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Back in 2018 I asked the question if it would make sense to give up a 704 sq ft rent stabilized apartment in Inwood to move to a studio in a brand new building but that’s 400 dollars more. I winded up taking the studio and haven’t regretted it but I sure missed living in a large space. (I don’t regret leaving behind leaking pipes, old construction, and the occasional waterbug inside the apartment. Eek!)
Fast forward four years later today, and I’m being offered two leases in two separate 80/20 apartment buildings for a one bedroom apartment. One of the apartments is a surprising 687 sq ft which is rare for new buildings. The problem is that it is 400 dollars more again -I guess due to cost of living and AMI adjustments.
But I wonder, with the rising cost of food and energy (gas is at an all time high and getting higher pushing grocery prices up since food doesn’t grow on concrete and must be shipped here)… would it be worth spending the extra cash for a larger living space? Or would it be best to save the extra money instead? Also, New York City has become a cesspool of violent crime, not to mention that it can be a huge target for nuts like Putin.
Four years ago, I would’ve been thrilled at the lease opportunities but I don’t feel as excited now.
I’ll definitely make a decision after viewing both apartments but I wanted your opinions- what would you do?
And this question applies to everyone because these problems affect all of us. Also, I don’t know of anyone paying less for a lottery apartment. It seems to me that these affordable units are getting more and more closer to market rate and that people actually give up lesser rents for higher ones.
If it's genuinely 687 square feet I would take it, but I've mentioned here before I don't trust the listed size ever to be accurate here. Seems like they always add 50% on to the actual size once you add up the numbers and do the calculations myself (for reference, my spacious 2-bed 2 bath is 30 feet x 20 feet so a flat 600, and feels a decent size!)
I see what you mean about the rents creeping closer to market rate. Some of them even seem higher!
At any rate, nothing to lose by going to check it out!
If you can make your budget more with spending more money on rent for more space I’d do it. Also your two other options are also housing lottery places? How are you so lucky. I’ve been applying since 2017 and have yet to even gone far enough to view a place lol
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Could you ask for a raise? Or more hours? But without putting you out of qualification for the large unit, of course. Explain you want to stay at your job but you have this housing opportunity and $50 more a week would really help. Think about it.
Could you ask for a raise? Or more hours? But without putting you out of qualification for the large unit, of course. Explain you want to stay at your job but you have this housing opportunity and $50 more a week would really help. Think about it.
I’m in a salaried position- but it’s not even about asking for more money. I can leave and work elsewhere. I’m really referring to spending the extra cash on rent as opposed to saving for the incoming inflation.
If it's genuinely 687 square feet I would take it, but I've mentioned here before I don't trust the listed size ever to be accurate here. Seems like they always add 50% on to the actual size once you add up the numbers and do the calculations myself (for reference, my spacious 2-bed 2 bath is 30 feet x 20 feet so a flat 600, and feels a decent size!)
I see what you mean about the rents creeping closer to market rate. Some of them even seem higher!
At any rate, nothing to lose by going to check it out!
I was eligible for two apartments and the marketing agent asked me which apartment I’d prefer to be processed for. When I said that I can’t choose unless I see them, she said the only difference is that one is 687 sq ft and the other is 616 sq ft. Interestingly, the smaller apartment was more expensive by like 40 dollars, so I declined to be processed for it.
I think with times like these where your worrying about inflation and how it affects food prices its important to think about how much your saving vs how much you spend.
1. Where is the new place? Is it in a location where you will go and get take out a lot? Will you cook more? How much do you spend on recreational activities?
2. Do you have enough money left over after rent where you can comfortably save for emergencies and account 20% higher day to day costs because of inflation?
3. Do you work from home? If yes, I would say you should move to a bigger space just for mental health purposes if your income allows for it. Any extra square footage would do wonders as opposed to working in a tiny corner right next to the stove. If not, do you save commute time to and from work?
4. How much can they increase the rent per year? Even a 3-4% increase can mean $50-$100 more a month on rent.
5. Will you save gym/amenity costs by moving into a newer building? A lot of new buildings charge for everything so have you seen if this new building will have these charges? I've seen charges from $100-$200 a month.
6. Do you have a car? Are there parking fees? If no car, are you close to the train? How is the neighborhood you are living in?
Taking the hidden fees for the apartment is one of the most important things to do in my opinion. The extra costs are usually what brings surprises come time when rents due.
Back in 2018 I asked the question if it would make sense to give up a 704 sq ft rent stabilized apartment in Inwood to move to a studio in a brand new building but that’s 400 dollars more. I winded up taking the studio and haven’t regretted it but I sure missed living in a large space. (I don’t regret leaving behind leaking pipes, old construction, and the occasional waterbug inside the apartment. Eek!)
Fast forward four years later today, and I’m being offered two leases in two separate 80/20 apartment buildings for a one bedroom apartment. One of the apartments is a surprising 687 sq ft which is rare for new buildings. The problem is that it is 400 dollars more again -I guess due to cost of living and AMI adjustments.
But I wonder, with the rising cost of food and energy (gas is at an all time high and getting higher pushing grocery prices up since food doesn’t grow on concrete and must be shipped here)… would it be worth spending the extra cash for a larger living space? Or would it be best to save the extra money instead? Also, New York City has become a cesspool of violent crime, not to mention that it can be a huge target for nuts like Putin.
Four years ago, I would’ve been thrilled at the lease opportunities but I don’t feel as excited now.
I’ll definitely make a decision after viewing both apartments but I wanted your opinions- what would you do?
And this question applies to everyone because these problems affect all of us. Also, I don’t know of anyone paying less for a lottery apartment. It seems to me that these affordable units are getting more and more closer to market rate and that people actually give up lesser rents for higher ones.
Does the new apt have in unit W/D and do you have that in your current apt? if not, and if you are paying similar to what I pay in my building's laundry, you would likely be saving some money with this amenity.
I'm all about a larger living space, location and in unit w/d and of-course budget.
I don't think you will know until you see the apartment. I'm excited for you though
1. Is the building better - i.e. better amenities, laundry situation, etc. and does that matter to you?
2. Is the location better?
3. Have you really been unhappy in the studio - what improvement to your QoL will there be besides "space". What QoL pluses and minuses will happen if you are shelling out $400 more a month.
4. Will this be a long-term apartment?
When I first moved from my long time apartment in Bay Ridge despite the new apartment being $600 more a month, the benefits were clear and important to me - MUCH better commute, basic neighborhood services a couple of minutes rather than 10+ minutes walk away, a modern apartment without all the plumbing issues and controllable heat, in building fitness center. Reduced commuting cost and no gym membership this saved me about $225/mo., so that offset some of the increase. When I moved from my first new apartment to my current one the benefits were clear as well - $120/mo. less rent, improving commute even more, and being really close to a lot of stores and services. Since that second move, I have been offered a few apartments that would increase my rent about $300-400 for a one bed but I decided that the space I am in works fine and is not worth the extra money to me - I have lived in one bed, and even two bed apartments by myself and found having a separate bedroom doesn't really matter to me.
But that is me - we all value different things.
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