Usually your 1 month free can be a free rent for the first month or the 13th month of your lease. Or you can prorate that amount over your 12 month lease.
There is not really a catch but if you prorate the amount over 12 months, when your renewal comes your increase comes from the original rent amount and not the pro-rated amount.
Please work with an experienced and licensed real estate broker. That is the best way to find a place in Manhattan. Be wary of brokers that work with only one company. Remember they are doing a job to rent out their unit. Work with a tenant's broker that can show you many places.
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It traditionally means that on a one year lease your thirteenth month or in some cases, the twelfth month is free. You are still required to pay the first months rent and security up-front. Should you have other questions, I am happy to answer them for you.
Brooke Davida, SVP
The Corcoran Group
There is no catch here. Usually, you will receive one month free on a 13-month lease, with either the 2nd or the 13th month actually being free. Sometimes, you can have the leasing company amortize the free month across the entire lease which will lower your monthly payment, but you will be required to pay all 12 or 13 months.
Travis R. Old
Licensed Real Estate Salesperson
CitySites Real Estate Group
3 W 57th Street
New York, NY 10019
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There's no catch. When it's advertised, it's also mentioned the terms of the 1 free month and how it will be given. When you read about the a net lease, is because there's a concession of 1 month / or 2 months free and it's already applied in a month by month rent.
If you need any help with your hunt, do not hesitate to contact me!
Licensed Real Estate Salesperson
102 Fulton Street
It depends on the landlords requirements, sometimes you have to sign a lease for 13 months, 1.5 years or for two years. You would have to discuss the terms with the broker or landlord. Usually when they advertise the listing they list the terms.
Licensed Real Estate Agent
This is very common in my State of Wisconsin, most especially when heading into the winter months. Very often the owners of the rental unit offer this incentive to get the unit filled for a variety of reasons. However, please make sure that you read and understand the lease and pay close attention to what is required of you if you decide to leave. Many times the lease will not allow you to move out during certain months of the year. This is just one item you need to know. Read the fine print and if you do not understand any part of it, make sure you consult with someone who does.