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My nephew is about to rent his first apartment in New York City. It's really expensive and crazy. He just graduated, and started a great job this year with a financial firm.
He makes great money. And the ridiculously expensive apartments he is looking at are not in Manhattan. They're in Brooklyn. He qualifies with income, but showing proof is insane. Plus he's only worked for a few months instead of several years, so they want him to have a cosigner. That is a really tough thing for us, since he makes more money than me or my sister.
We're not talking a glass tower luxury condo in Manhattan here. We're talking a one bedroom walk up in what I think is a dirty neighborhood. And he has a roomate on the lease too.
There are like 5 or 6 applicants for each apartment.
HOW DOES ANYONE LIVE THERE?
When I was a kid, my family was military and transferred to NYC. Doesn't happen a lot, but yes, there is an army base in Manhattan and Naval recruitment.
We sure didnt live in Manhattan. Finding rental housing is tough there.
There's a bit more competition among landlords for the tenants they want now. I guess the trick is to be the tenant they want. I saw in the NY Times online that they are giving away cable tv, Netflix, waiving the fee, maybe a month free rent.
But that's if they want you.
My mother had a friend who had a rent controlled apartment in Greenwich village for years, and he only paid a few hundred a month while his neighbors paid a few thousand. When he died, his landlord renovated the apartment into two units and charged 4 times what he had paid for each - and got it.
I'd love to see deals like that, but its not good for everyone, especially a small owner.
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