It's Now a Renter's Market (too) (apartments, credit report, broker)

[Lusitan]

"During the six months since the financial crisis began in earnest, control of the Manhattan rental market has switched to the tenants, who no longer have to pay broker fees (traditionally about 15%) and who can get up to three free months of rent and even gym memberships thrown in just for signing on the dotted line. The power shift might not be as dramatic in other parts of the country, but rents are getting more affordable from Charlotte to San Francisco. And landlords everywhere are getting more creative (and desperate) to hold down vacancies and prevent turnover.

Landlords figure it's better to take a hit by offering a month or two of free rent and other freebies than to carry empty apartments that aren't generating income."

It's Now a Renter's Market - BusinessWeek

Last week someone was asking about whether they should be expected to pay a commission when finding a rental. As goes Manhattan's rental market, so goes North Jersey. Looks like landlords in Manhattan are seeing the same thing those in Jersey are seeing -- good tenants are valuable assets, and the landlords will pay any commissions necessary to find and keep them.

[clevedark]

I just remembered something from a few years back, about 1997. Remember back then it was easier and cheaper to buy an apartment in NYC and it's environs than it was to rent? The paperwork and financial requirements were actually much less stringent to own than rent.

[JG183]

as long as said tenant has a spotless credit report & references...