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Jun 13, 2019
, Bloomberg News
(Bloomberg) -- The deals are getting less sweet for New York City apartment hunters.
The share of new leases with concessions, such as a free month, fell in Manhattan, Brooklyn and northwest Queens in May, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said in a report Thursday. Rents rose in all three boroughs.
Landlords across the city, who just a year ago were vying to offer price-conscious tenants the best deal, were able to rein in incentives as the peak season for leasing gets under way. They’re benefiting from demand by would-be homebuyers who are remaining renters while they wait for sellers to drop their asking prices. That has helped limit the pressure from a wave of new supply coming to the market.
In Manhattan, 34% of new leases came with some type of landlord sweetener in May, the firms said. A year earlier, that share was 38%. In both Brooklyn and northwest Queens -- including Long Island City, Astoria, Sunnyside and Woodside -- a third of agreements had concessions, down from 43% and 48%, respectively.
“This is still a market that’s recovering and rents are rising, but concessions are part of the fabric of the market,” said Jonathan Miller, president of Miller Samuel. “They’re still in the mix.”
With concessions subtracted, the median rent rose for a fifth straight month in Manhattan, climbing 0.6% from a year earlier to $3,413. In Brooklyn, rents increased 4.1% to $2,829. The median in Queens jumped 17% to $2,908 as tenants favored apartments in new developments.
To contact the reporter on this story: Oshrat Carmiel in New York at ocarmiel1@bloomberg.net
To contact the editors responsible for this story: Debarati Roy at droy5@bloomberg.net, Christine Maurus, Daniel Taub
©2019 Bloomberg L.P.
