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

In addition to the actual drop in rent there are many other factors to consider when looking at overall rental prices. First, with the down economy there has been an increase in no fee apartment listings. This can accounting for a 12-15% savings to the tenant by not having to pay a brokerage fee for an apartment.

Additionally, many landlords have been offering between 1 month free and 2 months free rent on their apartments instead of dropping the price of the rent. The Financial District, (Fidi) has been one of the best areas to secure free rent. A majority of the buildings let by those owned by Rockrose and TF Cornerstone, primarilly 2 Gold Street, 200 Water St, and 45 Wall Street are offering 2 months free rent at nearly all of their downtown buildings along with no fee apartments. Other buildings such as 37 Wall, 63 and 67 Wall (The Crest), 95 Wall and mostly followed suit with similar incentives.

Other neighborhoods that have seen bargains have been Midtown, The East Village and the Lower East Side.

The Upper West Side is a neighborhood we have seen an increase in no fee buildings over the last year or two. There are typically 15-30 available no fee apartments in the Upper West Side depending on your price point at any given time.

You can check out the article on Curbed at http://curbed.com/archives/2010/01/04/rent_too_high_09_manhattan_rental_report_has_the_answer.php

For information on finding no fee apartments and free rental incentives throughout Manhattan please contact us at info@newyorknofeeapartments.com or fill out our form below.

Things have calmed down a bit and although their is still availability I have found the prices have risen slightly.  The average 1br apartment is now renting for around $2620 Net Effective Rent rather than $2500 earlier this summer.

200 Water Street is now continuing its very aggressive offers.  They have Studio, One Bedrooms, Two Bedrooms, and Three Bedroom apartments available.  All except their loft units are very good for shares.  The net effective rent for a share can be as low as $1100 per person

For more information on available apartments in the financial district at these or any other buildings please contact me below.

Due to the current state of the economy landlords are providing numerous incentives to lure tenants into their buildings in the financial district.

The financial district has been a growing residential neighborhood over the last 10 years.  Numerous commercial buildings have been fully renovated and converted into luxury condo’s coops and rental properties.  Tenants will find that there are amazing incentives provided by the landlord to rent apartments in the financial district.

The following are key incentives provided by a majority of the buildings in the financial district.

1. No Brokers Fees: Buildings downtown typically do not charge the tenants any brokers fees. In addition they will typically pay 1 month rent as a commission to a broker that brings a tenant into their office. This fee does not cost the tenant any additional rent and does not cause them to lose any incentives such as free months rent. For example 2 Gold Street which is owned by Rockrose Development is currently providing 2 months free on a 14 month lease whether or not you use a broker to find the available apartments.

2. Free Rent Incentives: Many buildings downtown are providing 1 or 2 months free rent when signing a 12+ month lease. The buildings will provide the free rent credit in a number of different ways. Some buildings will provide either your first or last months free. Many other buildings will allow you to average your free rent into the overall monthly price and allow you to pay the Net Effective Rent. This is essentially a discount however buildings like to keep the gross rent higher for a number of financial reasons.

For a free list of available apartments available with incentives please contact us using the form below.

Finding an apartment, particularly a no fee apartment in Manhattan, is so overwhelming that most people use a broker to find one.  If you give a broker the location, the type of housing that you want, such as a brownstone, elevator, walk up, or any other specific type, and the fact that you only want to find a no fee apartment, they should be able to find your apartment and set up a showing with the greatest of ease.  NewYorkNoFeeApartments.com can provide you a list of available apartments and a broker who will find you a great deal without having to pay a fee.

How are we able to do this?  Many landlords are starting to offer commission and finders fees to a broker who brings a qualified tenant.  This allows us to work for you free of change and receive our payment from the landlord.

Only about 20% of available inventory of Manhattan Apartments are no fee.  This fluctuates depending on the time of the year and the neighborhood.  Neighborhoods like the financial district of Manhattan have many no fee options.  The Upper West side for example has less available no fee apartments typically.

Don’t rely on Craigslist or Kijiji to find your next apartment. A lot of those listings are just brokers looking for leads to find a person willing to pay their 15% fee, and you will not get access to the actual place to live until you pay them their fee.

Please fill out the contact form and let us help you find your next apartment.

This is an amazing building with an indoor pool, amazing rooftop bar with view of both the Manhattan and Brooklyn Bridge as well as the Statue of Liberty

The apartments are great for shares.  There one bedrooms will convert to a 2 bedroom for roughly $2500 per month net effective rent.

The F line as well as the 03 line in the original tower also convert extremely well as all three bedrooms have windows and heating units.

The new tower is almost fully leased and this weekend will be the best chance to lock up a great deal in this building.  2 Gold is still offering 2 Months Free on a 14 month lease and is 100% no fee.  I would be happy to explain the current inventory and set up an appointment to view this building anytime this weekend.

Please call Jack Krupey at 917-414-7880 or e-mail to info@newyorknofeeapartments.com