New York landlords are running out of ways to keep rents sky-high
|05/13/2017||Posted by BusinessMediaguide.Com under General World News||
Manhattan landlords are doubling down on perks that encourage new tenants to sign leases and current residents to renew theirs.
Concessions like one month of free rent more than doubled from a year ago in April to the second-highest level on record, to 28.6% of all new leases, a report released Thursday by Douglas Elliman Real Estate showed.
At the same time, the median rental price including concessions — so-called net effective rent — fell by 1.8% to $3,309.
“It may be a sign that we’re sort of at this point where concessions are working, but they can only do so much,” said read more >>>