Population Statistic: Read. React. Repeat.
Saturday, April 19, 2021

It’s common knowledge that rents are abhorrently high in Manhattan. But the monthly payments are just the bar tab, so to speak — the cover charge in preliminary fees and procedures are the real eye-poppers:

Aside from the realities of price and space, the requirements set by New York landlords are also bound to help turn a bright-eyed first-time renter’s outlook grim. To start with, landlords want only tenants who earn at least 40 times the monthly rent, which means an $80,000 annual salary for a $2,000 apartment. According to census data, more than 25,000 graduates ages 22 to 28 moved to the city in 2006, and their median salary was about $35,600.

Those who don’t make 40 times their monthly rent need a guarantor, usually a parent, who in turn must make at least 80 times the monthly rent. In addition to a security deposit, some landlords also want the first and last month’s rent. Tack on a broker’s fee and a prospective renter for that $2,000 apartment is out of pocket nearly $10,000 just to get the keys to the place.

Yep, it ain’t cheap. No need to wonder why so many people are loathe to leave their dwellings when they don’t have to — they want to maximize the amount of time they spend in the place they spend so much on (even when it’s a shithole).

by Costa Tsiokos, Sat 04/19/2008 08:05:21 PM
Category: New Yorkin'
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