Everyone needs space in this city but what if you are paying way too much for yours?
Rent is arguably the hottest issue the city has ever seen. Reports are constantly coming out that tell us that the cost of living and rent is beyond absurd. And this latest report is bound to drive you up the wall and reconsider what a wall is.
Landlords are now charging for square footage that cannot even be used or even really seen.
Office landlords have been using this practice for quite a while, they measure out the square footage of common areas such as stairwells and hallways.
This is called "loss factor" and it's now being seen to calculate residential leasing.
While office landlords tell their tenants about how loss factor is added to the price, there is no standard for residential leasing.
Essentially, measured space should be a wall-to-wall measurement, you know, where you actually live and congregate.
These landlords are making off like bandits from this practice. In 2011, one square foot in SoHo was $498. In 2014 it surged to $890.
Now, you can possibly be charged extra, and the charges may come from your building's wall thickness resulting in a 10% percent price inflation or even more depending on your building.
And that adds up when you're paying over $800 bucks per-square-foot.
There is fine line between advantage and exploitation and these landlords are very boldly walking it. Actions like this stain the entire city and give it a very noticeable black eye.
In New York City, you deeply cherish the space you have. You understand it as where your life happens. So, should you be paying for space where life cannot blossom?
Given that landlords are seemingly doing everything they can to shake the money right out of your pockets, it's important that you save in any way you can. Sometimes that means finding a roommate or housemate.
Of course, most of the time that's much easier said than done. That's why there's Roomi.
Roomi’s the free app that makes it safe and easy to find a roommate or housemate.
New York City is wildly, unbelievably expensive. You’re going to need a roommate, and you’re going to need a safe way to find someone who’s not a shady individual. Check out Roomi right here and get started.
Check out This Animated Map Showing the Rise of Million-Dollar Homes in NYC.
[via The Real Deal] [Feature Image Courtesy Instagram]