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There are many incentives in NYC that prevent rents from dropping. What we saw during the pandemic was static rent prices with increased benefits that lowered t
by ipnon 4y ago
There are many incentives in NYC that prevent rents from dropping. What we saw during the pandemic was static rent prices with increased benefits that lowered the actual price, for example last month is free so in effect rent has been lowered by 1/12 while still being listed as 12/12. Landlords do this for a variety of completely [redacted] reasons, including price controls, taxes, vacancy regulations, credit for "improvements", advertising histories. Rents do not fall in NYC, they merely stop rising for a time.
- eezurr 4y agoThe main reason they do it, IIRC, is because the banks handing out the landlords loans require some minimum rent prices on the leases in the loan contracts. The way they get around this is by offering a month or three of free rent. That way the leases signed by the tenants still me the contractual obligations of the bank. In the end the tenant still gets screwed when the lease comes up to be renewed, unless they are willing to move out over negotiating another free month in the next cycle.
- mancerayder 4y agoThere was a big price spike in late 2021 to the present for rents. There was an amazing opportunity in early 2021 for a super negotiation position. Unfortunately the people came back all at the same time, seemingly. The state is booming with low vacancy, that's the present state