I just want to make this thread to educate newbie renters. I understand you’re excited that you started your analyst roles, you’re making really good money, and you’re starting to look for apartments. PLEASE do not get fooled by these “free rent” and “net rent” deals. Example, I’ve seen it countless times where people get excited that their net rent is like $2,500 with 2 months rent free on a 14 month lease. In reality, you aren’t saving money on rent. What’s really gonna happen is you’re gonna end up paying the GROSS RENT every month. That calculates out to $2,916 every month. That’s a big difference from the net rent that you thought you would paying. Landlords do this trick every time to make it same like you are getting a good deal. All they do is just spread the payment out differently. Just thought you guys should know this because I hate seeing people get excited over “free rent.” There is no such thing. Landlords will still get their market value rent, one way or another.
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This is helpful to keep in mind while reviewing the ads. Thank you.
As others mentioned do the math to get net rent over time.
This post is ridiculous. Yes you pay the gross rent every month, but you get 2 months free. How are you not saving money? It is basic math, whether you get it all at once or you net it out, the only difference is the present value of the cash.
If you are warning people about a monthly cash flow issue, fine, but to say you aren’t saving money is stupid.
Lol exactly, I guess OP’s point is valid from a cash flow perspective but over a 14 month period you’re really paying the net effective rent
I would imagine most people on this forum would be able to see through that sham system, its really not that difficult compared to the work most analysts perform on a daily basis.
Its a simple averaging of the rent... You need monthly cash flow to support the gross, and honestly, fuck the 2 month off, tell the management company that apt inventory hasnt been this high since like 2008... Adjust the gross rent or youre looking elsewhere, some places will not be able to adjust due to their contracts with lenders, etc- but then walk away, Ive been watching the NYC rental market closely every week, and while Im no expert, I have seen gross rents drop in some cases 20-30%, specifically in higher end apartments, no reason to take a bad deal from some scumbags, be discerning and dont get fucked over.
Surprised by the volume of people excited about lower rents unless they are grabbing a rent stabilized unit.
The landlord or leasing company can readjust to whatever the market rate is at the time of renewal, regardless of if you’d grabbed the lower rate as an actual rent drop (not a net effective price).
Congrats on snagging a studio in west village for $1800 last week but have fun paying for movers again and finding another place once everyone returns in September 2021 and are happy to pay $2200 for that same apartment (a steal compared to the $2500 it was going for in September 2019).
People are acting like the NYC rental market is “normalizing” but it’s really just a matter of landlords taking whatever they can get to tide them over until all of their beloved bankers return
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