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I don't want to give away the name of the place, but I see some of the new apartment towers in Jersey City by the PATH train have some killer deals as they try to lease up. One is offering two months free rent if singing a one year lease. The other is offering a "security deposit special" of $1000 instead of one months rent of $1,800. There is also the added benefit of escaping the NYC income tax, but you;ll have to pay more in Metrocard costs since the transfer from PATH to MTA is the cost of another fare. Just wanted to highlight these options for apartment hunters.
I guess the increased scrutiny in the H1B process is causing some anxiety. Usually there are Indian nationals renting these by the dozen for the purpose of subleasing the rooms out for profit. And the job market in NYC remains as strong as ever so I don't see why there would be a dramatic decrease in rent anywhere, all else being equal. Two months free rent was what they offered during the financial crisis.
Firstly,
"Security Deposit special" is meaningless because it is a wash: you give them money and they give it back.
LoL - I'm curious to hear others experience with this - I've had some shady landlords that lie and try to nickle and dime me on my way out. Had to threaten with an attorney once to get my money.
^ Exactly. Something is up. It might be overbuilding in Jersey City. There is a lot of new supply coming on the market, keeping things affordable.
This is H1B season when the visas are granted if they are expedited. However they recently canceled the expedited option for this year so visa approvals can take 6 months. So makes no sense for the professional subleasers to go rent apts by the dozen not knowing when those approvals will be handed out. And the Jersey City waterfront is basically H1B city.
LoL - I'm curious to hear others experience with this - I've had some shady landlords that lie and try to nickle and dime me on my way out. Had to threaten with an attorney once to get my money.
I will not naysay you on this, most landlords are turds incarnate, the apotheosis of dishonest greed, but I am presuming big honest landlords like Lefrak and Rose...both big on the Jersey City waterfront. THey are too big to risk a bad name.
Lefrak (Newport) was very quickly forthcoming with my security deposit. They even paid me back even more than I was owed.
Small slimy landlords got my security deposit as the last month's rent. If they didn't like it Tough TIDDAYS.
2 months free specials are almost pointless IMO since a lot of the time they're typically giving you the last 2 months free (that is, months 13 and 14).
Lots of deals like this in manhattan as well just not in the price range lol. Careful with two months free rent, because when it comes time for lease renewal the price goes up on the actual rent not the net effective price. I only mention this for the people who dont know any better which in my experience as a real estate agent is quite a few.
So fedguy,
I am quite familiar with most of the complexes on the Jersey City river coast and Downtown. What complex is offering 2 months free rent?
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