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I have no insight into other buildings but management where I live, a pricey 400+ unit in LIC, haven’t budged on anyone’s rent as leases end. Everyone we social

I have no insight into other buildings but management where I live, a pricey 400+ unit in LIC, haven’t budged on anyone’s rent as leases end. Everyone we socialize with (we have a small daughter and there used to be a big crew of babies) has either left or is leaving in the next few months, the garage is less than half full — it’s a ghost town. They’re still raising rents and refused to negotiate with anyone we know. The building is rent stabilized so maybe they fear that lowering the rent will make it impossible for them to hit certain numbers over the next few years?

paulgb 6y ago
> The building is rent stabilized so maybe they fear that lowering the rent will make it impossible for them to hit certain numbers over the next few years? A friend of mine was speculating this as well -- that the market hasn't moved as much as it could because landlords are worried about getting “locked in” at a lower rate. My hunch is that it's not entirely true yet, or else we'd be seeing more concessions (free first month, etc.) that don't impact the stabilized price -- at least in my Manhattan building, even concessions that have been offered (off and on) under normal circumstances are not listed any more.