NYC Landlords Offer More Concessions Than Ever as Demand for Affordable Rentals Grows

 

By Emily Nonko

Renters can take comfort that concessions are now the norm in the New York City market—and even better, prices are on the slow decline. The latest match of rental reports show that the market “continues to be mismatched,” as numbers guru Jonathan Miller puts it, with increasing inventory for luxury units and pent-up demand for more affordable places to live.

In Manhattan, prices are down across the board: This past month saw the largest year-over-year decline in net effective rent tracked in six-and-a-half years, the fourth consecutive monthly year-over-year decline in median face rent, and the third highest recorded landlord concession market share in seven-and-a-half years.

“Despite record concessions, we’re seeing the face rent sliding too,” says Miller, the author of Douglas Elliman’s report. “It means the concessions have kept the rate of [price] decline somewhat in check, but have not stopped it.”

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Source: Curbed New York (via Empire Report New York)