During the pandemic, New York City landlords offered rare deals at buildings with swimming pools, roof decks and golf simulators. Now many of those leases are expiring, and some tenants face steep rent increases.
Those who stuck it out or moved to the boroughin the recent history of Manhattan real estate. Landlords served up months of free rent and other incentives just to keep their buildings partially occupied.
“It’s a horrible time to be looking for an apartment right now,” said Kunal Khemlani, a broker at the Living New York firm. David Schwartz, principal at real-estate investor Slate Property Group, said last summer and fall he had to offer tenants incentives like free rent and gift cards, and would sometimes pay for broker fees and moving expenses. “Whatever it took to keep buildings occupied, we did,” he said. But now that these leases are up for renewal, he stopped offering incentives in most cases.
This year, the landlord wants $3,575. “It didn’t really hit me that they would be able to totally take away the discount they had given us,” said Mr. Weinberg, who wrote a letter to the building’s managers pleading they not increase the rent by 23% this fall. The landlord responded with one month free rent, he said.
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