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Why Rent In NYC Is Out Of Control Right Now

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Why Rent In NYC Is Out Of Control Right Now

Rents in New York City are at an all-time high. The median asking rent in Manhattan reached $4,100 in June 2022. CNBC Make It spoke to three New Yorkers whose rents increased up to $2,100 a month.

But are New Yorkers willing to pay up? One challenge for renters is the requirement that they earn 40 times the rent when applying for an apartment. With the median asking rent in Manhattan around $4,000, that means the minimum income to qualify for an apartment at that price is $160,000. The median household income in New York City is $67,000.

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Why Rent In NYC Is Out Of Control Right Now

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47 COMMENTS

  1. my mouth was at my feet the entire video.the water there must got sugar in it or the air must smell like lavender and the burgers most be more delicious than a whataburger. f that! why would i want that stress.

  2. I WILL NOT BUY IN NYC HOMES NEVER AGAIN. 🤔🤔🤔🤔🤔 I BOUGHT MY FIRST HOME IN BROOKLYN AND GET RID OF IT AND I WILL NOT BUY AGAIN IN NYC..I JUST WANT TO MOVE OUT OF USA..NOW MY TWO SONS IS AN ALDULTS I CAN GET MYSELF AND MOVED AWAY PERMANENTLY AND I WILL NEVER LOOK BACK TO CORRUPT, MURDER, GANGSTER. CRIMINAL STRESSFULL HIGH BLOOD PRESSURE, HOMELESS , STROKE, RENT OUT OF CONTROL, UNHAPPY NYC….🤔🤔🤔🤔🤔🤔🤔🤔🤔🤔

  3. It appears that NYC would like to attract remote and high earners from around the world. NYC is already an international city. It’s going through gentrification, but not the race kind, more of an income kind. Anyone without a high earning business/income will have to leave. Will the city only have tech companies and service industry jobs? Will the mom and pop stores dwindle to be replaced by Amazon or other international giants? I’m sure corporate and commercial leases have gone up too.

  4. Expensive rent….everywhere you park you have to pay….everywhere you park you’re liable for a ticket at the same time…city full of potholes…and to top it off 9 x out 10, your neighbors are the meanest and nastiest people youd ever meet…not worth it.

  5. Also, having a roommate is super problematic for some. For people like myself who are introverts, with anxiety, roommating is NOT an option. Like I'd rather live in the crcrappiet, cheapest studio if I don't have to have a roommate.

  6. Trying to survive here is slowly causing me to have an emotional breakdown.

    I have my mom here, and a part time job. I really can't stay for her or anyone else. This city is causing me way too much stress.

  7. My grandparents immigrated from Europe to Queens,NY in the early 20th century and my parents and their siblings grew up in New York. Now, everybody has moved out across the US. I grew up in Kansas City. Why? Many reasons, but mainly NY is just really expensive.

  8. Honestly landlords need the French Revolution treatment. Before you start whining about small landlords, just know that a majority of NYC is just management companies raking in profits. Time for the guillotine.

  9. I'm going full remote next month. For anyone who wants that, you have to try asking your boss. If they value you enough, they'll allow it. I'm moving from expensive Orange County, CA to Maine. It's where I grew up, and I'm super excited to return. I can actually afford to buy a house there!

  10. I don't see how people are going to say oh it's cuz you're 20 years old and s*** that's why you can't get a place in New York you sound dumb it's because of this pandemic and we're in a Great depression and everything is going higher every price of food diapers and etc is going up that's why people can't afford apartments New York is expensive for one bedroom apartment is four grand a month

  11. Omg, do these people realize how horrible they themselves look but being in these videos and whining about how they don’t get to be able to live in “upper east side” or whatever other neighborhood in Manhattan. Mm my mom would like to live here too, and would be great if she did , but yea she can’t afford it, I can right now but maybe won’t in the future, then I’ll move. It’s like being mad that a Bentley is not affordable for you and how it’s not right – you people delusional. And then the women leaves nyc to go to London?!!! You can live in any city and work remotely and can’t afford nyc so you choose the other top most expensive city in the world?? This is why people our age get such a bad rep – we are really bringing the standard down for basic critical thinking and rationale

  12. Rent increases aren't regulated, wooow. Here in British Columbia, the lawful maximum rent increase this year for the entire province was something like 1.5% year over year. Good luck, Free Market!!! Long Live Capitalism!

  13. I have a recommendation for all the young professionals who fell for the culture trap. Stop allowing this foolishness of tying yourself to a big expensive city “for the convenience” and take control of your life by moving to a lower cost area (and low tax) and focus on building WEALTH. Start buying real estate and become the landlord or start investing in a business. The money you’re blowing on rent makes no sense and will ultimately take away from your long term wealth and quality of life.

  14. Get out of New York, California and any of those asinine expensive places. My daughter just got a great apartment, with new appliances, flooring, and carpeting for less than $800. My son pays $860 for a big apartment in a large Midwestern city. If you pay big rent, it's your choice. Blame only yourself.

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