"New York City Rental Market: The Shocking Upfront Costs and Housing Challenges"
A recent StreetEasy study has revealed that the average upfront cost for securing a new rental apartment in New York City has reached a staggering $10,454, creating a "lock-in effect" where tenants can't afford to move out. This cost includes the first month’s rent, security deposit, and a broker’s fee, with brokers’ fees being the most significant portion. The situation disproportionately affects lower-income New Yorkers, with those earning the median household income in The Bronx being able to afford less than 1% of rentals beyond the borough. The report calls for more policies to make the rental market more transparent and manage renters’ financial obligations to landlords.
- Here's the shocking amount the average New Yorker spends in upfront costs for a rental unit New York Post
- Moving to New York City? You’ll need more than $10K up front to rent an apartment. MarketWatch
- Report finds worsening housing market in over 50 years Spectrum News NY1
- Hunting for a NY Apartment? Renters Might Need $10,000 on Hand The New York Times
- Spotlight: New York City's Housing Supply Challenge : Office of the New York City Comptroller Brad Lander New York City Comptroller
Reading Insights
0
1
2 min
vs 3 min read
76%
454 → 107 words
Want the full story? Read the original article
Read on New York Post