With housing plentiful, NYC landlords are offering more free rent

Concessions are up as a citywide inventory glut drives rents down, according to a new Douglas Elliman report

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Inman Connect San Francisco, Jul 16-20, 2018

Average rental prices in Manhattan and Queens fell in January, and prices in Brooklyn rose modestly, as New York City landlords aggressively pushed a record number of concessions in the face of a citywide inventory glut, according to a new report. In Manhattan, where average rent for a two-bedroom apartment fell 5.3 percent—from $5,040 in December to $4,771 in January—as many as 49.3 percent of all new leases signed included hefty owner-paid concessions, up from 36.2 percent a month earlier, according to the report by Douglas Elliman. In Northwest Queens, where new development continues to sprout across trendy Long Island City, the average rental price of a two-bedroom apartment fell 4.5 percent, from $3,608 in December to $3,447 in January, according to the report. More than half of all new leases — 50.8 percent—included concessions, driving median rental prices down to $2,507 for all units. “The concessions, for the past year they’ve been there and I think they’re ju...