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Forum -> Household Management
People complain rents are high in the outer boroughs......



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amother


 

Post Mon, Aug 04 2014, 10:41 am
People complaining and moaning that rents are v e r y high in the outer boroughs...... and the economy is bad, and yet gazillions!!!!!!!! of people are paying upwards of 6,000 a month (anywhere between 6,000 and 20,000, and some more for extra large or extra desirable rentals) for renting any family sized, about 3 bedroom apartments in Manhattan, all over Manhattan, on all avenues and all the intersecting streets, anywhere in the village, from the village to the nineties, from the east side to the west side, every single one of the residential rentals.

Someone told me families living in Manhattan today aside from singles sharing an apartment, are living on multi-million trust funds, and can easily pay their rent from their multi-million trust fund incomes, aside from a small percentage who own their apartments from a hundred years ago, or mega multi-millionaires who bought their apartments.

How are SO MANY people affording such high rentals in Manhattan? Can there be that many people with multi-million trust funds, aside from oil-Sheikhs, and large corporation execs, etc?

Just wondering how all those people are paying their humongous rents.
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mirror




 
 
    
 

Post Mon, Aug 04 2014, 11:03 am
My friend's husband does not live in Manhattan, but his coworkers do. They are lawyers making $500k a year and work long hours.
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self-actualization




 
 
    
 

Post Mon, Aug 04 2014, 11:46 am
Both members of the couple are making a lot of money, and it is a high priority for them to live in the city (for whatever reason, such as status or intellectual life or proximity to work). That being said, I had a friend at my law firm who was renting the 2nd bedroom of an apartment where a married couple lived in the first bedroom. How yuck is that!
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sequoia




 
 
    
 

Post Mon, Aug 04 2014, 11:56 am
Rent control/stabilization. You know the shenanigans people pull with that; I don't have to tell you.
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pesek zman




 
 
    
 

Post Mon, Aug 04 2014, 12:15 pm
I live in Manhattan. The (frum) people I know largely fall into 2 categories: 1)the very wealthy (who btw are not renting. They own) and 2)middle class (like I am) who squeeze into very tight spaces. I don't know anyone who rents a 3 bedroom apartment. Not saying people don't , just that the people I know tend to squeeze 2 (even 3) into 1 bedrooms (often converting them into 2 bedrooms, sometimes not) My husband and I live in a studio. A large studio but still a studio. Why do we do it? We love the lifestyle. Simple living: we don't own a car, do our errands on foot (kids don't have carpool here!) and overall Live a note pared down life. Plus our commute our cheap (metro card) and quick, adding to our quality of life. Unfortunately my husband I won't be able to sustain it for much longer (I'm Expecting and we anticipate moving within baby's first 6 months of life) but the thought of leaving the city makes my heart ache. That's my 2 cents
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abby1776




 
 
    
 

Post Mon, Aug 04 2014, 12:31 pm
I know people that live in NYC. They have two kids in a one bedroom. The kids are in the one bedroom and the parents sleep in the living room on a sofa bed. But living in NYC is a priority for them so they make do with a small space.
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amother


 

Post Mon, Aug 04 2014, 12:37 pm
superdanni- and those in rent controlled apartments since they've been there for years Smile
off topic but... I grew up in the city and now that I'm married live in the suburbs. I definitely understand where you are coming from but if it helps I think the suburbs are easier with a baby. going outside in the suburbs is much easier so it happens more... traveling when you DO have to is easier- think car seats, booster seats etc... I do dread carpools and miss the convenience of running out to buy something around the corner...
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chulentalakiddush




 
 
    
 

Post Mon, Aug 04 2014, 3:22 pm
Sigh, I miss living in Manhattan but do like that my mortgage and car are less than monthly rent for a two bedroom with views of an alley.
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