With the median rental price in Manhattan and Brooklyn at or above $3,000, it means you need to be earning north of $120,000—40 times the rent—to successfully secure an apartment at that price. Those are the steep income requirements usually demanded by landlords in NYC. For many New Yorkers, the requirement is impossible to meet.
Recently tenants lost an important bargaining chip when it comes to renting an apartment—the security deposit. The new rent law lowered financial barriers to renting by capping the security deposit to one month’s rent but complicated things for tenants who don’t meet a landlord’s income requirements. In the past, they could pay additional security to offset the risk they presented to an owner but that’s no longer an option.
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