I am a 20 year old college student. If there is one thing I constantly hear from people in my age group, it’s an exasperated “I really want to have my own place, but, that’s not going happen anytime soon. Besides, I don’t even know where to begin.” Most of the time, I nod my head in agreement, because I know exactly how they feel. I was born and raised in New York City, so I’m what you’d call a complete native New Yorker. I live at home, commuting an hour to and from school everyday. There are times when I wish I could rent a place near my university, but I don’t know how to begin that process, nor do I think I could afford it.
I’m not alone in that sentiment either. If I had a dollar for every time I’ve heard people my age say they want to rent but don’t know how, I’d probably be able to afford NYC renting. That’s actually a pretty common sentiment, one that New York college students commonly experience. Without any assitance, most of us don’t know how to go about renting in a way that’s friendly to our budget.
“Had my mother not helped, I would have been lost” a NYC resident and NYU student said when I asked him about his recent renting experience. “I was very privileged. My mother, who is a housing attorney, helped me out tremendously. It was a very complicated process.”
If you’ve never rented an apartment before, it will be a bit hectic for you; there’s a lot of information, terms and policies involved. For someone who doesn’t know the field, it’s downright confusing, not to mention prices can be discouraging.
“The rent is higher than most low-income students can afford” a 20 year old Fordham sophomore admits. “I think that school fees per semester and the cost of textbooks really make it harder for students to afford rent” (the average New Yorker spends 60% of their income on rent. For low income students, which make up 42% of New York students, renting is out of reach). “We can’t become as easily independent as we’d like to. It sucks too, because college is a time where we’re supposed to break free and find ourselves, to immerse ourselves in a new world and discover our purpose.”
One of the virtues of Feeder is that it provides you with all the resources you would need to maneuver the process, which is extremely helpful for people with little real estate knowledge and a limited budget. (Take it from someone who only a few months ago didn’t know the difference between a condo and co-op but can now debate about articles found in Curbed and The Real Deal.) Reale Rose, Principal Broker at Feeder addressed the pricing situation in his last blog “Are Millennials Doomed To Be Renters?” Even if we (millennial generation) wanted to rent, we need to know how, where and what is the best, and what’s within our capabilities. That’s why I strongly encourage anyone who wants to learn more about real estate to look into Feeder. We’re just getting started in the world of real estate and it can seem like another language. The great thing about Feeder is that they translate this complicated language for us.