6 ms·

Not only are they dropping, the incentives being offered around NYC are pretty nice. 50% off security deposit and 1 month free are what I've recently received.

by Grimm1 6y ago

Not only are they dropping, the incentives being offered around NYC are pretty nice. 50% off security deposit and 1 month free are what I've recently received. I checked back to see a week or two after and they were offering 2 months for free with 50% off the deposit.

TechBro8615 6y ago
Are they still doing salary requirements of 42x monthly rent unless you have a guarantor?
- Grimm1 6y ago
  Yeah I don't think they've budged on that in NYC much yet unfortunately.
  - TechBro8615 6y ago
    It's quite frustrating how hard it is to get an apartment in NYC without a proper job, e.g. as a freelancer. If they even answer you, they want you to put a ton of money down up front.
- maximente 6y ago
  i think it's typically 40x, but yeah, although IME it's not super religiously followed. a lot of landlords are fairly reasonable when it comes to working things out if you're close, especially now as vacancies are way up.
victor106 6y ago
One of my buddies just renewed his lease in one of Manhattan's top rental properties, and they gave him 3 months free on a 15 mont lease along with 50% security deposit off.
nemo44x 6y ago
It's a very interesting time in the real estate market. NYC has seen a lot of development over a fairly long amount of time, a lot of it higher end. The city has seen growth for 30 years in terms of population growth, tax base growth, etc. Can something continue to go up forever? My anecdotal experience lately has been there is a general mood among people (especially people who make a good living) that it's time to get out; that it has been for awhile due to unrealistic prices and now the civil unrest and potential for a longer term increase in crime as police forces are gutted, similar to the 70's and 80's - "the good ol' bad days". It's hard to tell if it's pure emotion and frustration right now or the beginnings of a larger trend, like in the mid-60's when many well-to-do people started to abandon cities. A couple real estate agents I know outside the city have said this has been the busiest they've ever been with clients moving out of the city. However, because they were more or less shut down for 2 months it could be just a backlog. Difficult to assess right now. In my personal opinion, the prices for NYC got to absurd levels. It's not why I moved out (wanted space and less density and wasn't using the parts of the city that make living in it worth it) but it certainly wasn't an argument to stay. A correction is needed. I'm sure policing will change dramatically but I don't believe that means more crime has to happen. Reallocating funds for other ways of deterring and avoiding crime are possible. However, NYC's political history makes me skeptic. My biggest fear for that city is that over the next few years, a lot of their tax base (the people that actually pay taxes) will leave. And because they'll work from home they won't have to pay taxes to NY like a lot of people in Connecticut and New Jersey have. It's not just the rents in NYC that are insane, the taxes are too. The value was you were paying to live in the most culturally relevant city on Earth that had decent services and was extremely safe.
- Grimm1 6y ago
  I think you're spot on with many people believing it's time to get out. I'm on the younger end of the age cohort that where people typically think to begin their move out to the suburbs, if they plan to move at all, and from what I've seen given the pandemic it has accelerated that decision for some simply because of the indeterminate length of time we won't have access to that cultural relevance and social experience that only a city like NY can provide. I personally joke that the city and I have come to an agreement just to be friends as it works better that way. I've never had that in love feeling with NYC and it has been really good for my career and interests but without those benefits, I don't really want to stay and I'm finding that many people who like me aren't in love with the city but found it beneficial are moving up their timelines to get out. Combine that with the price increases, unless you're in tech or finance you can't really afford to live in the city any way you're generally relegated to the styx so what's the difference between a 40minute commute from the edge of Queens or a 40minute commute in from Connecticut when you can save more.
  - ghaff 6y ago
    You make a good point. It's not so much that the young 20-something is suddenly going to decide to decamp to the Maine woods. But, rather, there are natural patterns where many younger people tend to prefer to live in the elite cities today and somewhat older people--many with or planning on children--would rather move out. Those patterns would likely happen to some degree in any case. But, for many, I expect this is something of a decision point in the vein of "as good a time as any."
  - throw51319 6y ago
    Same here. I'm 28 and have gotten a solid few years in here. I feel like I've done a good amount of nyc things. Going back home for 3 months I kind of realized that not only does it not make sense to renew my lease financially, I also would prefer to get out of the city and see what it's like to live life in a different style. The consumerism of the city in your face 24/7 is kind of annoying tbh.
komali2 6y ago
What's this "broker fee" they're talking about? It sounds insanely high and I've never heard about it.
amiga_500 6y ago
They give a month "free" to avoid dropping the official rent. Make them drop it.
NikolaeVarius 6y ago
I actually got a rent drop, I never expected that to happen in NYC.

by Grimm1 6y ago

TechBro8615 6y ago

Are they still doing salary requirements of 42x monthly rent unless you have a guarantor?

Grimm1 6y ago
Yeah I don't think they've budged on that in NYC much yet unfortunately.
- TechBro8615 6y ago
  It's quite frustrating how hard it is to get an apartment in NYC without a proper job, e.g. as a freelancer. If they even answer you, they want you to put a ton of money down up front.
maximente 6y ago
i think it's typically 40x, but yeah, although IME it's not super religiously followed. a lot of landlords are fairly reasonable when it comes to working things out if you're close, especially now as vacancies are way up.

victor106 6y ago

One of my buddies just renewed his lease in one of Manhattan's top rental properties, and they gave him 3 months free on a 15 mont lease along with 50% security deposit off.

nemo44x 6y ago

It's a very interesting time in the real estate market. NYC has seen a lot of development over a fairly long amount of time, a lot of it higher end. The city has seen growth for 30 years in terms of population growth, tax base growth, etc. Can something continue to go up forever? My anecdotal experience lately has been there is a general mood among people (especially people who make a good living) that it's time to get out; that it has been for awhile due to unrealistic prices and now the civil unrest and potential for a longer term increase in crime as police forces are gutted, similar to the 70's and 80's - "the good ol' bad days". It's hard to tell if it's pure emotion and frustration right now or the beginnings of a larger trend, like in the mid-60's when many well-to-do people started to abandon cities. A couple real estate agents I know outside the city have said this has been the busiest they've ever been with clients moving out of the city. However, because they were more or less shut down for 2 months it could be just a backlog. Difficult to assess right now. In my personal opinion, the prices for NYC got to absurd levels. It's not why I moved out (wanted space and less density and wasn't using the parts of the city that make living in it worth it) but it certainly wasn't an argument to stay. A correction is needed. I'm sure policing will change dramatically but I don't believe that means more crime has to happen. Reallocating funds for other ways of deterring and avoiding crime are possible. However, NYC's political history makes me skeptic. My biggest fear for that city is that over the next few years, a lot of their tax base (the people that actually pay taxes) will leave. And because they'll work from home they won't have to pay taxes to NY like a lot of people in Connecticut and New Jersey have. It's not just the rents in NYC that are insane, the taxes are too. The value was you were paying to live in the most culturally relevant city on Earth that had decent services and was extremely safe.

Grimm1 6y ago
I think you're spot on with many people believing it's time to get out. I'm on the younger end of the age cohort that where people typically think to begin their move out to the suburbs, if they plan to move at all, and from what I've seen given the pandemic it has accelerated that decision for some simply because of the indeterminate length of time we won't have access to that cultural relevance and social experience that only a city like NY can provide. I personally joke that the city and I have come to an agreement just to be friends as it works better that way. I've never had that in love feeling with NYC and it has been really good for my career and interests but without those benefits, I don't really want to stay and I'm finding that many people who like me aren't in love with the city but found it beneficial are moving up their timelines to get out. Combine that with the price increases, unless you're in tech or finance you can't really afford to live in the city any way you're generally relegated to the styx so what's the difference between a 40minute commute from the edge of Queens or a 40minute commute in from Connecticut when you can save more.
- ghaff 6y ago
  You make a good point. It's not so much that the young 20-something is suddenly going to decide to decamp to the Maine woods. But, rather, there are natural patterns where many younger people tend to prefer to live in the elite cities today and somewhat older people--many with or planning on children--would rather move out. Those patterns would likely happen to some degree in any case. But, for many, I expect this is something of a decision point in the vein of "as good a time as any."
- throw51319 6y ago
  Same here. I'm 28 and have gotten a solid few years in here. I feel like I've done a good amount of nyc things. Going back home for 3 months I kind of realized that not only does it not make sense to renew my lease financially, I also would prefer to get out of the city and see what it's like to live life in a different style. The consumerism of the city in your face 24/7 is kind of annoying tbh.

komali2 6y ago

What's this "broker fee" they're talking about? It sounds insanely high and I've never heard about it.

amiga_500 6y ago

They give a month "free" to avoid dropping the official rent. Make them drop it.

NikolaeVarius 6y ago

I actually got a rent drop, I never expected that to happen in NYC.