Finding a deal as NYC landlords pull concessions and raise rents
If you want to rent in New York City right now, a lot has changed since the dark days at the height of the pandemic. Apartments are no longer sitting empty, meaning landlords are no longer desperate for tenants. So how do you get an edge?
In this episode of the podcast, Adrian Savino, director of leasing and business development at Living New York, joins host Emily Myers to shed light on where the deals are as landlords raise rents and offer fewer concessions. There have been recent reports of some renters facing bidding wars for apartments—with landlords raising the rent after a busy open house or even renters offering to pay more than the asking rent to beat out the competition in some of New York’s most popular neighborhoods. In a market like this, how do you compete?
Getting your paperwork prepared and being able to meet a landlord's income requirements are more important than ever, but it's also a very localized picture. In Harlem, Murray Hill, and parts of the Upper East Side, it's still possible to get a deal. You might even be able to pay a security deposit that's less than one month's rent. It's a concession landlords are making in some situations to lower the upfront costs of signing a lease. The podcast discussion covers all this, plus neighborhood nuances, renewal tactics, and advice for renters who aren't yet in the city and are relying on virtual tours to narrow down their search.
The Brick Underground podcast explores every aspect of buying, selling, and renting in NYC so you can better navigate the market, find a deal, make sense of the legal jargon, and stay one step ahead of the competition.
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