The Lease Is Up, and Now, So Is the Rent

New York Times ^ | October 14th 2011 | Marc Santora

[kearnyirish2]

“I smell ChiCom money coming home to roost.”

You’re right; yuppies with their stagnant wages aren’t forking over that kind of money. NYC is bleeding jobs & people (hence the “sanctuary city” nonsense to keep ANYONE living there); there is just no attraction for Americans to live there anymore.

[cableguymn]

At $5,000 a month, you get upgraded from cockroaches to bedbugs.

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Roaches while creepy, don’t bite that I am aware of. I’d rather have the roaches.

Anyone stop to wonder if they are just jacking the rent on this guy because they want him to move out for some reason or another? Perhaps he is a bad tenant. If I wanted him gone I’d double his rent at renewal.

[Mike Darancette]

People actually want to pay this kind of money to live in NYC

After Bloomie chases the banks and brokerage houses out of NYC prices should be like Detroit.

[Alice in Wonderland]

When you factor in the added costs of property taxes, maintenance, insurance, repairs, etc., the cost of ownership usually ends up being far higher than expected.

You listed the main reasons my brother will always be a NYC renter. He doesn't have to worry about lawn mowing or fixing a broken hot water heater or changing a leaky faucet. He can sit back, relax, and enjoy the view from his windows.

[MarkL]

I’ll add another reason to rent. If you can no longer care for the home.

Last year I sold the home I’d lived in for the previous 21 years, and I would have had it paid off in just another 2 to 3 years. But I got very ill, and now I’m no longer able to do even heavy cleaning for myself (light cleaning and laundry, I can do), let alone home maintenance.

So now I’m in a nice apartment, much closer to where I work, but I pay nearly double my old mortgage payment for rent. On the plus side, my gasoline bill is about 1/3 what it was before, my insurance rates are lower, and living on the first floor of a 2 story apartment surrounded by neighbors, I only have 2 exposed walls, so my utility bills are also about 1/3 what they were at my house.

While my rent is expensive, the apartment is a spacious 2 bedroom, 2 bath, furnished with appliances, including a washer and dryer, and a walk in garage. So I don’t have to worry about shoveling the snow, mowing the lawn, or doing general maintenance.

Mark

[varon]

........................because EVERYTHING was more expensive in NYC. the only square deal I found was .................... from a guy selling surplus Rolex watches on Avenue of the Americas ....................

[Straight Vermonter]

No, NYC is MUCH safe than Memphis, Nashville, Chattanooga, etc.