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Rent Declines and Concessions in the Age of COVID

Started by yournamehere
over 5 years ago
Posts: 172
Member since: Mar 2007
Discussion about
Does anybody have any data points yet on rent decreases/concessions - for both listings and renewals? I’d think we’d start seeing the impact on renewal negotiations already, though still early. How aggressive should tenants get on renewals? Especially long-standing, reliable tenants. 5% down? 10% down? One month free? Two months?
Response by George
over 5 years ago
Posts: 1327
Member since: Jul 2017

Looking at prices in a big luxury building I'm familiar with, if you move in immediately, you can score 1.5 months free. Headline prices are down less than 5% compared to before the virus. Vacancies are piling up. About 1/8th of units in the building are shown as available, though some don't have move-in dates till late August. The landlord seems to be betting that there will still be a lot of ppl moving in this spring and holding prices high. I'm not so sure.

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