Landlords offer record freebies to New York City apartment hunters in 'challenging year'

Business Insider | 1/11/2018 | Akin Oyedele
Micaella (Posted by) Level 3
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Landlords in New York City offered concessions like a month of free rent to lease a record share of apartments last month, according to the real-estate appraiser Miller Samuel.

Apartment hunters are getting these perks amid a deluge of new rental properties on the market, especially at the high end.

Softness - Top - Jonathan - Miller - CEO

"That will continue in 2018 and exacerbate the softness at the top," said Jonathan Miller, the CEO of Miller Samuel.

Apartment hunters in New York City can continue to expect offers of free rent and other freebies this year, according to the real-estate appraiser Miller Samuel.

December - Landlords - Concessions - Signings - Record

In December, landlords offered concessions, used to speed up lease signings, on a record 36.2% of apartments on the market, according to a report Thursday co-prepared with Douglas Elliman Real Estate. The market share of concessions hit new highs in Manhattan, Queens, and Brooklyn — the three boroughs under coverage.

"2017 was a challenging year for landlords," said Jonathan Miller, the CEO of Miller Samuel.

Samuel - Barrage - Units

Samuel attributed this to a barrage of new, higher-priced units that landlords want to fill soon after they're ready.

"There's nothing apparent that is going to change the narrative that a lot of new product is entering the market," Samuel told Business Insider. "That will continue in 2018 and exacerbate the...
(Excerpt) Read more at: Business Insider
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