Most landlords decide to add incentives to reduce their vacancy rates as we head into the Winter season. After all, most rational people try to avoid moving in the cold weather, around the holiday season. Even many brokers decide to stop working or reduce their hours once the peak March to October rental season ends. Still, for those who have no choice but to do a winter relocation (or the clever ones who try to stay off peak cycle), there are usually plenty of deals to go around! However, winter renters may have to pay more broker fees this year, as popular landlords like Herald Towers reduce their concessions.
Unfortunately, New York City real estate is in a strange situation right now, where landlords are cautiously optimistic that the local economy is rebounding and the sudden lack of spending propensity in the past two years is finally reversing course. We’re seeing that higher-end, modern luxury buildings are piling on the incentives, as evidenced by the previous post regarding 505 West 37th. At the more competitively priced end of the spectrum, we are actually seeing cutbacks despite being in roughly the same neighborhood. The Vogue at 990 Avenue of the Americas reduced OPs earlier this year, and just today, Herald Towers sent this OP reduction to their brokerage network.
Stay tuned as we move deeper into the off-peak season. As always, we try our best to stay up-to-date on the latest New York Apartment deals and incentives around the city.
Editor’s Note: We updated this article to enhance readability.
