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NYC Apt. Landlords Cut Back on Rent Discounts
As asking rents reach new highs, New York City’s apartment landlords know that would-be homebuyers are waiting for prices to come down and are renting in the meantime, StreetEasy says. This allows landlords to offer fewer discounts than usual at this time of year.
Analyzing October data for Manhattan, Brooklyn and Queens, StreetEasy found that although the month brought the year’s highest share of discounted rents—as it typically does—the percentages were the lowest for October since 2015. They were lowest in Brooklyn, with just 17.1% of rentals discounted.
“The spike in demand for rentals we’re seeing this year means that landlords don’t have to work as hard to attract a tenant this winter season,” says StreetEasy economist Nancy Wu. “New Yorkers looking to sign a new lease this winter should expect tougher negotiations and fewer concessions, and should be prepared to move when they find the right apartment.”
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