How is the NYC real estate rental market legal? (1 Viewer)

[Gatorman]

Rant here:

Moved my son from an apartement outside the city into an apartment in the city. Now there are plenty of sites to find rentals, but most come with a fee for the agent of up to 15% of the Total annual rent. So on an apartment (Studio) for 2350 in rent the agent fee was 4K!!! How is this not a grift? and why hasn't some saavy attorney filed a class action? I think the agent we dealt with spent about 4 hours with us total ('m being generous here). Its larceny!!!

If we had gotten an apartment under "rent control" it would have been a full 15%. Its insane!

 

[Major]

Rant here:

Moved my son from an apartement outside the city into an apartment in the city. Now there are plenty of sites to find rentals, but most come with a fee for the agent of up to 15% of the Total annual rent. So on an apartment (Studio) for 2350 in rent the agent fee was 4K!!! How is this not a grift? and why hasn't some saavy attorney filed a class action? I think the agent we dealt with spent about 4 hours with us total ('m being generous here). Its larceny!!!

If we had gotten an apartment under "rent control" it would have been a full 15%. Its insane!

It sucks but standard operating procedure. Tough if you don't live there but I always did the leg work and found the no fee apartments

 

[El Floppo]

Rant here:

Moved my son from an apartement outside the city into an apartment in the city. Now there are plenty of sites to find rentals, but most come with a fee for the agent of up to 15% of the Total annual rent. So on an apartment (Studio) for 2350 in rent the agent fee was 4K!!! How is this not a grift? and why hasn't some saavy attorney filed a class action? I think the agent we dealt with spent about 4 hours with us total ('m being generous here). Its larceny!!!

If we had gotten an apartment under "rent control" it would have been a full 15%. Its insane!

 

[Runkle]

At least they got rid of the "Everyone in the city moves on May 1" thing. Can you imagine 8 million simultaneous relocations?

 

[IvanKaramazov]

You're paying $2350/mo for a studio and worried about the finders fee?

 

[Gatorman]

You're paying $2350/mo for a studio and worried about the finders fee?

I ain't paying that. My son is, but yeah, NYC real estate is expensive enough for a 26 year old who doesn't want a roomate without the "effective rent" being 300 more a month bc the real estate industrial complex in NYC needs to get theirs.

 

[pollardsvision]

It's just like any other market. People are willing to do it, so it is what it is.
I barely even make $4000 a month, so I can't even comprehend.

What is it about NYC that makes it worth it for him to light an extra $3K a month on fire? (compared to other places)

 

[Major]

It's just like any other market. People are willing to do it, so it is what it is.
I barely even make $4000 a month, so I can't even comprehend.

What is it about NYC that makes it worth it for him to light an extra $3K a month on fire? (compared to other places)

It used to be jobs, opportunity and easily the best city on earth to spend your 20/30s. Not sure if that's the case anymore.

 

[El Floppo]

It's just like any other market. People are willing to do it, so it is what it is.
I barely even make $4000 a month, so I can't even comprehend.

What is it about NYC that makes it worth it for him to light an extra $3K a month on fire? (compared to other places)

It used to be jobs, opportunity and easily the best city on earth to spend your 20/30s. Not sure if that's the case anymore.

Lots of 20s/30s still flooding the city, so something must be working for them.

But it's still jobs, I'd assume. Usually industry leaders in whatever industry you're going into are located here... Or at least good resume stuffers.

What neighborhood is the kid living in?

 

[Gatorman]

It's just like any other market. People are willing to do it, so it is what it is.
I barely even make $4000 a month, so I can't even comprehend.

What is it about NYC that makes it worth it for him to light an extra $3K a month on fire? (compared to other places)

It used to be jobs, opportunity and easily the best city on earth to spend your 20/30s. Not sure if that's the case anymore.

Lots of 20s/30s still flooding the city, so something must be working for them.

But it's still jobs, I'd assume. Usually industry leaders in whatever industry you're going into are located here... Or at least good resume stuffers.

What neighborhood is the kid living in?

Lennox hill. Basically upper east side. I’m with all of you it’s crazy the rent in the city, but es got a decent job and wants the “city” life. I’d love to go back in time and live in the city for a year or two when I was single. My son isn’t that elf person to tear it up but ink he will remember this time in his life fondly.

 

[massraider]

Never paid an agent fee. Had 4 apartments in NYC.