Single Tenants who don't make Over $160,000 annually are being Rejected to rent in Manhattan
For a stupid one-bedroom apartment...
The housing market in New York City has always been overpriced and extremely competitive. However, modern renters are facing a new struggle as the median rent for the month in a single bedroom apartment has been reported as $3,995 in April. YOY, this is a record 38% increase.
Landlords are expected to apply the 40x rule. In order to even qualify as a tenant in these ridiculously priced flats, a person’s annual gross income should be at least 40 times the rent per month. So, with the current median price in Manhattan one-room apartments, the tenant must make $159,800 a year or more.
In Brooklyn, the same issue is at hand, however very much less as one-bedroom apartments are going for $2,900. So, a qualifying tenant must make $116,000 annually.
From 2016 to 2020, the median household income in NYC was recorded to be $67,046.
With the rising housing affordability, it brings into question why the hell mayor Eric Adams is constantly urging employees to return to work in person. Nearly two-thirds of the New York population is renting. This is twice the national right and the pain of such is also seeping into the life of aspiring homeowners.
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