Manhattan Landlords Boost Renter Incentives in Apartment Glut
- Deal sweetners were included in 13% of new leases in May
- Tenants have more leverage at start of peak moving season
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Manhattan apartment landlords, entering the prime leasing season, are boosting incentives to lure tenants as a surge of new supply gives renters more choices and the chance to bargain.
Deal sweeteners, such as a month of free rent or payment of broker fees, were included in 13 percent of new leases in May, up from 1.6 percent a year earlier, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. The share was the highest for the month since the data began in late 2010. Landlords also whittled an average of 2.1 percent from their asking rents to strike a deal.