Savings & Retirement
Manhattan Landlords Offer Record Perks to Fill Empty Apartments
- Rents tumbled 19% in January as listings continued to pile up
- Freebies averaged 2.3 months, most in over a decade of data
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Manhattan apartment landlords are resorting to the biggest move-in concessions on record in an effort to fill empty units during the pandemic.
In January, the value of incentives on new leases averaged 2.3 months of free rent, the most in more than a decade of data-keeping by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate.