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A blog from CityRealty (Links below will take you to the 6sqft site)

Rental Building News and Offers

The pandemic has shown that despite myriad laws and restrictions, the real estate market still functions in New York City. A steep drop in demand starting in March has resulted in a record oversupply of units, causing prices to fall to levels not seen in a decade. Renters have taken notice, causing the highest number of leases ever signed this past November and a slow decrease in the number of apartments available.

With the simple equation above in mind, in order to keep prices low in a growing city, there must be a continuous supply of new units to satiate demand. Given that the pandemic is likely temporary with vaccine candidates now in view, one must wonder how much will rent prices increase once COVID-19 is behind us. This, of course, depends on the state of the job market and the city's economic recovery. Many experts don't predict the city returning to pre-pandemic normal for several years.

With this dramatic lesson of how the real estate market works before us, now is the time to make large plans to build new apartments so as not to recreate NYC's never-ending rental emergency. The new units are necessary to keep rents at approachable prices for the average New York. This boon will dramatically raise the quality of life of residents by providing easier commutes and modernized apartments, and simply allowing the ability to live in one's neighborhood of choice. With the work-from-home/anywhere culture taking root, the satisfaction and happiness of all Gothamites are of utmost importance for the city's economic and cultural revival.
Common terrace at Downtown Brooklyn rental Hoyt and Horn (Rose Associates)
In the meantime, for those that still have the means, this winter is the time to take advantage of apartment deals which may save you thousands of dollars in the coming year. During a typical rental apartment search, there are many criteria to consider: price, location, size, amenities, and now, concessions. The practice would have been unheard of to most in previous years, but it has become common in nearly all of the city's full-service buildings as a way to lock in residents who will likely reside in the apartment for over a year.

As a source of excitement, confusion, and often frustration, the language of gross and net-effective pricing is sometimes seen as false advertising since the advertised price usually has the concession baked in. It is important to note that an offer of “one month’s free rent” does not always mean one month without having to pay rent. The accurate term would be a discount on rent: These apartments are often listed with a “net-effective” rent, a term that refers to the total amount of the concession (one month’s rent) divided by the term of the lease. The resulting amount is then deducted from the asking rent for a lower monthly payment. Other times, usually when noted, a tenant is expected to pay the full gross rent every month and receive the advertised number of months free towards the end of the lease.

Prospective renters should also keep in mind that while they may be paying a discounted rent for the first year, landlords will most likely accept them based on their ability to pay the gross rent (sticker price) and thus stay in the building.

Regardless of the math involved, the dramatic drop in rents across the board will benefit all renters for the short-term. A month or two of free rent is among the most popular offer, but some landlords are providing freebies such as lower security deposits, free amenity memberships, and AmEx gift cards. Below is a list of active listings with an exemplary giveaway of 4+ months of free rent. Bear in mind, after your lease expires and you decide to re-sign, it is unlikely you will regain a concession this good, or any at all. Depending on the state of the housing market and the city's ability to have enough vacant units to meet demand, your rent could very well skyrocket to near pre-pandemic levels in the years to come.

109-Gold-Street-04 109 Gold Street (KBA Architects)
**NO FEE AND 4 MONTHS FREE ON A 16 MONTH LEASE**! See all listings here.

(via MNS)
No Security Deposit for qualified applicants through Rhino! Move-in immediately and receive the rest of October free. Now offering 3 months free on a 12-month lease or 6 months free on select lease terms!. Free parking for 6 months and waived amenity fee for your first year. Advertised rent is based on the gross rent of $3,360 See all listings here.

(GKV Architects)
Pay NET EFFECTIVE RENT + No Fee! Free Amenities and Wifi for the first year! Rent advertised based on 3 months free on a 12 Month lease for leases starting immediately. Move in Immediately and receive the rest of November free! Now leasing with start date through Jan 2021, early occupancy available.NO SECURITY DEPOSIT AT LEASE SIGNING for qualified applicants through Rhino. Contact us today for a contactless showing with an agent! See all listings here.

(Klara Madlin)
No Fee ! 4 months free + $1250 Amex gift card 5C is a north-facing one bedroom with open city views. Apartments feature modern finishes, hardwood floors, stainless steel appliances, high ceilings, floor to ceiling windows, and excellent light. See all listings here.

45 Hoyt Street (Rose Associates)
This unique property offers a landscaped courtyard and roof-top terrace equipped with grills and additional entertaining spaces.LIMITED TIME SPECIAL OFFER:3 MONTH FREE ON A 15-MONTH LEASE OR 4 MONTHS FREE ON A 28-MONTH LEASE + OP. See all listings here.

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