Manhattan's renters gain more incentives in apartment glut

New York

MANHATTAN landlords are giving renters more financial incentives than ever in a bid to keep apartments from going empty while the market gets flooded with new supply.

Lease-signing sweeteners, such as a month of free rent or payment of broker fees, were offered on 24 per cent of new rental agreements in October, up from 10 per cent a year earlier, according to a report on Thursday by appraiser Miller Samuel Inc and brokerage Douglas Elliman Real Estate. It was the biggest share for any month since the firms began tracking the data six years ago. Landlords also agreed to cut an average of 3.1 per cent from their asking rents in order to reach a deal.