Manhattan Renters Score Record Incentives in Apartment GlutBy
Photographer: Michael Nagle/Bloomberg
Signing sweeteners offered on 24% of new leases in October
Share is biggest in six years of data, up from 10% a year ago
Manhattan landlords are giving renters more financial incentives than ever in a bid to keep apartments from going empty while the market gets flooded with new supply.
Lease-signing sweeteners, such as a month of free rent or payment of broker fees, were offered on 24 percent of new rental agreements in October, up from 10 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. Landlords also agreed to cut an average of 3.1 percent from their asking rents in order to reach a deal…
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