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Raheem X, Other/Just Looking in Brooklyn, NY

Are landlords offering any incentives in this market?

Asked by Raheem X, Brooklyn, NY Wed Aug 12, 2009

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Hello Raheem, YES!, Some landlords are offering incentives to good tenants in order to retain them at the conclusion of their current leases. Having a vacant apartment is an expensive situation for a landlord. They still need to pay their mortgage and maintenance even when the apartment is empty. So many landlords are willing to negotiate lower rents for established tenants that pay on time, and may even offer a free month or early move in for new qualified tenants.
Web Reference: http://www.clovelake.com
3 votes Thank Flag Link Wed Aug 12, 2009
13 months later; Manhattan's rental market is very healthy. Rents have increased on average 1.7%. Studio apartments had the largest rental increase (approximately 9%), and one bedroom apartment rents rose approximately 2%. Manhattan now has only a 1% vacancy rate. Much of the seasonal increase comes from college and graduate students followed by area business staff. So most incentives are gone, however there may still be some deals to be had in the outer boroughs.
Web Reference: http://www.clovelake.com
0 votes Thank Flag Link Thu Oct 14, 2010
Hello again Raheem, here is an update to your question. The times are changing. Now Landlord's have the advantage. With vacancies low, fewer landlords are offering incentives. NYC now has a vacancy rate hovering around 1%. In fact many landlords are increasing rents as leases come up for renewal. Gone at many buildings are the owner paid broker fees, and rent free 1st month move in perk. Of course as the old saying goes "real estate is local in nature" applies and conditions may vary from neighborhood to neighborhood.
Web Reference: http://www.clovelake.com
0 votes Thank Flag Link Sun Oct 3, 2010
I personally can work on pricing if you are willing to sign longer leases. I represent leases for over 40 properties and landlords are looking for longer term tenants as it gives them more stable cashflow.
0 votes Thank Flag Link Wed Aug 12, 2009
Sorry Raheem, I don't work with rentals. Only sales.
0 votes Thank Flag Link Wed Aug 12, 2009
Usually apartment complexes offer incentives individual property owners usually can't afford discount or free monthly rental for X number of months.

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0 votes Thank Flag Link Wed Aug 12, 2009
When the supply of anything far exceeds the demand for it......it can be an excellent tine to negotiate. Our recommendation is to ask for this consideration. If you don't ask....you'll never know.

Good luck
0 votes Thank Flag Link Wed Aug 12, 2009
Kenneth, do you have any section 8 rentals available?
0 votes Thank Flag Link Wed Aug 12, 2009
Every landlord is different. All are looking for tenants with good credit scores and payment history. That is your best asset to get any extra benefits
0 votes Thank Flag Link Wed Aug 12, 2009
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