A Small Fortune

So I was needing a break from internet apartment-hunting, so for fun I started checking out apartments in New York.  After my earlier post about micro-apartments,  I wondered what the rents were for regular apartments.

The rental situation in New York is really interesting.  They have rent-controlled apartments, and rent-stabilized apartments. So what’s the difference?

According to the New York City Rent Guidelines Board (RGB), rent-controlled apartments are those constructed before February 1947.  The tenant (or lawful beneficiary) must have occupied the unit since July 1, 1971.  Conversely, rent-stabilized apartments are generally those built between February 1, 1947 and January 1, 1974.  The rent is capped yearly. However, if the rent exceeds $2,500 following vacancy, the unit may be deregulated.

And those are the general guidelines.  There are a whack of exceptions that would give me apoplexy if I was a New Yorker.

So what is the average rent in New York?  According to Rent Jungle, the average rent for a one bedroom apartment in NYC is $2800 a month, and a two-bedroom is over $3,000 a month.  I’m surprised New York isn’t a vacant wasteland. How do working stiffs afford living there?

Let’s take a look at some apartments in the cheapest part of New York, from a rental standpoint:  the Upper East Side.

Here’s a studio for $1795 a month, slightly under the usual $1800:

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So if your living expenses (rent and utilities) shouldn’t exceed 30% of your monthly income, the monthly income for this unit should be at least $5000 for a single occupant or $2500 for double occupancy.  However, if you’re a cabbie in NYC (and there are a lot of those) your salary is likely around the $30,000 mark.

It must be really hard to find an apartment you can afford in New York if you’re a cab driver.

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5 thoughts on “A Small Fortune

  1. I grit my teeth because i cannot imagine where taxi drivers live? Together? No such thing. They DO have families, right?kmmmmmmmmmmmmmmmmmmmmmm

    My cat scrapped my comment. Sorry (for ME).
    How Do cabdriver’s live? I can’t imagine. They have families as well. I’ve never aspired to living there and most certainly won’t recommend it as a viable choice to ANYONE.
    😦 ❤

  2. You should see Paris, France, lol! … But, yeah. I’m thinking New York cabbies must be mostly single and sleep in their cars, hey? Mind you, they probably make more than cafe baristas, grocery clerks and clothes salespeople … Minimum wage is $8!

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