Some New York City landlords are offering major concessions right now, like three to four months of free rent, and sometimes even more than that, to fill empty apartments. That's a better deal than the one or two months free offered by some landlords before the pandemic.
Landlords use concessions to entice you to sign a lease, and are giving more now with so many vacant apartments available for rent. You can find apartments offering these generous concessions across the city, but you’re more likely to find the best deals in larger rental buildings that have a lot of inventory to fill.
When you find these apartments, they often advertise the net-effective rent, which takes your free months and spreads them over the term of your lease—but that’s not what you’ll actually pay. Usually you get those free months at the end of your lease and you pay the gross rent during the lease term. (Confused? Brick’s gross rent calculator can help you sort this out.) Only some landlords let you pay the amortized rent for the entirety of the lease.
So, if you’re looking for a NYC rental and want to take advantage of the downturn in the rental market, here are five apartments offering three or more months of free rent in Hell’s Kitchen, Williamsburg, Downtown Brooklyn, Cobble Hill, and Lenox Hill.
341 West 45th St., #514, Hell’s Kitchen
This no-fee studio is asking $2,250 with three months free on a 12-month lease. Apartment #514 has hardwood floors, stainless steel appliances, high ceilings, and a marble bath. All utilities, including electricity are included. Amenities include a 24-hour doorman, live-in super, laundry room, storage room, and lounge.
222 Johnson Ave., #3D, Williamsburg
This no-fee studio is asking $2,850 with five months free on a 17-month lease. The apartment, which is similar to the model apartment shown in the listing, and features hardwood floors, large windows, stainless steel appliances, smart closets, central air conditioning, and an in-unit washer/dryer. Amenities include a doorman, conference room, lounge, intercom system, and a furnished roof deck.
7 Dekalb Ave., #19K, Downtown Brooklyn
This no-fee one bedroom, one bath is asking $2,925 with three months free on a 12-month lease plus a reduced security deposit of $1,000 for qualified applicants. Apartment #19K has hardwood floors, large windows, stainless steel appliances including a dishwasher, and multiple storage closets. Amenities include a full-time doorman, fitness center, media room, playroom, bike storage, storage units, and laundry machines on every floor.
200 Atlantic Ave., #2A, Cobble Hill
This no-fee one bedroom, one bath is asking $3,995 with three months free on a 12-month lease and a complimentary YMCA membership. The corner apartment has hardwood floors, stainless steel appliances, granite countertops, blackout shades, LED track lighting, and floor-to-ceiling windows. Amenities include an onsite YMCA, laundry room, and storage.
165 East 71st St., #400, Lenox Hill
This no-fee two bedroom, two bath is asking $4,750 with four months free on a 13-month lease, and other lease terms are available. The renovated apartment, shown virtually staged, has high ceilings, three closets, custom lighting, several windows, stainless steel appliances, and an in-unit washer/dryer. It is located in a walk-up building with a video intercom system.
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