Renting in New York has been a struggle, but recently costs have skyrocketed, jumping an average 20.4 percent in the second quarter of this year alone.
Draconian prerequisites to rent in New York aren't new: earn income 40 times the monthly rent, have perfect credit history, present the last two years of tax returns and current bank balances.NEW YORK - Renting in New York has long been a struggle, but recently costs have skyrocketed, jumping an average 20.4 percent in the second quarter of this year alone, according to the housing search website StreetEasy.
In New York, renters must often also pay significant broker fees to rental agents, generally at least between one month and 15 percent of the annual rental cost. Those rents can only be raised based on a vote by the city's rent guidelines board, whose members are appointed by the mayor.
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