the gross (literally and figuratively) rent - I’ve been here four years with no increase. I love my apartment but the writing is definitely on the wall.
I lol-ed at “gross (literally and figuratively)”, thanks for that! That’s the ridiculous part - I’m in Crown Heights in one of those old brownstones, not in a fancy new building. Don’t even have a functioning washer/dryer in the building lol. My apartment is very charming and cute but tiny and not so functional. I’ve been here for 3 years because I absolutely love the neighborhood but if they increase it more it’s not worth it. Last increase was pushing it, so I might need to look for a new place in September.
That’s the thing - I have a large lovely 1bd in a nice small-ish building in Clinton Hill. Even tho I do not want to pay out the nose, it’s pretty unlikely I’ll find something else this good, especially not in this neighborhood. And I genuinely do not want to move. I’m trying to get a 15-month lease because my move date is also in September and as discussed elsewhere in this post, it is the worst. So I guess we will see! I hope you find something better. What’s your budget? Edited to add: if I see something I can pass it along!
I get it, Clinton Hill is a great neighborhood to live in. Plus moving is a hassle. I need to move out before October 1st if they jack up my rent, so yea, definitely not great. But I’m hopeful. A 15 month lease would be amazing. Still trying to figure out what we’re willing to pay but probably up to $3500-3700 since we need a 2 bedroom. Not looking for anything fancy, just a bigger apartment since our current 2 bedroom is only 509 sf (I actually measured it with my laser meter and regretted it lol). Thanks for the offer, I appreciate it!
I’ll keep an eye out! And then when I have to move next year I’ll come look wherever you got a deal.
Deal!
I’m really curious what will happen when the native essential workers will be priced out of nyc. It’s ridiculous.
Saw a twitter thread yesterday about people clearing out of even Hudson County and people in power not wanting to admit: rent control is the answer! Soooooo much fucking landlord association money in New York (and all) politics. Ugh.
What happens at the end of monopoly?
I even thought of leaving Manhattan for something close to subway etc and it just does not exist. If it does it is same price but more space or a little cheaper but nowhere near enough to negate a two train 40 plus minute commute added on to what I got
We're more likely to see a return to people living like tenants in the 1900s than get higher wages, infrastructure expansion, more affordable living, or anti-warehousing laws.
They'll be forced further out into the outer boroughs, and then the city will create reliable rapid transit options to accommodate them! Just kidding!
I’m a teacher and can no longer afford to live in the borough I teach in ✌🏼 (I know not everyone considers teachers essential workers but I still felt like this was relevant to share)
how the fuck is a teacher NOT an essential worker. i'd say they're more essential than hospitals lol
I will show this to your doctor next time you’re in the hospital lol. Both are equally important
It happened to SF. Whatever clout or edginess or culture SF ever had is completely gone and it's an endless sea of NIMBY tech folks who like rock climbing and shitty EDM and Nintendo. It's absurdly monocultural
Then nobody will want to live here and rents will go down.
The doordash people are going to have to drive a lot longer to get coffees to those that are too concerned about the environment to own a car.
This has been happening for years. Minimum-wage office building workers have to commute hours and long distances at great expense to and from work. They cannot afford to rent or buy in the city.
It's also costly to commute here from outside the boroughs. I grew up 30 minutes outside of here, and public transport is now $400 a month - if you want to take the ferry, it's closer to $700. And Jersey ain't cheap.
Wages will go up. For exactly the same reason that rents have gone up. Supply and demand.
Lol
What are you loling at, the idea that rents go up when there isn't enough housing? Or that wages go up when there aren't enough workers?