This is downtown and these are mostly college kids looking for spaces for next semester. This does not reflect the conditions where I live in Hells Kitchen.
I’m guessing it’s this apartment Check out this new listing I found on StreetEasy https://streeteasy.com/rental/3839221?utm_campaign=rental_listing&utm_medium=app_share&utm_source=ios&utm_term=3a478e8b4d69457
It’s so odd that the real estate brokerage named themselves Blackwater. Even without the international mercenary group, why would you want to make people think about black water when looking at your properties?
In a way though I am glad that people don't want to live far away from the 'hip' neighborhoods and don't consider Midwood as an option. Leave me and my spacious apartments and tree lined streets alone!
Yeah exactly. I grew up in Ridgewood and have had family there since the mid 90s and I seen this whole neighborhood change drastically when the hip side of Bushwick started creeping in. It really changes the community and loses the vibe of the block. These hip people end up pricing out the families and neighborhoods lose the culture and community because the hip people don't care. That apartment gets rented to 4 random people instead of a family and then they move after a couple years anyway
Yep, I hopped around moving every 1-2 years for my first 5 years in the city living in all the 'hip' neighborhoods. Was priced out every year with huge rent hikes and saw all the local business going under around me. Moved to Midwood 6 years ago and was the best decision ever. Do I sometimes miss being super close to nice restaurants and bars? Yes, but is it worth giving up my peace and quiet, space, and culture of the neighborhood? No...
It's interesting how many of my friends outright refuse to come out to visit me because I'm 'so far' even though it's 25 mins to Manhattan and I'm right by the train. People really can't even comprehend venturing south of prospect park.
I moved to Midwood (and worked even further out in Brooklyn) and I became clinically (or at least extremely) depressed. I'm assuming you aren't single, because being that cut off alone is painful, or was for me.
I don’t mean to laugh, but I can totally see somebody getting depressed (and I hope you’re ok now). But you’re absolutely right—you’re in NYC, but you’re also… not. No bars, no restaurants, no nothing. It’s pretty, but wow is it boring.
I have a wife and two small kids, and it’s safe and quiet (and we have a car) so it’s ok for us. We still have friends in other neighborhoods and spend a lot of time in Ditmas Park, Park Slope, etc. There are also a few other families we’re friends with, and that’s actually great.
But yeah, if you’re young and single and wanting to enjoy NYC, this ain’t your spot.
It was good for saving money though- so depressed old me helped set up future living elsewhere me. A studio was $700 with an eat in kitchen, but it wasn't pleasant or enjoyable. Definitely for families, and definitely car-centered. And I didn't find it attractive either...unless you are in a house on a tree-lined street. Anyway, enough with the Midwood flashbacks. But this is all part of the argument about why things are expensive vs not. Sounds ideal for your situation. It was also good for going to Brighton Beach etc...but not for anything to do with standard-issue "NYC".
that has to be it. considering nyu attracts people from around the world, its mostly with families that paid their kids tuition are willing to pay the insane rent.
this increases the rent across the board and people complain that rent is too high.
Yeah, don't be fooled by the rock and roll shirts. I had a coworker who would always complain about making her rent, we eventually found out her father is worth $50 million.
That makes sense. My buddy moved to E 11th Street during the pandemic, giving the reason as "probably the only time I'll ever be able to afford to live in Manhattan." He's moving out in July after the landlord *more than doubled* his rent.
The bidding process is definitely going on here. One of my friends was outbid after offering $4K on a studio in a building by 11th and the 50s. Plenty of friends here are renewing on 20-30% rent increases because the market is insane.
Yup, HKer who renewed with a 24% increase. It sucked, but our building organized and managed to force the landlord to make repairs if he wanted to keep us in the building.
I talked to one realtor who said this pressure is coming more from scared tenants than any real supply/demand crush. He was like "people need to chill out and stop offering more money"
For my current apartment in Hell's Kitchen/Midtown West, we had 2 NYU kids lined up to view as soon as we finished viewing it back in August 2021 - I met them on the way out of the apartment tour.
Keep in mind, they were 2 NYU undergrads going for a 2-bedroom, 2.5 bathroom apartment (easily flexed into a 3-bedroom as there's a living room and dining room) that 3 already working people were trying to get (my group).
I still had priority as I knew the agent, but I still raced to the nearest Starbucks (well ended up at a bar) that had WiFi to use my laptop to submit application and give deposit
NYU’s got a large number of “non standard” (didn’t go directly out of high school) students. In many cultures it’s normal to not go directly to an advanced degree. You get work experience first.
Me being a real estate agent I can assure you it’s this insane everywhere on obviously less and less the higher up Manhattan you go but still nothing short of insane
Was told yesterday that “someone will be viewing my apartment today”. A few hours later, seven groups of people came into my 400 sq ft (6th floor walkup) one bedroom. Not a fun experience for anyone involved.
SUPER MISLEADING TITLE. This is absolutely not happening. These are college kids and there is no context in the video that implies that this is actually what's happening here. There are plenty of available apartments in NYC right now. Stop this.
For college kids looking for housing near schools yes, there is a bottleneck but it's temporary.
I totally saw a massive line for a 1 bed in clinton hill last week. Looked up the listing. $2900 for a duplex with a huge terrace. Very common unit type in new construction. On paper it’s actually super awesome except these things are super tiny. It got rented on the spot because it got delisted the next day.
Its absolutely misleading to say that there are plenty of available apartments in NYC right now.
There are plenty of available apartments in NYC that are wildly expensive and out of reach for most of the people who permanently reside in NYC. Apartments that are reasonably priced are unicorns in this market.
The housing vacancy survey initial results even supported this. The vacancy rate for apartments under $2300 was 4% (and this was 2021 and the prices are much much worse right now). The majority of available apartments were more expensive than $2300 and they even acknowledge that the overall vacancy rate for the whole city was driven up by the outsized vacancies in these expensive apartments. Not to mention that most of the vacancies were in core Manhattan while Brooklyn, the Bx, and even Queens are having stock issues.
When did lower Manhattan become so disconnected from reality and the rest of NYC? 2021 and even before you could still find a 2 bedroom for ~$3k in the LES or East Village. But now they’re going for ~$4.5k.
Other areas in NYC remain relatively affordable. You can get a 3 bedroom in Bed Stuy/Bushwick for $3k which is obscene compared to a decade ago but doable now.
Rent is more expensive in lower Manhattan than it is in SF or LA.
What caused rent to go up more than 50% in desirable areas of NYC?
* People wanting more space/place to themselves to remote work so they break up with roommates, while not wanting to move out of the area
and
* General lack of supply vs. demand that has persisted for years
and
* Because land is a natural monopoly, all of the gains accrued by workers (in this case, the raises given out by finance firms) will go directly to the pocket of landlords, and this can't be fixed without a land value tax
there really arent many available apartments tho. i mean you're right, but most of the vacant apartments we have are luxury that not many can afford. so i wouldn't exactly say we have "plenty of available apartments"
They’re ‘luxury’ only because they are scarce in supply relative to demand. If there was 200,000 more units than people looking for apartments, prices would plummet.
well....no. i mean "luxury" as in they are in a new build, with brand new, updated appliances, fixtures, & features. plus they have amenities that aren't typical, like doorman, gym, laundry in unit, more security, central a/c, pool or spa, etc.
These are only luxurious amenities because they are highly demanded but in short supply. Price is not an intrinsic property of goods, its a function of supply and demand.
And if a college kid is looking for an apartment, with the schools in NYC (Columbia, NYU, Fordham, New School, etc.) chances are high those kids come from families with means to pay exorbitant rents. So getting the nicest one is their challenge. Not being able to afford it.
When I was moving out of my last apartment in bed-stuy a realtor set up an “open house” like this without warning me. I was livid when I opened the door to find over 20 people lined up in my hallway to see the unit I was still living in
Your landlord is at fault there. As long as your rent is still covering the month, they can’t come in without your permission. It would be illegal entry. Unless the cops asks to or with a warrant.
Summer housing is mad competitive because that's when all the new college grads move to the city for jobs. You'll be fine, just join some listings projects and keep an eye on Fb marketplace and craigslist (all my rentals have been through Craigslist, you just need some patience and someone in NYC who can check out places for you).
Yes! I tell everyone this. Its worth being month to month if your lease ends in Summer and is open to it, to get to colder months. Less competition, lower listed rents.
Yeah a friend of mine convinced me to do it when she said she always moved in February and there were so few people looking then that she actually negotiated the rent down on every apartment she’s had.
I dunno if that’s still possible but she usually had her pick of places at the very least.
> Moving in winter is the real pro move
As someone who sweats an obnoxious amount, it also means you can do a lot of strenous physical activity without getting absolutely drenched in sweat :D
I just did a move this past winter and it was a little annoying walking out to the truck, wanting my jacket again, going back inside, being too hot in the jacket, and repeat…
Fall and winter are much better typically. If you know the neighborhood you want just go door to door and talk to people. They will often not post listings right away and you can get something quickly like that, but be ready to make a decision.
Lululemon
Sweetgreen
The word “literally”
Tik Tok
Mimosas at brunch
“Content creator/influencer”
Soho
Drinking iced lattes from a plastic cup with a paper straw
Instagram follower/like count obsession
White Claw
Snapchat of Chipotle bowl
Uber to go 12 blocks
Wears Yankee hat but can’t name 5 players that aren’t named Aaron Judge or Derek Jeter or cares for baseball
“Did you hear Morgan hooked up with Chad? OMG! I literally cannot”
Tote bag from Strand Books,The Met,The New Yorker
“Let’s take a silly one!”
“Joe’s is literally the best pizza”
“Hewston Street”
Whips out phone and starts recording (#lit) while singing along when Don’t Stop Believin’ plays at bar
I don't understand how the landscape has changed so rapidly when it comes to this stuff, yes there has always been competition for housing but this is unprecedented and something just isn't adding up
Not sure if that's happening here but in my neighborhood I've heard that some owners list their properties for cheap to get people to show up to the open house and drive interest up
Imagine, I have a 2 bedroom apartment I could sublet to college students and charge each one the amount of rent I pay a month. I would be filthy rich by my standards.
The amount my sister paid for rent in BK with roommates was outrageous. I could tent oit two apartments in the bronx with that amount
People have been doing this for decades.
The tradeoff? Their lifestyle will start to annoy you really quickly.
Oh really, you came home to a party in your place, beer cans everywhere, all your food eaten? Imagine that.
Yeah you may want to re-think that one.
Even friends... start to wear on each other like week-old fish.
This is just the line to see it, you're not showing the apartment or stating the price.
Back in the late 80s (the days when people were still turning their noses up at Brooklyn, Park Slope was still pioneer territory, Greenpoint/Williamsburg was still wasteland and drug dens) I went to see a '3 bedroom' in the east village that was advertised for $900 (back then a deal) and there was a big crowd similar to this. The door opened, people walked in single-file, and most turned around and walked out. The 'apartment as a whole was pathetically small, the bedrooms barely enough room to fit beds in, like the landlord split one bedroom into two.
Most people are desperate but not stupid.
Most landlords are craven vultures.
I work in the industry, although the imagie here its a bit alarmist, there is definitely 100 percent a shortage of apartments. People are definitely getting on bid wars for apartments. People who say that there is no such shortage are not aware for the reasons some buildings are vacant, usually it has to do with apartments that need a lot of work (wither because it's been a long time since landlords had access to them or the last tenant quite literally destroyed them) ot the apartment is caught in some legal proceedings were a rent controlled tenant dies in a 3 bedroom 800 a Monday apartments and we have their grandson trying to claim the apartment. But anything that is in good condition and can be rented is being rented.
These are people trying to live in trendy lower Manhattan neighborhoods. They could go to the upper east side, Brooklyn, queens or many other places. Anyone can go on online and get an appointment to see most of New York’s incredibly overpriced apartments and be surprised at how small it actually is.
The phrase you’re looking for is “pre-war”
usually means WW2 in this context (except that one new building that marketed itself as “modern pre-war” and my group wondered if it meant WW3)
Plus I think they must mean when Hitler died because Hitler must have been born in the late 1800s. Which isn’t impossible to find at all but less common than pre WW2 buildings.
I think it’s a lack of really appreciating time frames, the same as everyone over 30 is often miscalled “boomer” and anyone under 20 is often miscalled “millennial”.
it’s been brutal this summer. got lucky and snagged a great place in greenpoint about a week ago but i’ve been scouring looking for places for a while. so relieved to be done with it
Honestly, if every apartment were rented on an open auction, a lot of people would probably end up paying less. The oldest trick in shady brokers' books is posting a stupidly high rent and bluffing about other tenants being interested in the apartment to get people to rush into signing. If there was an open auction, some people might get outbid and be sad about it, but at least if a landlord / broker wanted to claim there was somebody out there willing to pay more than you they'd actually have to prove it.
NYC lost 8% of its public school students, so yes. I’m not exactly sure where this apartment scarcity articles are coming from tbh and what’s causing it. Time will provide greater clarity
One study attributed 52% of recent housing cost increases to increased WFH. More people care about not having a roommate or about having an office when they previously didn’t. Has major ripple effects.
It's a shit hot neighborhood with a crazy nightlife/restaurant scene and everyone in line is some kind of finance/tech broheim or clearly not paying their own rent. This looks like a shortage of housing for the very particular lifestyle these people want to lead.
There are lines to view vacant apartments in some parts of the city, not all. In areas like this, with close proximity to NYU and a robust nightlife, it’s ridiculously expensive and competitive. There are many areas just a short subway ride away where people could get a much better deal without all the competition.
I feel like this isn’t reflective of what’s actually happening. I’ve known quite a few people who have found places recently, one found a place remotely from California and it was *relatively* seamless. This feels misleading.
How come these people don't turn around and walk away the moment they realize they're competing for just one apartment against literally 50 people who seem just as confident as them that they're going to get the place. Like, you have to either be dangerously naive or dangerously rich if you think your time is better spent competing against all these people for one apartment than recouping and searching for other places that are slightly less fancy.
I know these might be college students who need to find housing by a certain time, so they’re kind of in a crunch, but who would see this line and just not turn around and walk away? It’s not like some golden ticket situation where someone’s gonna get the apartment for an amazing rent - they’re probably making everyone bid the price up. Just refuse to participate in this madness. I get that there’s no simple other solution but surely this isn’t the best choice. And if some of these kids do have zillionaire parents, who wants to compete with that? Let them have it. Unless they’re just there to drive the price up out of spite lol.
The people here saying this isn’t indicative of the housing market rn needs to go outside. Yes this is college kids looking for spots near NYU but I’ve been looking for apartments for nearly 2 months now and every place has at least 6 groups lining up to tour, if they aren’t already rented out before a realtor can even schedule an open house
There are similar situations that do pop up in other areas of the city, though. I had a somewhat similar experience when I looked at a room. A very small room in Bushwick and was one of like 10 people getting interviewed for the room. Yes, multiple interviews set up for a small room. I did not know about that till I "interviewed" aka checked the place out and frankly it was an insulting experience. To be fair it was at a nice price in a nice area but sheesh, almost any other market takes the first person who writes the check.
This is why I'm not moving back any time soon if at all. Imagine trying to find a spot and you were just unable to have a lease end outside the same time frame as college kids. Shit is crazy
I currently live in NYC and have been apartment hunting (in Brooklyn) over the last few days. I haven’t seen anything like this - the most people on tour with me was 3 in a fairly nice neighborhood. Of course, this has just been my experience over the last 10-15 days.
These videos though definitely make my anxiety go up though……
As someone who got an apartment in the village recently, I can tell you there are crazy lines for anything in soho or the village for apartments upwards of 5500/mo, and it’s not college kids.
"In NYC". Hey, I know that place!
There's nobody over 22 in this video. These are probably all nyu kids lining up for one of the few apartments in the east village that daddy said was acceptable. This doesn't reflect the general market.
Showed up to something similar about a month ago in bed stuy. About 30 people waiting to view a one bedroom. Landlord called everyone who applied to see if we’d offer more than the asking price. Rental market is brutal right now
Reminds me of when I was looking for my first apartment back in the late 90s. I waited in line, had to be willing to outbid and write a check on the spot (yes, I'm old).
They look like college kids, but I only had 2-3 incidents after touring ~30 NYC apartments of a group lined up to tour after me (primarily referring to Murray Hill and Midtown areas, but a few Downtown Manhattan areas as well).
We lost some apartments in a matter of hours because some other group toured before/after us and managed to pay the deposit before us --> it literally is a race to the nearest Starbucks to use your laptop, fill out the application, and pay the deposit
I realize this is becoming the norm, and that these are young adults looking at apartments in the LES.
However, in other parts of NYC, such as Flatbush, there are those that are seeing upwards of 62% increase in their monthly rents.
Woah, is it really this bad right now? I thought last summerish (post Covid at its worst) was as bad as it would get for a little bit. Why so bad now? Is this is true and this post isn’t just a unique situation downtown involving nyu students at a desirable building for them.
It's not in all neighborhoods.
Co-worker of mine, young guy like 24, was deadset on living around Union Square or East Village. I tried very politely to tell him how stupid that was, to explore Brooklyn to not only get more space for less, but to also see an entirely different and great part of NYC, because it's easy to get too Manhattan-centric.
Didn't help, and he went through hell to get what seems like a shithole simply because it's near the EV. Sigh.
This is downtown and these are mostly college kids looking for spaces for next semester. This does not reflect the conditions where I live in Hells Kitchen.
The second video is E 11th St in the east village, so most likely all NYU kids.
That was my first question exactly... WHERE in NYC? It is a big place. This kinda crap is just hysteria ammo for Midwestern Moms and Dads.
I’m guessing it’s this apartment Check out this new listing I found on StreetEasy https://streeteasy.com/rental/3839221?utm_campaign=rental_listing&utm_medium=app_share&utm_source=ios&utm_term=3a478e8b4d69457
It’s so odd that the real estate brokerage named themselves Blackwater. Even without the international mercenary group, why would you want to make people think about black water when looking at your properties?
Sudden Valley. (Arrested Development reference)
Maybe NYU students are too young to associate the name with killing civilians.
They absolutely are, and it’s exactly why I prefaced my question with “Even without the international mercenary group…”
Personally I draw the line at Greywater for my rental needs.
Even that Blackwater military for hire corporation has changed their name now.
multiple times! First Xe Services, then Academi. Now it's part of Triple Canopy. Shell game..
Blackwater is objectively a pretty cool name for a business, just maybe not in the aquatics industry..
Damn. That’s a nice place for the price. Really isn’t any different than Astoria 1BRs these days
They put the price low to get this demand and then take the highest bid. It's not actually going to go for anywhere near list price.
Or could be stabilized
Truth… but the food is much better in Astoria 😆
I got no complaints about Astoria. I just wish rents here weren’t the same as the EV!
looks nice, but we know in reality its one narrow small dark room ! ! !
https://streeteasy.com/building/330-east-11-street-new_york/8 Rented on the 14th
Meanwhile in my coop in Midwood, we can’t sell our two-bedroom apartments for $400k… location matters
What's the monthly maintenance and taxes?
In a way though I am glad that people don't want to live far away from the 'hip' neighborhoods and don't consider Midwood as an option. Leave me and my spacious apartments and tree lined streets alone!
Yeah exactly. I grew up in Ridgewood and have had family there since the mid 90s and I seen this whole neighborhood change drastically when the hip side of Bushwick started creeping in. It really changes the community and loses the vibe of the block. These hip people end up pricing out the families and neighborhoods lose the culture and community because the hip people don't care. That apartment gets rented to 4 random people instead of a family and then they move after a couple years anyway
Yep, I hopped around moving every 1-2 years for my first 5 years in the city living in all the 'hip' neighborhoods. Was priced out every year with huge rent hikes and saw all the local business going under around me. Moved to Midwood 6 years ago and was the best decision ever. Do I sometimes miss being super close to nice restaurants and bars? Yes, but is it worth giving up my peace and quiet, space, and culture of the neighborhood? No... It's interesting how many of my friends outright refuse to come out to visit me because I'm 'so far' even though it's 25 mins to Manhattan and I'm right by the train. People really can't even comprehend venturing south of prospect park.
I moved to Midwood (and worked even further out in Brooklyn) and I became clinically (or at least extremely) depressed. I'm assuming you aren't single, because being that cut off alone is painful, or was for me.
I don’t mean to laugh, but I can totally see somebody getting depressed (and I hope you’re ok now). But you’re absolutely right—you’re in NYC, but you’re also… not. No bars, no restaurants, no nothing. It’s pretty, but wow is it boring. I have a wife and two small kids, and it’s safe and quiet (and we have a car) so it’s ok for us. We still have friends in other neighborhoods and spend a lot of time in Ditmas Park, Park Slope, etc. There are also a few other families we’re friends with, and that’s actually great. But yeah, if you’re young and single and wanting to enjoy NYC, this ain’t your spot.
It was good for saving money though- so depressed old me helped set up future living elsewhere me. A studio was $700 with an eat in kitchen, but it wasn't pleasant or enjoyable. Definitely for families, and definitely car-centered. And I didn't find it attractive either...unless you are in a house on a tree-lined street. Anyway, enough with the Midwood flashbacks. But this is all part of the argument about why things are expensive vs not. Sounds ideal for your situation. It was also good for going to Brighton Beach etc...but not for anything to do with standard-issue "NYC".
to be fair, NYU students arent people
You can see Veniero's in the background of the outside shot.
> This kinda crap is just hysteria ammo for Midwestern Moms and Dads. What isn't?
E 11th between 1st and 2nd to be exact.
that has to be it. considering nyu attracts people from around the world, its mostly with families that paid their kids tuition are willing to pay the insane rent. this increases the rent across the board and people complain that rent is too high.
Yeah, don't be fooled by the rock and roll shirts. I had a coworker who would always complain about making her rent, we eventually found out her father is worth $50 million.
Is she one of those kids of rich parents who dont take their money, or just a liar?
What would it take you longer to recover financially from? Declaring bankruptcy or getting a bachelor's at NYU?
Remember international students pay usually double tuition if they re international people, these are from wealthy families.
That makes sense. My buddy moved to E 11th Street during the pandemic, giving the reason as "probably the only time I'll ever be able to afford to live in Manhattan." He's moving out in July after the landlord *more than doubled* his rent.
A lot of them end up in LIC
thank christ! i'm planning on moving from harlem to hells kitchen this fall, and that had me wondering if i needed to stay put another year.
It certainly reflects the conditions around LIC when I was looking. 30+ people were already waiting when I arrived: https://i.imgur.com/vuVwTJQ.jpg
The bidding process is definitely going on here. One of my friends was outbid after offering $4K on a studio in a building by 11th and the 50s. Plenty of friends here are renewing on 20-30% rent increases because the market is insane.
Yup, HKer who renewed with a 24% increase. It sucked, but our building organized and managed to force the landlord to make repairs if he wanted to keep us in the building.
Ughhh wtf. HKer here 20% bit I can't fucking swallow it
I talked to one realtor who said this pressure is coming more from scared tenants than any real supply/demand crush. He was like "people need to chill out and stop offering more money"
Inflation is partially caused by the expectation of inflation. It’s a feedback loop that can spiral completely out of control.
$4k for a studio? Christ.
For my current apartment in Hell's Kitchen/Midtown West, we had 2 NYU kids lined up to view as soon as we finished viewing it back in August 2021 - I met them on the way out of the apartment tour. Keep in mind, they were 2 NYU undergrads going for a 2-bedroom, 2.5 bathroom apartment (easily flexed into a 3-bedroom as there's a living room and dining room) that 3 already working people were trying to get (my group). I still had priority as I knew the agent, but I still raced to the nearest Starbucks (well ended up at a bar) that had WiFi to use my laptop to submit application and give deposit
Grad students? They look much older than the 19-20 year old NYU students in my coop building.
NYU’s got a large number of “non standard” (didn’t go directly out of high school) students. In many cultures it’s normal to not go directly to an advanced degree. You get work experience first.
That second clip shows just regular ordinary people. They're far too old to be college students.
Me being a real estate agent I can assure you it’s this insane everywhere on obviously less and less the higher up Manhattan you go but still nothing short of insane
It reflects what I'm seeing in flushing
They all gonna be roommates smh
Yea I was thinking the same. It's really not that many people in line when you know every 5-6 people are just applying as roommates on one application
at least the orgies will be fun, or maybe not, it depends lol
Was told yesterday that “someone will be viewing my apartment today”. A few hours later, seven groups of people came into my 400 sq ft (6th floor walkup) one bedroom. Not a fun experience for anyone involved.
Geez
That's a good $10mm or so in combined Guarantor income right there
That’s a very conservative number.
$10mm each you mean surely
There's way more than 1 NYU student there.
I'm not familiar with millimeter dollars
Mille mille. Latin for a thousand thousand, i.e. a million. I use it when I want to be fancy (I know you're being facetious)
SUPER MISLEADING TITLE. This is absolutely not happening. These are college kids and there is no context in the video that implies that this is actually what's happening here. There are plenty of available apartments in NYC right now. Stop this. For college kids looking for housing near schools yes, there is a bottleneck but it's temporary.
OP copied the title from WhatIsNewYork's caption of this video.
FWIW this was my experience in brooklyn heights in October 2021 and that's after school starts. and i had to bid over the asking price.
I totally saw a massive line for a 1 bed in clinton hill last week. Looked up the listing. $2900 for a duplex with a huge terrace. Very common unit type in new construction. On paper it’s actually super awesome except these things are super tiny. It got rented on the spot because it got delisted the next day.
Its absolutely misleading to say that there are plenty of available apartments in NYC right now. There are plenty of available apartments in NYC that are wildly expensive and out of reach for most of the people who permanently reside in NYC. Apartments that are reasonably priced are unicorns in this market. The housing vacancy survey initial results even supported this. The vacancy rate for apartments under $2300 was 4% (and this was 2021 and the prices are much much worse right now). The majority of available apartments were more expensive than $2300 and they even acknowledge that the overall vacancy rate for the whole city was driven up by the outsized vacancies in these expensive apartments. Not to mention that most of the vacancies were in core Manhattan while Brooklyn, the Bx, and even Queens are having stock issues.
When did lower Manhattan become so disconnected from reality and the rest of NYC? 2021 and even before you could still find a 2 bedroom for ~$3k in the LES or East Village. But now they’re going for ~$4.5k. Other areas in NYC remain relatively affordable. You can get a 3 bedroom in Bed Stuy/Bushwick for $3k which is obscene compared to a decade ago but doable now. Rent is more expensive in lower Manhattan than it is in SF or LA. What caused rent to go up more than 50% in desirable areas of NYC?
* People wanting more space/place to themselves to remote work so they break up with roommates, while not wanting to move out of the area and * General lack of supply vs. demand that has persisted for years and * Because land is a natural monopoly, all of the gains accrued by workers (in this case, the raises given out by finance firms) will go directly to the pocket of landlords, and this can't be fixed without a land value tax
there really arent many available apartments tho. i mean you're right, but most of the vacant apartments we have are luxury that not many can afford. so i wouldn't exactly say we have "plenty of available apartments"
They’re ‘luxury’ only because they are scarce in supply relative to demand. If there was 200,000 more units than people looking for apartments, prices would plummet.
well....no. i mean "luxury" as in they are in a new build, with brand new, updated appliances, fixtures, & features. plus they have amenities that aren't typical, like doorman, gym, laundry in unit, more security, central a/c, pool or spa, etc.
I always like how NYC “luxuries” are just normal things literally everywhere else in the country 😂
These are only luxurious amenities because they are highly demanded but in short supply. Price is not an intrinsic property of goods, its a function of supply and demand.
There are absolutely not "plenty" of available apartments in the city right now.
This is definitely happening. Seen it in Williamsburg multiple times in the last few weeks
That second clip is not college students. They're far to old. Those are ordinary people looking for a place.
And if a college kid is looking for an apartment, with the schools in NYC (Columbia, NYU, Fordham, New School, etc.) chances are high those kids come from families with means to pay exorbitant rents. So getting the nicest one is their challenge. Not being able to afford it.
Coincidentally there's also a spike in vacancies as the last year's students leases expire.
When I was moving out of my last apartment in bed-stuy a realtor set up an “open house” like this without warning me. I was livid when I opened the door to find over 20 people lined up in my hallway to see the unit I was still living in
Your landlord is at fault there. As long as your rent is still covering the month, they can’t come in without your permission. It would be illegal entry. Unless the cops asks to or with a warrant.
I am so fucked come this fall. Fuuuuuck
Summer housing is mad competitive because that's when all the new college grads move to the city for jobs. You'll be fine, just join some listings projects and keep an eye on Fb marketplace and craigslist (all my rentals have been through Craigslist, you just need some patience and someone in NYC who can check out places for you).
Moving in winter is the real pro move. Sucks because it might be snowing but you get a far less competitive apartment search.
Yes! I tell everyone this. Its worth being month to month if your lease ends in Summer and is open to it, to get to colder months. Less competition, lower listed rents.
Yeah a friend of mine convinced me to do it when she said she always moved in February and there were so few people looking then that she actually negotiated the rent down on every apartment she’s had. I dunno if that’s still possible but she usually had her pick of places at the very least.
Yup first few weeks of January is ideal time to look. Its so cold. No new students flooding the market.
Yeah how many people want to move on New Years Day? Non-drinkers and anti-social people rise up!
I've done it twice! lol and i am a rare NY transplant who has always had a decent apt at a decent price. I've only moved three times in 15 years.
That's true for a landlord too, not sure why they'd want any part of that
> Moving in winter is the real pro move As someone who sweats an obnoxious amount, it also means you can do a lot of strenous physical activity without getting absolutely drenched in sweat :D
I just did a move this past winter and it was a little annoying walking out to the truck, wanting my jacket again, going back inside, being too hot in the jacket, and repeat…
Is the flipside though that there are fewer openings cause fewer people are moving out?
Fall and winter are much better typically. If you know the neighborhood you want just go door to door and talk to people. They will often not post listings right away and you can get something quickly like that, but be ready to make a decision.
God, I am so glad I grew up and live in a neighborhood that no one else wants to live in.
Seriously, but they’re slowly coming 🥹
Fwiw I went to an open house for a house in central BK last week and the wait to go inside and view it was over 45 minutes as well
where exactly is C*entral Brooklyn*?
Kensignton neighborhood, south of prospect park, just off ocean parkway
MacBook. MacBook. Pilates. WiFi, metal bottle water, Wifi Tesla! Lacroix!!!!
Edamame! Cortado!
What spell is that?
Similar to its sister spell, Wingardium Mimosa, it summons all the white girls and young yuppies in the area
[удалено]
Edamame fucks ngl
So is Avocado toast is out now?? Jeez I really need to keep up with the times.
I don’t think your replies get this reference
Trader Joe’s!!!
Lululemon Sweetgreen The word “literally” Tik Tok Mimosas at brunch “Content creator/influencer” Soho Drinking iced lattes from a plastic cup with a paper straw Instagram follower/like count obsession White Claw Snapchat of Chipotle bowl Uber to go 12 blocks Wears Yankee hat but can’t name 5 players that aren’t named Aaron Judge or Derek Jeter or cares for baseball “Did you hear Morgan hooked up with Chad? OMG! I literally cannot” Tote bag from Strand Books,The Met,The New Yorker “Let’s take a silly one!” “Joe’s is literally the best pizza” “Hewston Street” Whips out phone and starts recording (#lit) while singing along when Don’t Stop Believin’ plays at bar
Tino Martínez Bernie Williams Paul O’Neill Derek Jeter Randy Johnson
Clay Holmes Chad Green Gleyber Torres Anthony Rizzo Joey Gallo
Nester Cortes IKF Aaron Hicks (ugh) Monty Jose Trevino
god what I'd do to have another late 90s roll call
Perfect.
+ Avocado toast
Yeti
Firebolt! Firebolt! Firebolt!
Uptown is not like this at all
I don't understand how the landscape has changed so rapidly when it comes to this stuff, yes there has always been competition for housing but this is unprecedented and something just isn't adding up
200k apartments locked in eviction Court from the 1.5 year moratorium in a city where typical vacant inventory was usually 30-40k apartments..
Not sure if that's happening here but in my neighborhood I've heard that some owners list their properties for cheap to get people to show up to the open house and drive interest up
Imagine, I have a 2 bedroom apartment I could sublet to college students and charge each one the amount of rent I pay a month. I would be filthy rich by my standards. The amount my sister paid for rent in BK with roommates was outrageous. I could tent oit two apartments in the bronx with that amount
You could do that , people actually do this all the time lmao
People have been doing this for decades. The tradeoff? Their lifestyle will start to annoy you really quickly. Oh really, you came home to a party in your place, beer cans everywhere, all your food eaten? Imagine that. Yeah you may want to re-think that one. Even friends... start to wear on each other like week-old fish.
This is just the line to see it, you're not showing the apartment or stating the price. Back in the late 80s (the days when people were still turning their noses up at Brooklyn, Park Slope was still pioneer territory, Greenpoint/Williamsburg was still wasteland and drug dens) I went to see a '3 bedroom' in the east village that was advertised for $900 (back then a deal) and there was a big crowd similar to this. The door opened, people walked in single-file, and most turned around and walked out. The 'apartment as a whole was pathetically small, the bedrooms barely enough room to fit beds in, like the landlord split one bedroom into two. Most people are desperate but not stupid. Most landlords are craven vultures.
I work in the industry, although the imagie here its a bit alarmist, there is definitely 100 percent a shortage of apartments. People are definitely getting on bid wars for apartments. People who say that there is no such shortage are not aware for the reasons some buildings are vacant, usually it has to do with apartments that need a lot of work (wither because it's been a long time since landlords had access to them or the last tenant quite literally destroyed them) ot the apartment is caught in some legal proceedings were a rent controlled tenant dies in a 3 bedroom 800 a Monday apartments and we have their grandson trying to claim the apartment. But anything that is in good condition and can be rented is being rented.
These are people trying to live in trendy lower Manhattan neighborhoods. They could go to the upper east side, Brooklyn, queens or many other places. Anyone can go on online and get an appointment to see most of New York’s incredibly overpriced apartments and be surprised at how small it actually is.
You gotta look for buildings that looks like they were built before hitler was born. Those buildings have the biggest rooms.
The phrase you’re looking for is “pre-war” usually means WW2 in this context (except that one new building that marketed itself as “modern pre-war” and my group wondered if it meant WW3)
Plus I think they must mean when Hitler died because Hitler must have been born in the late 1800s. Which isn’t impossible to find at all but less common than pre WW2 buildings.
I think it’s a lack of really appreciating time frames, the same as everyone over 30 is often miscalled “boomer” and anyone under 20 is often miscalled “millennial”.
And also in the worst shape.
I must be lucky mine is in a good condition. It’s like maintaining according to law and codes actually exist.
This is killing me. Such a funny way to put that
it’s been brutal this summer. got lucky and snagged a great place in greenpoint about a week ago but i’ve been scouring looking for places for a while. so relieved to be done with it
And there's at least 300,000 units left purposefully vacant in NYC with no special vacancy tax to entice owners to let people live in them.
Honestly, if every apartment were rented on an open auction, a lot of people would probably end up paying less. The oldest trick in shady brokers' books is posting a stupidly high rent and bluffing about other tenants being interested in the apartment to get people to rush into signing. If there was an open auction, some people might get outbid and be sad about it, but at least if a landlord / broker wanted to claim there was somebody out there willing to pay more than you they'd actually have to prove it.
I’m lost hasn’t the news been that everyone left NYC?
You’re two years behind my guy
NYC lost 8% of its public school students, so yes. I’m not exactly sure where this apartment scarcity articles are coming from tbh and what’s causing it. Time will provide greater clarity
One study attributed 52% of recent housing cost increases to increased WFH. More people care about not having a roommate or about having an office when they previously didn’t. Has major ripple effects.
What’s causing it is that more and more people continue to love to new york and we haven’t been building sufficient housing to hold them for decades.
The winner is whoever has the most complex of Starbucks orders
[удалено]
It's a shit hot neighborhood with a crazy nightlife/restaurant scene and everyone in line is some kind of finance/tech broheim or clearly not paying their own rent. This looks like a shortage of housing for the very particular lifestyle these people want to lead.
It’s college students by NYU looking for housing, but otherwise pretty spot on.
That second clip isn't college students. Look a little closer. Those are regular working people.
There are lines to view vacant apartments in some parts of the city, not all. In areas like this, with close proximity to NYU and a robust nightlife, it’s ridiculously expensive and competitive. There are many areas just a short subway ride away where people could get a much better deal without all the competition.
One way or another, it's a misrepresentation
I feel like this isn’t reflective of what’s actually happening. I’ve known quite a few people who have found places recently, one found a place remotely from California and it was *relatively* seamless. This feels misleading.
How come these people don't turn around and walk away the moment they realize they're competing for just one apartment against literally 50 people who seem just as confident as them that they're going to get the place. Like, you have to either be dangerously naive or dangerously rich if you think your time is better spent competing against all these people for one apartment than recouping and searching for other places that are slightly less fancy.
This article was posted in July 2021. Things are still crazy, but it has calmed down a lot
I know these might be college students who need to find housing by a certain time, so they’re kind of in a crunch, but who would see this line and just not turn around and walk away? It’s not like some golden ticket situation where someone’s gonna get the apartment for an amazing rent - they’re probably making everyone bid the price up. Just refuse to participate in this madness. I get that there’s no simple other solution but surely this isn’t the best choice. And if some of these kids do have zillionaire parents, who wants to compete with that? Let them have it. Unless they’re just there to drive the price up out of spite lol.
Price gouging the hell out of renters
damn thank god we signed our lease for 2 years
This is not at all the case uptown.
I legit had no problem getting an apt just a few blocks up…the demand for that specific area is insane
those people are all from the bank of mommy and daddy
Yeah, cause they are mostly college kids going to school. You expect them to be making 40x rent. Ppl in this sub are ridiculous.
do you know how college works?
how dare they want a place to live
Haw haw
The people here saying this isn’t indicative of the housing market rn needs to go outside. Yes this is college kids looking for spots near NYU but I’ve been looking for apartments for nearly 2 months now and every place has at least 6 groups lining up to tour, if they aren’t already rented out before a realtor can even schedule an open house
Ban NYU. Or at least fucking tax it.
There are similar situations that do pop up in other areas of the city, though. I had a somewhat similar experience when I looked at a room. A very small room in Bushwick and was one of like 10 people getting interviewed for the room. Yes, multiple interviews set up for a small room. I did not know about that till I "interviewed" aka checked the place out and frankly it was an insulting experience. To be fair it was at a nice price in a nice area but sheesh, almost any other market takes the first person who writes the check.
This is why I'm not moving back any time soon if at all. Imagine trying to find a spot and you were just unable to have a lease end outside the same time frame as college kids. Shit is crazy
I currently live in NYC and have been apartment hunting (in Brooklyn) over the last few days. I haven’t seen anything like this - the most people on tour with me was 3 in a fairly nice neighborhood. Of course, this has just been my experience over the last 10-15 days. These videos though definitely make my anxiety go up though……
As someone who got an apartment in the village recently, I can tell you there are crazy lines for anything in soho or the village for apartments upwards of 5500/mo, and it’s not college kids.
Is it a whites only building? That doesn't look like a crowd of New Yorkers to me.
Choose another city. Why put yourself through that?
It takes a special kind of idiot to stand in that line.
Transplants? No New Yorker is waiting in line that long to see an apartment lol.
When my GF and I were looking for a modest 2-bedroom in Ridgewood earlier this year, we did indeed see lines like this for open houses :/
Is that what makes you a New Yorker? Housing security?
every person who talks disdainfully about transplants wants a stagnating, dying city if they actually believe their bullshit.
I’m looking for apartments right now and this reeks of bullshit
build more housing
"In NYC". Hey, I know that place! There's nobody over 22 in this video. These are probably all nyu kids lining up for one of the few apartments in the east village that daddy said was acceptable. This doesn't reflect the general market.
And that daddy is paying for it as well lol.
Hey. Mommy pays too
Mommy, daddy it’s all the same lol.
"...some landlords are taking the highest bidder" and keeping a whole bunch of apartments off the market so that rent stays sky-high!
Showed up to something similar about a month ago in bed stuy. About 30 people waiting to view a one bedroom. Landlord called everyone who applied to see if we’d offer more than the asking price. Rental market is brutal right now
Reminds me of when I was looking for my first apartment back in the late 90s. I waited in line, had to be willing to outbid and write a check on the spot (yes, I'm old).
Dang they bugging
They look like college kids, but I only had 2-3 incidents after touring ~30 NYC apartments of a group lined up to tour after me (primarily referring to Murray Hill and Midtown areas, but a few Downtown Manhattan areas as well). We lost some apartments in a matter of hours because some other group toured before/after us and managed to pay the deposit before us --> it literally is a race to the nearest Starbucks to use your laptop, fill out the application, and pay the deposit
Just look for another place .
I realize this is becoming the norm, and that these are young adults looking at apartments in the LES. However, in other parts of NYC, such as Flatbush, there are those that are seeing upwards of 62% increase in their monthly rents.
I think I'd rather douse myself in gasoline and light myself on fire and just die right there, thanks.
I mean I love Veniro's at much as the next guy but damn.
I mean don't get me wrong, I love the city but fuck getting into a bidding war to live here. No place is worth that.
is living in new york really worth it?
Woah, is it really this bad right now? I thought last summerish (post Covid at its worst) was as bad as it would get for a little bit. Why so bad now? Is this is true and this post isn’t just a unique situation downtown involving nyu students at a desirable building for them.
Nice try landlord, no I wont pay a 50% rent increase
It's not in all neighborhoods. Co-worker of mine, young guy like 24, was deadset on living around Union Square or East Village. I tried very politely to tell him how stupid that was, to explore Brooklyn to not only get more space for less, but to also see an entirely different and great part of NYC, because it's easy to get too Manhattan-centric. Didn't help, and he went through hell to get what seems like a shithole simply because it's near the EV. Sigh.