There was an interesting article in the New York Times regarding rent increases in Manhattan and the end of incentives.

I tend to agree with this article, rents starting to creep back up and rent incentives going away. The financial district which had major incentives over the last two years is even starting to scale back. 2 Gold Street one of the luxury no fee buildings downtown recently stated that as of May 1 2010 they are planning to end their 1 month free promotion in the building. Last summer nearly all the buildings were offering 2 months free rent and had a lot of availability in their new tower. Now they are close to fully occupied and the few apartments available move very quickly.

200 Water Street is still providing 2 months free rent on a 14 month lease. I expect this building to be fully leased up by the end of the busy summer season.

I would recommend anyone who is looking to move to try to lock in something good this summer as buildings fill up and the economy improves this may be the last summer to take advantage of these incentives for a few years.

If you or anyone you know is looking for a no fee apartment please contact us at 917-414-7880

Article Link:

http://www.nytimes.com/2010/04/25/realestate/25cov.html?partner=rss&emc=rss