Across the country, more landlords are attempting to entice tenants with concessions including months of free rent.
In New York City’s borough of Manhattan, landlords were offering to cover part of the rent and other discounts and freebies for 36.2% of units on the market in December, according to a report from realty firm Douglas Elliman Real Estate and real-estate appraisal firm Miller Samuel.
The figure was even higher in other parts of the city, such as Northwest Queens (50.2%) and Brooklyn (46.1%). A year ago, the shares of apartments being listed with such offers were 26.4% 13.7% for Manhattan and Brooklyn respectively.
Beyond free months of rent, other concessions landlords offer include $100 gift cards and covering the broker’s fee (which can be as high as 15% of a year’s rent) at lease-signing, the New York Times reported.