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Rentals see peak in concessions

Rentals see peak in concessions
Rent concessions are at an all-time high in Manhattan, Brooklyn and Queens.

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 

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