New York City is an ideal place to live and love for so many reasons. The art, culture, and food make the city incredibly unique, not to mention all of the business and work opportunities that come with living in such a metropolitan hub. You’re also never too far from a desirable concert venue or international airport, and public transportation can take you anywhere that you want to go. But, there is a pretty hefty price to pay for living in such an opportunistic city and that is the cost of living. Rent and grocery prices are ever climbing, and this viral TikTok proves that no one is safe.
Megan Bowen logged on at the end of her lease to see how much her landlord had decided to increase rent for the following year. She noted at the beginning of the video that her rent was originally $2,300 USD when she signed the lease. Come to find out that price has increased to a whopping four thousand dollars a month, and needless to say, she was outraged.
Commenters were just as outraged as well, noting that they missed the days when landlords could only increase rent when significant changes or upgrades had been added to the property. Several people added that their suburbian mortgages don’t even cost that much every month, and are likely much more spacious than her New York City apartment. Others simply couldn’t believe it was even a possibility for landlords to hike up the prices that much. “I don’t even get how this is legal,” one commenter said.
The New York Times reports that the New York City Rent Guidelines Board, which is responsible for regulating rent increases, approved one of the highest increase margins at their meeting in June 2023. They voted to raise one-year leases by 3%, and two-year leases by 2.75% for the first year, and 3.2% for the second year. Understandably, many New Yorkers are heavily opposed to this increase, and share the reactions of the commenters and the woman in the video. Though she may have lived in her apartment for several years, which could make her increase well within regulation, Bowen’s overall $1,700 increase certainly feels steep.
If you’re dreaming of a New York City lifestyle, you may just be in for a rude awakening when you get there. Rent increases will have you rethinking if your Broadway dreams are really all they’re cracked up to be, but many New Yorkers agree that if you can afford the city that never sleeps, the endless opportunities in the city make rental prices well worth it.