Woman Explains That She Was Asked To Pay An Additional $10,000 In Fees If She Wanted To Sign The Lease For A New Apartment
The rise in the cost of living in NYC proves that no one is able to afford to live there anymore.
@pipercassidyphillips / TikTok A woman revealed just how costly it can be to afford housing in today's economy, especially in one of the biggest cities in the country.
In a TikTok video, Piper Phillips informed viewers that she and her boyfriend have been searching for a one-bedroom apartment in NYC, which has now become their "full-time jobs" because of how expensive the market is right now. However, after putting in an inquiry for an apartment, Phillips shared the email she received about all of the fees.
She was asked to pay $10,000 in fees before even signing the lease for a new apartment.
"$10,000 to get the keys to the apartment in fees. This does not include rent," Phillips began in her video. She explained that she had found an apartment on the NYC real estate app, StreetEasy, and sent out an inquiry to the broker about it.
In the responding email from the broker, Phillips was told that the condo she and her boyfriend were interested in would take three weeks to either approve or deny their application. On top of that, they were both advised that they needed to make 50x the monthly rent income if they wanted to be eligible for the unit.
"One month broker's commission, so I'm gonna pay this broker, who I found on StreetEasy. I found the unit on StreetEasy, I've been searching for hours, but I'm paying you 15%. To do what?" Phillips pointed out, finding it ridiculous that she needed to also pay a broker when she was the one actively searching for an apartment.
In addition to the broker's fee, there were several other building prices, including an application fee ($550), an administrative fee ($1,500), an annual amenity fee per applicant ($350), credit check per applicant ($150), a move-in fee ($150), and a refundable move-in deposit ($1,000), among several other things.
In total, if Phillips and her boyfriend moved forward with their application, they were looking at almost $10,000 in these various fees before even getting the keys and, of course, it doesn't include the rent they would need to pay for that month, which is most likely costly as well.
"If you're looking for an apartment out there, good luck because this is crazy," Phillips stressed.
The high price of living in New York City has contributed to many families and natives having to leave their homes.
For the cost of living in NYC, it's estimated that, on average, individuals spend around $2,500 per month on living expenses. Families can also expect to spend closer to $4,000 per month. These numbers vary and can increase or decrease depending on lifestyle, housing costs, and other factors, which proves that it's almost impossible to comfortably afford to live in the city.
Unfortunately, the continued rise of rent and other expenses in NYC have pushed out many of the native families who have lived in many of the five boroughs. More specifically, the city's Black population has declined by nearly 200,000 people in the past two decades.
According to the 2020 New York City Census, the number of Black children and teenagers living in the city fell by more than 19% from 2010 to 2020. There are many factors contributing to the growing number of Black families leaving, including concerns over education and wanting to be closer to family. But, the most consistent reason is the ever-increasing cost of living.
In places such as Brooklyn, many parts of the borough were once overflowing with Caribbeans, Latinos and Hispanics, but now, because of gentrification and the absurd rent prices, many of these families are forced to leave behind their homes and businesses in search of chapter options, which are usually outside of the city in places such as New Jersey, Connecticut, and Pennsylvania.
The reality that New York City is becoming too expensive, even for the people who have been there for decades, does nothing but erase the culture and rich history that many of these marginalized communities have built in their respective neighborhoods.
There needs to be more conversations around ways to address affordable housing options while also getting to the root causes of these displacements. Only then can the rich history, culture, and sense of community that make New York City so vibrant and unique be safeguarded for generations to come.
Nia Tipton is a Chicago-based entertainment, news, and lifestyle writer whose work delves into modern-day issues and experiences.