4 ms·

What does one have to do to secure a $1100 a month apartment in NYC? I'm sure everyone else wants it. Get drawn from a rental lottery at random? Offer your fi

What does one have to do to secure a $1100 a month apartment in NYC? I'm sure everyone else wants it. Get drawn from a rental lottery at random? Offer your first born child? Supplement your rent with sexual favors to the landlord?

deleted 3y ago
[deleted]
tekla 3y ago
Lottery and pray that your God is real.
misiti3780 3y ago
I lived in NYC for 8 years in a rent-stablized APT in the lower east side, my rent was < 1200 when I left. The price was great but it was in an old building, it was only 220 square feet, and I live there w/ my then gf, now wife. (most of my friends thought we were crazy, but they still rent and I own w/ the money I saved) I was able to get the apartment by subleasing someone else in apartment in the building. I always paid my rent on time, and caused no issues for the landlord (parties, etc). When a new apartment opened up, I was giving first dibs.
- ethanbond 3y ago
  This doesn't answer how you got the apartment, which is invariably either luck, knowing someone, or having rich parents (in which case you can buy one of those income-controlled units that make zero sense for anyone except a nepo-baby -- e.g. need to earn <$30k as a household, but have $250k for a downpayment). I also had a time in a rent-stabilized apartment in NYC (East Village, probably not far from yours) and the answer of how I got it: luck. It happened to be available when I was looking and I happened to beat everyone else to the seller's agent by physically sprinting with my deposit check in hand.
  - misiti3780 3y ago
    read the last paragraph ...
    - ayewo 3y ago
      I also thought you didn’t answer the question but after re-reading it sounds like you first started living in the apartment by subleasing from another tenant. Then once another apartment became vacant, because you already lived there you were able to regularize your presence by terminating your sublease so you could lease directly?
      - misiti3780 3y ago
        yes, so it was mostly luck. but again, it was 225 square feet. I suspect most people wouldnt want to live in that small of a space for 8 years!
    - ethanbond 3y ago
      Ah, apologies! I got the "subleasing" directionality wrong. I thought you were describing how you kept the apartment (via subletting to someone else)
      - misiti3780 3y ago
        NP!
  - bsdpufferfish 3y ago
    You're exactly right. The alternative to a market is usually corruption. My local university offers housing for grad students. At least 50% is unoccupied at any time because there is no pressure for them to fill units. That would just be more work. So getting one is tricks and favors.
bradly 3y ago
It sounds like you need to pay $15K. I would assume you will start to see short-term/hard-money loans for the 15k as we've seen in the bay area for all cash offers on homes.
- raid2000 3y ago
  Right. $15K is about the difference between the rent stabilized price and the market price per month, multiplied by 12 months.
- dehrmann 3y ago
  Which actually sounds like a good deal once you do the math.
Grazester 3y ago
In 2017 I was about to get a small 2 bedroom in Brooklyn with for $1550. I was one block from a subway station and 3 stops from Manhattan. It was an older apartment with newly renovated kitchen and bathroom, albeit small. The brokers fee was something like $3000(thought this was ridiculous). At the time I also found a similarly priced apartment but at last minute for some reason it was pulled the broker said. I don't think any amount of searching can find such deals now.

deleted 3y ago

[deleted]

tekla 3y ago

Lottery and pray that your God is real.

misiti3780 3y ago

I lived in NYC for 8 years in a rent-stablized APT in the lower east side, my rent was < 1200 when I left. The price was great but it was in an old building, it was only 220 square feet, and I live there w/ my then gf, now wife. (most of my friends thought we were crazy, but they still rent and I own w/ the money I saved) I was able to get the apartment by subleasing someone else in apartment in the building. I always paid my rent on time, and caused no issues for the landlord (parties, etc). When a new apartment opened up, I was giving first dibs.

ethanbond 3y ago
This doesn't answer how you got the apartment, which is invariably either luck, knowing someone, or having rich parents (in which case you can buy one of those income-controlled units that make zero sense for anyone except a nepo-baby -- e.g. need to earn <$30k as a household, but have $250k for a downpayment). I also had a time in a rent-stabilized apartment in NYC (East Village, probably not far from yours) and the answer of how I got it: luck. It happened to be available when I was looking and I happened to beat everyone else to the seller's agent by physically sprinting with my deposit check in hand.
- misiti3780 3y ago
  read the last paragraph ...
  - ayewo 3y ago
    I also thought you didn’t answer the question but after re-reading it sounds like you first started living in the apartment by subleasing from another tenant. Then once another apartment became vacant, because you already lived there you were able to regularize your presence by terminating your sublease so you could lease directly?
    - misiti3780 3y ago
      yes, so it was mostly luck. but again, it was 225 square feet. I suspect most people wouldnt want to live in that small of a space for 8 years!
  - ethanbond 3y ago
    Ah, apologies! I got the "subleasing" directionality wrong. I thought you were describing how you kept the apartment (via subletting to someone else)
    - misiti3780 3y ago
      NP!
- bsdpufferfish 3y ago
  You're exactly right. The alternative to a market is usually corruption. My local university offers housing for grad students. At least 50% is unoccupied at any time because there is no pressure for them to fill units. That would just be more work. So getting one is tricks and favors.

bradly 3y ago

It sounds like you need to pay $15K. I would assume you will start to see short-term/hard-money loans for the 15k as we've seen in the bay area for all cash offers on homes.

raid2000 3y ago
Right. $15K is about the difference between the rent stabilized price and the market price per month, multiplied by 12 months.
dehrmann 3y ago
Which actually sounds like a good deal once you do the math.

Grazester 3y ago

In 2017 I was about to get a small 2 bedroom in Brooklyn with for $1550. I was one block from a subway station and 3 stops from Manhattan. It was an older apartment with newly renovated kitchen and bathroom, albeit small. The brokers fee was something like $3000(thought this was ridiculous). At the time I also found a similarly priced apartment but at last minute for some reason it was pulled the broker said. I don't think any amount of searching can find such deals now.