Dec
08
Manhattan Apartment Landlords Prop Up Market With Incentives
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Move-in sweeteners given on a record 25% of leases last month
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Median rent fell 1.6% to $3,264, with concessions subtracted
Manhattan apartment landlords are offering potential tenants more perks to avoid cutting rents further in a softening market.
Incentives, such as a month’s free rent or payment of broker fees, were given on 25 percent of new leases last month, up from 14 percent a year earlier, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. It was the biggest share for any month since the firms began tracking the data six years ago, topping the record of 24 percent set in October. Landlords also gave discounts averaging 3.8 percent off their asking rents, compared with 3.2 percent in November 2015…
Manhattan Apartment Landlords Prop Up Market With Incentives
