Rentals see peak in concessions
The share of rentals offering concessions set records in Manhattan, Brooklyn and Queens. In Manhattan, the share of apartments with concessions offered was at 36.2%, 37% higher than last December, and in Brooklyn, it more than tripled since last year to 46.1% of the market. Concessions were offered at 48 percent of new development rentals.
Manhattan median rent came in at $3,295, down 2.7 percent year-over-year. Brooklyn median rent stayed exactly flat year-over-year at $2,700. Queens saw the biggest slides in rents, with a 3.5 percent year-over-year drop to $2,750.
Landlords are increasingly giving concessions (free months rent) to incentivize renters to rent!
Source: The Real Deal