Those who live in New York (or LA or London or any other expensive city) have all come across somebody who year ago locked in a rent price that is a fraction of what those house-hunting now see on sites like StreetEasy.
But just as many are reticent to talk about how much they earn, not everyone is willing to disclose how much they pay in rent or mortgage — whether the number is low or high, it can generate certain feelings of embarrassment over everything from overpaying to being able to afford something others can’t.
Having conversations about money matters is often shown to help many people get a better understanding of whether they should ask for a raise, take or leave a given apartment, or put aside more in savings. Many need that comparison point to get a clearer picture but are afraid to be the first one to bring up finances in a conversation.
Hi Stranger, Tell Me About Your Rent
By being the one to make that awkward first step, one TikToker has gained a massive following. Videos of Caleb Simpson coming up to strangers in NYC and asking them how much they pay in rent generate around two and 10 million views each.
What started out as a few spontaneous live streams has evolved into a series in which every video begins with Simpson asking the people he comes across, “How much do you pay in rent?”
The conversation often progresses to Simpson also asking for an apartment tour. As he started becoming more well-known and gaining followers (over 6.2 million on TikTok now), more and more people started letting him film inside their homes.
His series featured a $10 million house with $10,000 a month in maintenance fees owned by celebrity real estate agent Barbara Corcoran to a $350-a-month rent-controlled apartment in Lower Manhattan that a woman was able to get transferred over from an aunt. The series also occasionally also goes to other cities like Miami.
“We’re all a bit curious,” Simpson told Realtor.com in a recent interview. “At first, people were more interested in the price point, but [more recently] someone commented, ‘I love how you’re highlighting all these humans, and we get to see how people live and what they care about in this world.'”
The Push For Rent Transparency
While Simpson’s series is in many ways a New York story about how people find ways to live despite exorbitantly high rent, it also taps into another issue in the real estate industry: rent transparency.
Unease around discussing money problems may be starting to wane somewhat — one survey conducted last year found that while nearly 60% of Americans do not regularly discuss money with friends, that number drops for those younger than 34 and rises higher for older generations.
Finding out how much others pay in rent or mortgage can sometimes be a way of satisfying curiosity but, in other cases, can help someone judge whether what they’re being offered is overpriced or inspire them for what they can find in a given neighborhood.
“There are very few financial problems that improve by ignoring or neglecting them,” Korrena Bailie, a consumer finance editor for Forbes, told the New York Times in 2018. “When you begin to understand the value of being open and transparent about money, it starts to feel like an imperative.”
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