Concessions for rentals, condos may be fading out
From the May issue: It must have been a bad dream, yet it was only 12 months ago that owners of apartment buildings and condos were pulling their hair out trying to figure out how to induce shoppers to rent or purchase. Landlords offered concessions of up to three months of free rent to entice tenants to sign a lease. Brokerage fees were paid by some landlords, and that wasn’t all: American Express gift cards; breakfast, lunch and dinner with cocktails; health club memberships, and even transportation to subway stops and office buildings. It was also common to offer incentives to retain existing tenants, including rent reductions of 10 to 30 percent. [more]
