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So first I want to say this forum has been incredibly helpful for me to understand this process, but I wish this was on a Reddit or Discord or something where there’s more moderation because I see a lot of the same questions asked so I’m going to try to be as detailed as possible. Advanced apologies for the long post!
About me: I’ve been living in NYC for close to 7 years now. I currently pay $1624 for a rent-stabilized 1 bedroom apartment in Brooklyn. I began applying to the lottery in 2017 when I was maybe 60-80AMI but the old system was really complicated so I never continued again until 2019 when I was in 130 AMI. During this past year, I was contacted every couple of months but also it was during peak pandemic times and there were lots of empty apartments. Also, we know that 130 AMI get contacted more.
And to be fair as with most 130 AMI, I could always afford reasonably priced market-rate apartments with my income (definitely not the most luxurious ones) but I mostly wanted to take advantage of staying in a rent-stabilized apartment which the lotteries are. My current rent has only got up $46 over 4 years and that helped me get a handle on the rest of my finances. I also have a lot of student loan debt so that has always hindered how much money I could truly spend on rent.
But now I can no longer participate in the lottery or middle-income rentals because my new job that I’ll be starting next month is taking me well above 165% AMI which I’m incredibly grateful for. Though I won’t be applying anymore, I plan on using the lottery website to help track the newer luxury buildings that might have reasonable market-rate rents that are within my new target budget when my lease is up in Sept. I’m prioritizing my loans first so I won’t move until then.
Below is my experience for buildings I was contacted for:
Dec. 2020. iAfford NYC. 1603 Lincoln Place. Log #7XXX - studio for $1625. Declined. Applied for this one the old Housing Connect. Way too small and I pay the same price for a 1 bedroom.
Jan. 2021. Reside NY. 66 Linden St. Log #1XX - 1 bedroom for $2000. Beautiful apartment. Had everything I wanted but I hated the neighborhood (I lived in Bushwick for 3 years) but ultimately declined because I wasn’t 100% sure I could truly afford it once you add the in the utilities. They offered one month free which I could have saved to pay the utilities for most of the year, but I wasn’t comfortable not truly being able to afford it on it my own so I withdrew.
Feb. 2021. Reside NY. 850 Flatbush Ave. Log #7X - studio for $2000. Declined. I was contacted the same week I went to see Linden St. The advertisement on Housing Connect said it was a 1 bedroom but doing a Streeteasy search the apartment was listed as a “flex loft.” Also had no laundry in the building.
Apr. 2021. City 5 Consulting. 21-34 Broadway Log #5XX - 1 bedroom for $1750. Declined. Even though this was a really good deal, I randomly applied to this one and had never been to Astoria before. I didn’t realize how far it was from Brooklyn where my friends and family were so I withdrew. I never applied to anything outside of Brooklyn again.
April 2021. Mutual Housing NY. 461 Dean St. No Log - studio for $2023. Declined. I assume this was a Mini-Lottery for the middle-income rentals because I never applied. I requested an application many, many years ago but I don’t recall actually sending it in. I regret not at least going to see the building after submitting my docs, but I saw the virtual tour online and the studio was just too small. For the same price at the time, I could find a 1 bedroom market rate in a different neighborhood.
May 7, 2021. Tax Solute Consulting. 948 & 954 Herkimer St. Log #1XX - 1 bedroom for $2000. Declined. Really regret not moving forward with this one. My lease was up at the end of Sept. and I didn’t want to move so early, risk not being to find someone to take my lease, etc, but I didn’t realize some lease signings for lotteries you could push off a bit or HPD approval could take longer than expected. Also, the market-rate apartments in this building had balconies. The lottery ones did not so the space looked a bit smaller. They sent me photos of the building ahead of submitting docs so I could judge for myself.
May 10, 2021. iAfford. 1634 Church Ave. Log #4XXX - 1 bedroom for $2000. Declined. I saw how small the bedrooms were online via virtual tour and didn’t think it was worth it for the price. They later put this back on the lottery website for $1800. I re-applied and got a lower log number but I doubt I will be contacted before my new job starts.
May 28, 2021. Tax Solute Consulting. 177 & 185 Veronica Place. Log #7XX - 1 bedroom for $1800. Declined. When they contacted me they were super aggressive. Emails, calls, and text to submit docs. They also offered 2 months' free rent and a $3,500 “bonus gift card.” For all that incentive I could tell something was wrong and I was right because the layout of the apartment was very odd and small.
June. 2021. Reside NY. 885 Rogers Plaza Log 4XXX - studio for $1800. I applied for this in Dec. 2020 and they just reached out this summer. I made the mistake of not asking what size units were available as I wanted a 1 bedroom which was $2000. Amazing building with great amenities (though some with a fee) but they didn’t tell us what size apartment we were seeing until the middle of the tour. Surprise it was a shoebox of a studio. They offered a $1500 moving credit to get a “wardrobe” because the studio didn’t even have a closet.
(My lease renewal deadline was up at this point so I had to renew. I was hoping to get something before the lease needed to be returned but that didn’t work out.)
Sept. 2021. Reside NY. 933 Rogers Ave Log 7XX - studio for $1700. Declined. I was aiming for the 1 bedroom for $1925. By the time they got to my log after submitting docs (about a month later) they only had studios left and it was 200 sq ft. via the floor plans on the Housing Connect website. Streeteasy also showed a weird configuration via virtual tour where the 1 bedroom had outdoor space but no real living room. I wanted to see the configuration myself but since it was a studio I withdrew.
Oct 2021. Tax Solute Consulting. 834 Pacific St. Log #1XXX. - studio for $1900. I was completely over my current apartment at this point and hated that I stayed and thought maybe a studio could work. I applied for this in Nov. 2020 so I wasn’t thinking about what I could afford back then. Fell in love with the apartment when I saw it. I didn’t have to do move in until January because they weren’t completely finished with the building so I could find someone to takeover my lease. They sent my info to HPD on a Friday and by Monday I was approved. But after doing more thinking over that weekend, I didn’t think it was wise to move to a studio from 1 bedroom for more money so I withdrew.
Oct. 2021, Reside NY. 1407 Flatbush Ave. Log 1XXX. 1 bedroom for $1900. Right after I declined 834 Pacific I got contacted for this lottery. From the Youtube videos, I saw of the multiple configurations of this building I knew if I was contacted I wouldn’t be 100% happy with this choice. Also, there’s a fire department right outside the building and it’s kind on an isolated stretch of Flatbush so I withdrew.
Dec. 2021. iAfford. 1 Boerum. - #4XXX. 1 bedroom for $2427. We all know about 1 Boerum. I wasn’t even going to apply until I saw it on Million Dollar Listing. I was aiming for a studio here just because it was such a nice building I thought I could try to make a studio work (this was before 834 Pacific), but was soooo disappointed by the 1 bedroom being offered. By the time they got to my log that’s all that was left. While I want to see the building and I still have time to submit my docs, I just can’t see myself squeezing into 488 sq ft. when my current apartment and the studio at 834 Pacific was double the size for less. Plus, even with my new salary, I’m not willing to pay $2400 in rent.
My takeaways:
- Don’t apply to lotteries you can’t afford. Let’s face it we see shiny new things and we want to play. But in reality, I had to decline some really great apartments because I wasn’t being realistic with myself that I truly couldn’t afford a $2000 apartment with my student loan payments without some form of side hustle. You can wish for a raise from your job or try and get a new one but the worst thing is to go through this process and then sit and wallow wondering how you’ll pay the rent when you finally get contacted. Once I realized that, I only applied to apartments that if I got contacted I definitely could move forward with.
- Do your research! I did my research on each building. I searched Streeteasy and Youtube regularly for tours or pics. I also looked at the neighborhood via streetview on Google Maps. It’s always surprising how many ppl don’t do that basic research and get surprised when you see the place is small. I could tell you by the pics it would be small.
- I always had the most success with smaller buildings and tbh I prefer smaller buildings anyways. There are fewer units (fewer neighbors) and thus fewer people to compete with if you get a lower log. All of my logs contacted or not, were always in the XXX or XXXX. My highest log was with Caton Flats 4X,XXX and that building had 250+ available units.
- Submit your docs ASAP! Some of the agencies move quickly and some just request in batches. Either way, submit as soon as possible so you have a greater chance of moving along in the process.
- Realize the power you have! If an apartment building is offering a wild sum for rent. DON’T APPLY. We’ve talked about the units still available/re-rentals spree that’s been happening because people have denied apartments because of size and price. We have the power to let these developers know we’re not gonna pay these astronomical rents. Don’t apply and watch them lower the price on the second round.
Now that my time with the lottery is done. There are still a few lotteries that I applied to in the past couple of months that haven’t closed. I’m curious to see what logs I get, but will ultimately withdraw since I won’t qualify with my new income after next month. Best of luck to everyone!
Thanks for taking the time to make this useful post.
”Don’t apply to lotteries you can’t afford.”
I disagree with this, though. I've gotten called literally more than a year after application for certain projects. Unless you're living on a fixed income, you can't anticipate what your salary will be over that time period. I think it's reasonable to apply for apartments that are slightly too expensive or to lotteries where you don't quite fit the bands available. You just have to be very clear with yourself up front about the reality of what you can afford with what salary.
Congrats on the new job and thank you so much for sharing your experience.
I have a couple of questions if you don't mind answering.
You said you're currently in a rent stabilized apartment, I'm assuming it's not through the lottery? Can you share a bit how you found the place if it's not?
Another question is kind of a personal one but I'm curious for your and other people's opinion so feel free to chime in.
We all know in NYC we have this 40x rent rule because I guess they assume it's affordable/livable to pay that much of your income on rent. I always felt like that calculation for rent is too high. I personally feel like I can't technically afford much rent at all even though I'm in the 130AMI. How are you and other people calculating what's a good amount to pay for rent? A lot of these new developments are charging insane amounts but people are obviously paying. Am I being too cheap? Is it a pipe dream to hope to pay less than what hpd considers affordable and not live in a hole?
Congrats on the new job and thank you so much for sharing your experience.
I have a couple of questions if you don't mind answering.
You said you're currently in a rent stabilized apartment, I'm assuming it's not through the lottery? Can you share a bit how you found the place if it's not?
Another question is kind of a personal one but I'm curious for your and other people's opinion so feel free to chime in.
We all know in NYC we have this 40x rent rule because I guess they assume it's affordable/livable to pay that much of your income on rent. I always felt like that calculation for rent is too high. I personally feel like I can't technically afford much rent at all even though I'm in the 130AMI. How are you and other people calculating what's a good amount to pay for rent? A lot of these new developments are charging insane amounts but people are obviously paying. Am I being too cheap? Is it a pipe dream to hope to pay less than what hpd considers affordable and not live in a hole?
This is such a great post by OP - thanks for taking the time to do this and congrats on your new job! I've learned so much from this forum as I went through the process for multiple lotteries as well and it's true we don't realize how much power we as renters/tenants hold.
And then onto this--I'm in the same boat and when I tell my friends and fam about this process, I always joke to them that it's "affordable housing" but not actually affordable. I'm also in 130 AMI and it does not generally sit well with me to pay upwards of $2500 monthly rent to a < 500 sq ft 1 bedroom or studio apt although I feel a bit better if it's a super luxurious building with a good view, etc. but I also would be making ends stretch to be living there.
For me, it became obvious that there is a tradeoff between what rate (avg $/sq ft) you're willing to pay for rent versus how much in absolute terms you're willing to pay. Like OP said, it's important to be realistic - you not only have to pay your rent but also amenities fee, if applicable, and on top of that, utilities. But also don't forget to take into account the free month(s) they give you. For all the apartments I was selected to submit documents for, I calculated the $ rent per sq ft of the unit (or possible units) I was eligible for, including all fees and months free, and that gave me a good comparison across the board. And then of course, I'll consider the building, neighborhood, transportation, amenities, features (w/d in building or unit) etc as well.
Everyone's situation is different and everyone has preferences on what they're willing to pay towards rent but doing a comparison across the lotteries you get selected for will hopefully give some perspective on one that best fits your situation. Good luck and happy holidays ya'll!!
mt2dh, you're not wrong. I was called for something like eight lotteries before I found one I could afford in my band. Most of them were rents north of 40x that a private landlord wouldn't have rented to me for. You have to be careful not to talk yourself into anything you can't afford.
i must be doing something wrong, people on this site getting all these calls and invitations that they can pass up on and ive yet to get one lol
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