With the rental market as strong as it is, you may think that deals are nowhere to be had. Not so: you just need to know where to look and be driven by price rather than neighborhood. What does this mean? Regardless of seasonality, when a new building comes online, time is its enemy. Developers are looking to rent out their property as quickly as possible, meaning that it’s worth it to them to discount rents via concessions such as free rent rather than have their plethora of units sit idle on the market.
New rental developments, such as the Beatrice (North Chelsea), 2 Cooper Square (Astor Place), Columbus Square (Upper West Side), The Ohm (West Chelsea) and The Corner (UWS), therefore have the highest probability of offering concessions. Renters need to be willing to go where the deals are, versus staying attached to any one neighborhood. True, such buildings tend to be targeting the luxury market (meaning higher price-points altogether) but one to two months’ free rent may well make it worthwhile to splurge.