With a population of 8.4 million in NYC, 1.8 million are students and 70% of those students live off campus. In a highly competitive real-estate market, many landlords are abusing and taking advantage of these college-bound, future-renters by charging much higher rents which leads to displacement of the former rental community who can no longer afford to pay the market rate.
The process for obtaining an apartment in NYC as a student can be extremely daunting with requirements of making 40 times the monthly rent, annually. Since this is most likely impossible for a full-time student, they would need a guarantor or co-signer (US Citizen) that makes 80 times the monthly rent, annually. If a studio averages $1800 a month, the student must know someone, preferably a family member who makes $144,000. Although students are agents of gentrification, many are paying for rent with student loans trying to get by just like many other renters in the city. The true target enemy for long-term and new tenants are the unjust landlords.