She Strengthens

The Dark Side of Luxury Living

Imagine waking up every morning in a lavish apartment, complete with rooftop pool, doorman, and in-unit laundry. Sounds like a dream, right? But what if I told you that this luxury living fantasy can quickly turn into a financial nightmare?

The Illusion of Luxury

I learned the hard way that there’s no strict qualification process for a management company to label themselves “luxury.” This means that many luxury apartment leases are essentially scams, hiking up rent while offering minimal, barely functional amenities. I got swindled by a “luxury” apartment management company and discovered the true cost of living the high life.

The Paper Trail

In New York City, landlords typically require tenants to make at least three times the yearly rent or 40 times the monthly rent. For a studio apartment priced at $1,745 a month, I needed to earn around $63,000 to qualify. Although I wasn’t quite there, I was dazzled by the amenities and convinced my dad to co-sign my application.

Hidden Fees Galore

What I didn’t anticipate were the hidden fees that started pouring in after I signed the lease. There was an amenity fee, pet fee, mandatory renter’s insurance, utilities, automatic rent payments, parking, packages locker, trash valet, and transportation costs. My $1,745 apartment quickly turned into over $2,100 a month, requiring a $75,600 yearly salary to qualify.

Making Ends Meet

Fortunately, I was able to pick up extra freelance work to meet most of my bills, and I had a savings cushion just in case. But many others fall into the luxury apartment trap without a fall-back plan. My main takeaway was that I shouldn’t have stretched my budget to its limits in the first place.

The Harsh Reality

Every “luxury” amenity came with a service charge. Management charged as little as $5 whenever and wherever they could. On top of all these fees, the management company was terrible, not communicating, sending incorrect bills, and neglecting maintenance. Between my own experience and those of several friends, not one of us has ever renewed our lease. The truth is, you pay an exorbitant amount of money for a marginally better living experience.

A Lesson Learned

I’ll miss the washer and dryer, but I won’t miss the financial stress and hidden fees that came with luxury living. If you’re considering splurging on a luxury apartment, remember to factor in all the extra costs and think twice before stretching your budget to its limits.