Concessions departing at Manhattan rentals

Concessions are a thing of the past as the Manhattan rental market rebounds, according to developers and agents, who say that rental units are moving faster while rates are climbing. For example, new rental developments like 505 West 37th Street, which launched in March and is seeing around 30 units signed every week, are showing palpable signs of rebound, according to the New York Post. Gary Jacob, executive vice president with luxury rental leasing and management firm Glenwood, said that one notable change in the market is the disappearance of concessions. “Last year we were giving one month’s free rent on every building,” Jacob said. “In February, we stopped giving concessions at any of our buildings.” [Post]