With the rates of rentals in metro like New York continuing to increase and low interest rates making it more logical to buy rather than rent, landlords have turned to offering tenants concessions in order keep them in their units. Realtor.com staffer Clare Trapasso takes a look at the concessions being offered by landlords as well as the reasoning behind it.
In January, 16.4% of Manhattan rentals included some type of concession and these incentives are especially plentiful during the winter months:
Landlords will often offer more incentives in the cold, winter months when vacancy rates are higher, says Jordan Cooper, a real estate broker at Manhattan’s Cooper & Cooper Real Estate. The extras will then disappear in the spring through the fall, when new dwellers descend upon the city