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Single Tenants who don't make Over $160,000 annually are being Rejected to rent in Manhattan

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Single Tenants who don't make Over $160,000 annually are being Rejected to rent in Manhattan

For a stupid one-bedroom apartment...

Uniic Media
Jun 8, 2022
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Single Tenants who don't make Over $160,000 annually are being Rejected to rent in Manhattan

www.uniicmedia.com

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.

Whats The Average Rent In NYC By Neighborhood? Mar 2022 | Transparentcity  Blog
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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.

Read more HERE

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Single Tenants who don't make Over $160,000 annually are being Rejected to rent in Manhattan

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