Rent in NYC **UPDATE: Average Tops $5k

Serious question, what is so wonderful about NYC that justifies 2300 for 300 sqft?
 
surrealworlds said:
Serious question, what is so wonderful about NYC that justifies 2300 for 300 sqft?
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Unlimited number of things to do in my experience. Unfortunately things are kind of shit at the moment. I'll tell you what though, they had a great 20 year run ('98 - 2017).
 
That is weird People are not coming back in droves from what I see. The Eastern towns on Long Island are still packed with residents who fled NYC. The train station parking lots are still only half capacity when people used to have to park blocks away. No waits at restaurants besides the Michelin ones. Many places closed and never reopened. My one friend who is real estate said the market never really shifted due to covid. He also said people fake videos and interest to pump up prices. I am in the city all the time, NO WAY its back to pre covid populations.
 
I Am Legion said:
That is weird People are not coming back in droves from what I see. The Eastern towns on Long Island are still packed with residents who fled NYC. The train station parking lots are still only half capacity when people used to have to park blocks away. No waits at restaurants besides the Michelin ones. Many places closed and never reopened. My one friend who is real estate said the market never really shifted due to covid. He also said people fake videos and interest to pump up prices. I am in the city all the time, NO WAY its back to pre covid populations.
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Artificial demand by restricting available supply. They have lots of tricks up their sleeves.

Person in this Reddit thread sums it up


Speaking as a former real estate agent, I believe these prices are somewhat artificially inflated (can only speak on NYC, not the rest of the country).
In my building, there are 3 empty apartments that the landlord doesn’t have on the market. On my block, there are 2 empty first floor apts that I can see into and verify no one lives there. Those apts belong to one of the larger landlords in the city, and they are not on their brokerage report.
Landlords have been and are hoarding empty apts to keep the vacancy rate low. This allows them to renew current tenants at a higher price. The tenant goes apt hunting and sees no inventory, adds up the cost of moving (for me it’d be about 15K) and has to make a decision.
The apt then hits the market at a higher rate, then the apts that have been hoarded can be put on the market as fresh, new listings without a price history on StreetEasy that people will snap up and bid for.
And OMG the bidding wars. Why are ppl bidding on apts. This hands all the power back to landlords. I understand ppl need a place to live, but damn


Also they been doing this shit to commercial as well.



 
Queen B said:
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8k per month to rent anywhere is absurd.

You’d have to make 320k after taxes for that to be resonable and even then, no way.
 
IIIIIIII said:
location, location, location. if you can afford to live in or around manhattan, you are within possibly the most electric and fascinating area to live in the world.
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This means nothing.
 
therealdope said:
Unlimited number of things to do in my experience. Unfortunately things are kind of shit at the moment. I'll tell you what though, they had a great 20 year run ('98 - 2017).
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I guess i kind of get it but honestly every major city has unlimited things to do. I know some things are unique to New York City but i dont see enough to justify it in my mind. Of course ive never been there so....
 
IIIIIIII said:
damn, that's a good deal, even for that time.
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The price seemed absurd. The location was absolutely unmatched. What was worse was the cost of a parking space was $700/month at the time.
 
surrealworlds said:
I guess i kind of get it but honestly every major city has unlimited things to do. I know some things are unique to New York City but i dont see enough to justify it in my mind. Of course ive never been there so....
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Before the New Yorker and NYT went woke/insane I would advise people to check out the 'what's on in NYC' section. You look through it and realize that there were 10+ top level events, performances, shows going on at any time. This is beyond all of the 'new york' stuff that is always available. It's pretty crazy. In addition, you only need a few friends and they are always doing something, 'hey, a bunch of us are going to the <fill in the blank>'. THere are always options.
 
therealdope said:
The price seemed absurd. The location was absolutely unmatched. What was worse was the cost of a parking space was $700/month at the time.
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oh my god. $700 a month for parking? dude, i wouldn't have even had a car if i was living in manhattan.
 
IIIIIIII said:
oh my god. $700 a month for parking? dude, i wouldn't have even had a car if i was living in manhattan.
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Just to be clear, I did not own a car while living in NYC. I'm just pointing out how absurd parking was if you did own a car.
 
surrealworlds said:
I guess i kind of get it but honestly every major city has unlimited things to do. I know some things are unique to New York City but i dont see enough to justify it in my mind. Of course ive never been there so....
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I'm in London and I decided to see what's going on. Just tonight I had the option of going to an Ed Sheeren, Adele, or Guns n' Roses concert. I opted for Gn'R. NYC is like that and more. Trust me, if you live and work in the city there is an unlimited number of things to do especcially if your unattached.
 
I Am Legion said:
That is weird People are not coming back in droves from what I see. The Eastern towns on Long Island are still packed with residents who fled NYC. The train station parking lots are still only half capacity when people used to have to park blocks away. No waits at restaurants besides the Michelin ones. Many places closed and never reopened. My one friend who is real estate said the market never really shifted due to covid. He also said people fake videos and interest to pump up prices. I am in the city all the time, NO WAY its back to pre covid populations.
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Have you seen Louis Rossman's videos? He painted a pretty grim picture up to 3 months ago (I haven't checked him out recently).
 
What can I say, people are flocking towards NYC because its the GOAT city

If you thought New York City rent couldn't go any higher, it has.

The average monthly rent in Manhattan has hit a record $5,000 a month, and renters are struggling to pay it.

CBS2's Natalie Duddridge bumped into Mike Dias just as he was rushing to see an apartment in Hell's Kitchen to beat the other bidders.

"It's crazy right now, insane," he said. "We're trying to stay under $4k, hopefully."

One couple who just moved from the West Coast to New York says they are priced out of one bedrooms, so they're looking at studios, and even that is a challenge.

"Our budget is around $3,500, so it's been pretty hard to find anything," one person said.
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https://www.cbsnews.com/newyork/news/manhattan-record-high-rent-august-2022/
 
There was a movie a while back that pretty accurately explained the psychology of people wanting to live in NYC really badly. I wish I could remember the name of it.

My advice to anyone thinking of paying $5000 in rent is to leave and enjoy life.
 
Unfathomable to me why anyone would want live in such a crime infested shithole, let alone pay that much for it. I guess some people just need to be like ants and pack themselves in with other ants.
 
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