In a softening market, New York City landlords are competing with more new buildings than ever for tenants, according to the New York Times. About 11,514 new rental units came on the market in Manhattan and Brooklyn in 2016, and 13,340 are expected this year, according to Citi Habitats, a real estate brokerage.
Some luxury developments are offering as much as four months of free rent on a two-year lease. But deals are to be had in older, less expensive buildings, too. Despite these concessions, some apartments linger vacant for months. Worried that a slowdown will continue, many landlords are not raising the rent when leases come up for renewal, and some are even throwing in perks like gift cards.
Local brokers tell the Times that the New York City rental market took a nosedive in 2015, but that landlords have been propping things up with incentives ever since.