Current Events > You now need to earn at least $160,000 a year to rent anything in NYC

(+) Yeah! (+)

https://nypost.com/2022/06/07/you-now-need-to-earn-at-least-160k-a-year-to-rent-anything-in-nyc/

Earn less than six figures? Good luck scoring even a modest New York City apartment. The median ask for a rental in Manhattan has skyrocketed to $3,925 a month a staggering 31.9% year-over-year jump from April 2021 according to Douglas Ellimans latest market report. That means, in order to apply for a city apartment, a renter would need to earn $157,000 per year, under the 40 times rent rule that landlords generally require. Its a new record high for rent in the city, coming off record lows during the thick of the pandemic. The unprecedented demand for apartments in the city, as New Yorkers return to work and new work-from-homers move to NYC, has even resulted in bidding wars for studio apartments, as The Post previously reported. Meanwhile, the median New York household income was most recently just $67,046, according to the Census. So, to qualify for a Manhattan rental, you need to rake in close three times what an everyday New Yorker makes. Rents have never been this high, said Jonathan Miller, the president and CEO of Miller Samuel Inc., which complied the data, told The Post.

As we continue to see record rents being set, that also means the threshold for salary is going to rise. Broken down further, the data shows that median rent for a Manhattan studio was $2,850 a month (up 28.4% since from last year) meaning eligible tenants must make $114,000 to pass the 40 times rule. One-bedrooms jumped to $3,995 a month from just $3,000 a year ago. In Brooklyn, the median rent reached $3,048, up from $2,730 year-over-year. A studio in the citys largest borough will now set you back $2,674, meaning that, to move to Brooklyn, youll need to haul in a minimum of $106,000. But dont expect relief anytime soon. Rents are expected to rise even higher this summer, as recent graduates arrive in town for new jobs. Worse still, the inventory of new apartments is expected to tighten, with few new developments coming to market. The citys sales market isnt any better. According to a survey published by Zillow this month, the market has gotten so competitive and stressful that half of home buyers report the process made them cry at least once. But while times are tough for those not bringing in a bundle, sky-high prices are nothing new to real estate-scarred New Yorkers, who have long relied on swarms of roommates and guarantors to make the rent. Its not easy to digest, Miller said, noting that inflation is also exacerbating the crisis. But landlords want [renters] who are qualified to pay the rent. As we continue to see record rents being set, that also means the threshold for salary will rise, as the 40 times rule continues to be relied on.

all to live in a homeless ridden shithole filled with noise and traffic just because there's a few more restaurants and shopping which you can never patronize because you can't afford it

what a meme. there's a point where i feel no sympathy for these people. they bring it on themselves

midwest is, and always will, staying winning

How is a large portion of their population not homeless if the minimum wage is 32K a year and like article said their median is 67K.

ChopinList posted...

How is a large portion of their population not homeless if the minimum wage is 32K a year and like article said their median is 67K.

I'm assuming all the folks sharing an apartment. That is my best guess at least.

ChopinList posted...

How is a large portion of their population not homeless if the minimum wage is 32K a year and like article said their median is 67K.

multi family homes

what exactly is 40x rent rule?

Arcanine2009 posted...

what exactly is 40x rent rule?

Basically your annual income has to be at least 40 times higher than the monthly rent or they won't rent to you. It's basically to ensure they don't rent to someone that is barely able to afford the apartment and is therefore less likely to miss payments.

LA landlords have similar income requirements

Arcanine2009 posted...

what exactly is 40x rent rule?

Monthly price of the rental x 40 is the minimum annual income to qualify

Topic title: you need to make 160k to rent anything

Article: you need to make 160k to rent the median.

It's not great, but those are two very different things, to say nothing of the many people who live with roommates. The NY Post is bad enough, let's not make them more misleading.

I see. Thanks guys.

Rents should be going lower with the recession though..