Especially if you’re in New York City! But you probably knew that already. Alas, the days of renter’s choice, brought on by that sweet financial crisis, are gone. Now, the landlords have regained the upper hand, so you’d better be prepared to live in a shitty apartment and pay way too much for it!
In 2011 landlords once again got the upper hand as prices rose and vacancies dwindled. Multiple applications even made a comeback late last summer. All signs say landlords are likely to keep that advantage for a long time. In certain neighborhoods, rents are setting new records, exceeding the heights of 2007. Some landlords say that in extreme cases, eager renters have even bid up rents.
The upside to this is that landlords are installing upgrades to old apartments to make them even more unreasonably priced. Washer and dryer? That will cost you! Parquet no more, my friend; hardwood for all! But it will cost you!
Naturally, the most obscene rents are in NYC, and developers are milking the trend. Some penthouses in a new building in the financial district are renting for almost $60,000 per month, and a new building in Williamsburg has a waiting list with over a hundred people–many of them waiting for studios.
So, while you’re crying into your beer and lamenting the fact that you went to college instead of saving for a home, just keep your mind on the bright side: cities haven’t started charging rent for park benches yet.