Is it really worth it? (apartments, lease, landlord)
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I’ve been approved for a unit @ Apex Apartments. For the AMI table, I fell into 2 categories but I was picked for the higher which means higher rent.
If I’m using my NET income, the rent would take up about 43-45% of it which is almost double of what I’m paying right now (I love my landlord, LOL).
So is it really worth paying double the rent to live in a newer building with amenities and slightly larger living area and considering the rent increases every time a lease is renewed…?
I think it comes down to if you are able to make it work financially and if the new apartment is better than where you are now. Taking into account access to trains/commute to work (if you commute) etc..
I fall into two different AMIs myself and I was wondering if you knew why they picked the higher one? Is it because the lower AMI units were all already filled? If not it doesn't seem fair
It doesn't sound very worthy to me. Regardless if you can afford it, double is a lot, and you say you love your landlord. Ultimately that's your decision though.
I think it comes down to if you are able to make it work financially and if the new apartment is better than where you are now. Taking into account access to trains/commute to work (if you commute) etc..
I fall into two different AMIs myself and I was wondering if you knew why they picked the higher one? Is it because the lower AMI units were all already filled? If not it doesn't seem fair
I can make it work financially but putting about half of my net income towards rent just doesn’t sit right with me. I don’t know why they put me into the higher bracket, maybe the lower was filled out or maybe more $$ for them.
I’m wondering if this can be appealed.
I can make it work financially but putting about half of my net income towards rent just doesn’t sit right with me. I don’t know why they put me into the higher bracket, maybe the lower was filled out or maybe more $$ for them.
I’m wondering if this can be appealed.
Yeah half of your income to rent doesn't sound idea. I would ask if the other units for the lower rent are still avail and if so that you'd rather look at those. I'm not sure if an appeal is necessary because you haven't necessarily been denied. you more so wana know if you can instead apply for the lower rent unit.
I can make it work financially but putting about half of my net income towards rent just doesn’t sit right with me. I don’t know why they put me into the higher bracket, maybe the lower was filled out or maybe more $$ for them.
I’m wondering if this can be appealed.
You should absolutely ask in writing if the lower AMIs are already filled. If both are available I'm pretty sure they are required to offer you a choice (same with studio vs 1br if you qualify for both). Some agencies will just assign you what they want to give you and hope you don't know the rules. Definitely ask, and if they tell you the lower AMIs are filled, I'd probably still double check with HPD to be sure.
Regarding your original question, you really have to consider it. I'd say if you can make it work monthly, and the building is great along with transportation/location etc. it is probably worth it, particularly if you plan to stay in NYC for the long term, every year you stay it's more and more worth it. OTOH, if you like your current situation, you could always hold off and keep applying for lotteries and hope for a lower rent option. But keep in mind, rents will only keep going up in the medium/long-term. If it were me, I'd want to get locked into RS as soon as possible. Good luck!
You should absolutely ask in writing if the lower AMIs are already filled. If both are available I'm pretty sure they are required to offer you a choice (same with studio vs 1br if you qualify for both). Some agencies will just assign you what they want to give you and hope you don't know the rules. Definitely ask, and if they tell you the lower AMIs are filled, I'd probably still double check with HPD to be sure.
Regarding your original question, you really have to consider it. I'd say if you can make it work monthly, and the building is great along with transportation/location etc. it is probably worth it, particularly if you plan to stay in NYC for the long term, every year you stay it's more and more worth it. OTOH, if you like your current situation, you could always hold off and keep applying for lotteries and hope for a lower rent option. But keep in mind, rents will only keep going up in the medium/long-term. If it were me, I'd want to get locked into RS as soon as possible. Good luck!
Thanks for the advice! I just called the agency, the supervisor will return my call.
And you just described the dilemma I’m currently in. Rent stabilized just makes complete sense especially in the NYC market, but I have seen a couple of lotteries where if I was approved, the rent is much lower than the current unit I’m approved for. I’m going to view the apartment today, maybe that will make it easier for me to make a decision.
Location: Read the Marketing Handbook, and Income a Guide.
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Originally Posted by JIDP
Thanks for the advice! I just called the agency, the supervisor will return my call.
And you just described the dilemma I’m currently in. Rent stabilized just makes complete sense especially in the NYC market, but I have seen a couple of lotteries where if I was approved, the rent is much lower than the current unit I’m approved for. I’m going to view the apartment today, maybe that will make it easier for me to make a decision.
Yes, try to get them to switch you to lower bracket. Maybe it will work, or maybe you can get priority to switch if a vacancy happens. Do the math on utilities too. Getting under the protection of Rent Stabilized unit should be a big concern. You might get hit with a big increase where you are now.
Ask if you can sign a short lease, in case it does not work out for you.
I viewed the building and unit yesterday. And while it’s pretty nice, I decided to turn it down. About double the rent is not worth it just to live in a more modern environment.
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