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NYC landlords are giving bigger concessions to attract tenants.
Since February, the average number of months being offered for free has risen across the city (see the chart)
Breakdown & analysis in thread
#LukeInsights
Since February, the average number of months being offered for free has risen across the city (see the chart)
Breakdown & analysis in thread
#LukeInsights
1/ Over the past few weeks, I’ve been sharing my analysis of the impacts of #COVID19 on the NYC rental market.
We’ve seen rental prices decreasing and a large increase in No-Fee listings.
We’ve seen rental prices decreasing and a large increase in No-Fee listings.
2/ This week, I researched the last component that affects rental prices in a significant way and found the same trend.
3/ The average number of months being offered for free has increased:
Downtown Manhattan: up 26.2% (now 1.47 months)
Midtown Manhattan: up 10.7% (now 1.7 months)
Brooklyn near Manhattan: up 26.8% (now 1.6 months)
UES: up 23.5% (now 1.47 months)
UWS: up 29.2% (now 1.83 months)
Downtown Manhattan: up 26.2% (now 1.47 months)
Midtown Manhattan: up 10.7% (now 1.7 months)
Brooklyn near Manhattan: up 26.8% (now 1.6 months)
UES: up 23.5% (now 1.47 months)
UWS: up 29.2% (now 1.83 months)
4/ Keep in mind → concessions like this typically peak in the winter months and are at their lowest in the summer months!
But as vacancies increase and demand decreases, landlords are forced to offer whatever they can to get new renters right now.
But as vacancies increase and demand decreases, landlords are forced to offer whatever they can to get new renters right now.
5/ This might be the best time to find an apartment for rent in NYC!
6/ 
To consider → while the # of free months rent being offered has increased, the actual dollar amount of the concessions hasn’t changed as much due to the simultaneous decrease in rental prices.
To consider → while the # of free months rent being offered has increased, the actual dollar amount of the concessions hasn’t changed as much due to the simultaneous decrease in rental prices.
7/ In some cases, the actual $ amount of the “free months” could be less than it would have been when fewer months were being offered for free.
