With a glut of high end luxury rental accommodation in New York City rental growth has flatlined and landlords are offering discounts. Less affluent New Yorkers aren’t getting the same deal as their affluent neighbors however. Rents on non-luxury units are in general climbing and landlords don’t feel the need to negotiate. Unless you are looking in a handful of neighborhoods where landlords are offering either a discount or a month or two free rent. Neighborhoods include; Carnegie Hill, Red Hook and Brooklyn Heights.
- A post-recession boom on high-end apartments has created a glut of luxury-living spaces and some landlords that are more willing to cut a deal.
- Unfortunately, the economic turn has not favored those seeking lower-end apartments, as enticing overtures, like discounts and price drops, are not appearing on this front.
- Red Hook, where the median rent runs at about $2,750, appears to be offering a median discount of about 9%, while asking rental prices have plummeted 6%.
“Whatever your budget is, if you’re looking to rent an apartment, it’s worth taking a look at our guide to negotiating to see if you can get your landlord to shave a month or two off the rent, provide discounted access to amenities, or even offer a price drop on the actual monthly rent.”