Originally Posted by UpstaterInBklyn
Throwing in a free month or two is a common practice in other parts of the country, but very rare in NYC. However, I've heard some of the new lux buildings are starting to do that now. Are brokers now jumping on this as a new way to scam renters?
For what its worth, I received a small rent decrease from my landlord, but I live in the NYC version of "the middle of nowhere", so it's a different supply/demand equation here. He appreciates all of the favors I do for him, like taking care of the yard and taking out the garbage.
Congrats Upstater! Seems like you got a much deserved decrease.
In order to attract tenants in these uncertain economic times, many landlords are giving one month's free rent instead of actually reducing the monthly rent. So the "effective rent" for the duration of the lease is lower than the stated monthly rent in the lease.
Some brokers are upfront about this, while others are deceiving prospective tenants into believing that there's a permanent rent reduction, ie., they're trying to pass off the "effective rent" as the actual rent going forward even beyond the lease term.