4 ms·
Developers would also rather see their buildings empty than charge below market rent for fear of seeming like a 'low end' property.
by StriverGuy 10y ago
Developers would also rather see their buildings empty than charge below market rent for fear of seeming like a 'low end' property.
- billpaetzke 10y agoYep. And the way the developers--on Bravo's Million-Dollar Listing--think, they not only want market price but also to set a new record for market price (per square foot).
- TulliusCicero 10y agoOf course they want that; who wouldn't want more money for their business? But competition can drive the price down just like any other sector, and allowing for more housing to be built means more competition.
- billpaetzke 10y agoI'm not disagreeing. Not sure why the down vote. I'm just saying that there is significant ego on the developer's side of things.
- CPLX 10y agoWell that's why they give the months of free rent. When they report the rent roll of the building they just list the monthly, and it's an automatic large effective rent increase built in for the day the initial term expires.