I receive daily and weekly updates from a number of the major rental management companies here in New York City. These lists keep me upto date on the new inventory, pricing, and the incentives that are running. Today I saw something that really grabbed my attention. Stonehenge Partners is offering a way to break your lease if you lose your job. According to the company, "Stonehenge recognizes the need to accommodate your clients in these uncertain times. We are offering your clients the ability to cancel their new lease with 60 days notice in the event they lose their jobs. Very strict terms and conditions apply. Stonehenge reserves the right to determine who qualifies for this new program."
I am under the assumption, that as long as you meet their strict terms and conditions if you lose your job you will not be on the hook for the rest of the lease. In the past these big management companies might not be as flexible when it comes to one individuals problems or unfortunate circumstances. They would be a little more likely to really hold your feet to the fire to the boiler plate language in the lease agreements. Stonehenge has been very proactive to provide more service and to think outside of the box to set their properties off from the rest of the available inventory. There are a lot of options out there and these type of specials and policy changes I think will help them rent their product a little bit faster.
Typically winter time is the slowest time for rentals in New York City. The amount of apartments where the owner pays the commission or gives 1 or 2 free months rent is increasing. Renters definitely have room to negotiate. There is sort of a domino effect as far as the incentives. The first to give the incentives are the management companies. As their incentives get more and more aggressive, renters will expect the same incentives when they go to rent an apartment from an individual owner from a condo or co-op. In our own business, this is very hard to explain to a seller that they now have to pay the fee. This is the new normal.
To find out more information about renting in New York City with renter incentives, please contact me, 917 837 8869.
For more information, please contact Morgan Evans or call 917-837-8869
Disclaimer: All information in this post is subject to change without notice. Subject matter: is an opinion, is not guaranteed, may be time sensitive, and may be based on information collected from several sources which may or may not be reliable at the time of sourcing.
Morgan Evans is a Manhattan New York Real Estate specialist in neighborhoods such as: Greenwich Village, Soho, Union Square, Upper East Side, Upper West Side, Chelsea, Midtown West, Midtown East, Nolita, Lower East side, Financial District in Manhattan. Morgan specialize in working with international buyer, high net worth buyers, parents buying for children and investors buyers. Contact him today by calling (917)837-8869.