Your rent has gone up. What do to. One client's story.

Your rent has gone up. For the third or fifth time. And you’re beginning to feel the urge to move. After all you can rent another one bedroom for less than what you’re paying. Right? Wrong.

I recently began to help a client who faced this situation. She had been living in a nice doorman apartment in Brooklyn and every year the landlord raised her rent by a little. When presented with the new rental increase, she’d counter and get a better deal. However, five years later the deal didn’t seem great anymore.

And so she reached out to me to help her find another apartment at a better price. Initially she was open to studio apartments in her price range. An alcove studio, in my opinion, in a building with similar amenities was the answer. Although the prices had soared, I was able to locate a couple of apartments that meet her needs. Sunny. Good closet space. A great kitchen. Good neighborhoods. In well maintained buildings.

To my surprise she changed her preferences. She wanted a studio for maybe $500 less than what she was paying. Impossible request considering an alcove studio is in fact a junior one bedroom which most people would fight over.

What this made me realize and the reason I am writing this post is that if you have not been in the rental market in New York City for five years – you are going to be in for sticker shock surprise.

Rents have gone up. Not just in your apartment but everywhere.

If space is a premium for you then maybe trading a one bedroom for an alcove studio isn’t for you – as long as you can afford it.

If, however, you find yourself using a large percentage of your income to pay for rent and you’re feeling the squeeze – then you really have to come to grips with the four-letter word we all know as R -E-N-T. Moving to a smaller space at a more affordable price is the smart thing to do.