A whole bunch of big new 'luxury' rental buildings have flooded the market in my area of Brooklyn, and the 'free rent' concessions they're offering–especially w

A whole bunch of big new 'luxury' rental buildings have flooded the market in my area of Brooklyn, and the 'free rent' concessions they're offering–especially with a bit of negotiation–are substantial. Some friends of mine recently moved into one (with a few months free rent), and it's shocking how few apartments have been rented despite how long the building has been available. The effects of these buildings coming online have been noticeable in my nearby neighborhood: two apartments in my 6 unit building that otherwise would have been rented in a matter of days sat empty for several months until they lowered the asking rent multiple times, I got an immediate 'yes' to a lowball counter when it came time to re-sign our lease, and the number of nearby 1 bedroom listings under $3k has multiplied dramatically since the last time I was searching for a new apartment.