155 Attorney Street (CORE)
If it looks like there's an awful lot of apartments for rent, you're not imagining things - CityRealty listings show that the number of Manhattan rentals has increased nearly threefold, from 5,545 availabilities on March 1, 2020 to 12,276 at last check. And as some landlords may advertise general layouts rather than individual empty units, those figures may very well be higher.
Meanwhile, as the number of rentals has risen, Manhattan rents have plummeted 22% since March 1. This is quite a drop, but median rents ranging from $2,326 for studios to $4,388 for three-beds may still be too high for some New Yorkers. Here it is important to note that building owners may not be able to cut rents any further without getting in trouble with their lenders.
Nevertheless, landlords are getting creative to entice residents. Concessions of free rent have become almost commonplace, and some owners are waiving broker, pet, parking, and amenity fees for new leases. Others have begun to offer gift cards, which are especially appealing to students and new grads who might appreciate a little extra help furnishing their new apartments.
Meanwhile, as the number of rentals has risen, Manhattan rents have plummeted 22% since March 1. This is quite a drop, but median rents ranging from $2,326 for studios to $4,388 for three-beds may still be too high for some New Yorkers. Here it is important to note that building owners may not be able to cut rents any further without getting in trouble with their lenders.
Nevertheless, landlords are getting creative to entice residents. Concessions of free rent have become almost commonplace, and some owners are waiving broker, pet, parking, and amenity fees for new leases. Others have begun to offer gift cards, which are especially appealing to students and new grads who might appreciate a little extra help furnishing their new apartments.
In this article:
Studios from $2,108 | 1 Beds from $2,567 | 2 Beds from $3,450
$300 AmEx gift cards
All images of Packard Square North via Ciampa Organization
One stop from Midtown Manhattan, all apartments at Packard Square feature practical layouts, oversized windows, private balconies, and high-end finishes in the kitchens and baths. Amenities include an attended lobby, landscaped sun deck, fitness studio, residents' lounge, on-site parking, and bike room. Net effective rent is advertised, but may be converted to OP for brokers. A $300 American Express gift card is offered if the application is submitted at the viewing and lease is signed within 48 hours.
1080 Amsterdam, Morningside Heights, UWS
Studios from $2,850 | 1 Beds from $3,040 | 2 Beds from $5,756
$500 AmEx gift cards to students and new grads
1080 Amsterdam via Stonehenge
Stonehenge buildings' proximity to universities all over the city make them attractive to students, and renters of all walks of life will appreciate amenities like fitness centers, indoor and outdoor resident lounges, and bike storage facility. Apartments feature large windows, hardwood floors, and stainless steel appliances. All prices are net effective to reflect three months free rent, and the buildings are also offering a Citi Biki membership incentive to new residents and a $500 American Express gift card to students and new grads.
Studios from $2,306 | 1 Beds from $2,869 | 2 Beds from $3,900
$500 AmEx gift cards
Mercedes House via Two Trees Management
Located on an architecturally adventurous stretch of Midtown West, the amenity-rich Mercedes House is well situated to offer spectacular river and skyline views. All units feature floor-to-ceiling windows, LED track lighting, solar shades, in-unit washder/dryers, and sleek kitchens. The building is currently offering up to three months free rent and free memberships to The Mercedes Club, its state-of-the-art fitness center, not to mention $500 gift cards with select units.
1 Beds from $3,856 | 2 Beds from $5,484
$1,000 AmEx gift cards
155 Attorney Street is a sleek rental that stands out amidst its historic Lower Manhattan neighbors. Apartments feature grey-stained oak floors, quartz countertops, in-unit Bosch washer/dryer, and floor-to-ceiling casement windows. Amenities include a lounge, virtual doorman, bike storage, mail/package room, and landscaped rooftop terrace. All prices are net effective to indicate a rent concession, and the building is offering $1,000 American Express gift cards with new leases signed by September 15.
1 Beds from $2,192 | 2 Beds from $2,677
$100 AmEx gift cards
Images of 562 West End Avenue via Argo Residential
562 West End Avenue is located on a tranquil section of the Upper West Side, but a short walk from Riverside Park, popular restaurants, gourmet markets, and local and express trains. Apartments combine prewar details with modern conveniences, and amenities include an on-site laundry room, bike room, and the services of a live-in superintendent. The building is offering a $100 American Express gift card upon successful lease signing.
Stonehenge 33
Stonehenge 70, 210 W 70th Street, Upper West Side
Studios from $2,208 | 1 Beds from $3,329 | 2 Beds from $5,079
$500 AmEx gift cards to students and new grads
Stonehenge 61, 252 East 61st Street, UES
Studios from $2,659 | 1 Beds from $3,612
$500 AmEx gift cards to students and new grads
8 Gramercy Park South, Gramercy
Studios from $3,295 | 1 Beds from $4,945 | 2 Beds from $5,954
$500 AmEx gift cards to students and new grads
6sqft delivers the latest on real estate, architecture, and design, straight from New York City.
