I hear that once they lower rent, they get locked in to the low price due to rent control. So that creates an incentive to find ways to reduce effective price that don’t affect sticker price.
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Correct. Also, the eviction freeze creates an incentive to keep units vacant, since theoretically any new tenants could abruptly stop paying rent at any time.
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It’s been going on in parts of Brooklyn (Park Slope/Gowanus etc) for years. The developers and property managers promise a free month or two on your lease while keeping the list price of your rent in the range they apparently want other developers to believe they’re getting
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That’s not what I@ talking about. This is extra on top of that.
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i've been keeping a close eye on the seattle + sf rental market and have noticed the same thing, lots and lots of incentives and a notable amount of vacancies at places that definitely did not have vacancies when i was looking around ~8 months ago
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The system isn't built to lower rents. Property Managers, especially the national companies, usually have budget and authority to give incentives up to a certain point so long as they secure a lease at close to market rate. You often need agreement from the owners to lower rents.
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caps on annual rent increases so they'll throw in things like 1-2 months free rather than lower lease price
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hmmm interesting. My wife has been watching the real estate listings, but I feel like that will be the last area to move downward.
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car dealer mentality
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Rents pretty much never go down, there are incentives built into the system like layers of opaque management and the thing ppl are mentioning about legally restricted rate increase rates that make them prefer empty apartment to cheaper one
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The way this happened in Brooklyn waterfront is that there were tax breaks for new construction to gentrify it, but they kept the theoretical rent high to maximize future rates while charging an Orwellian “preferential” rent ie market ratehttps://ny.curbed.com/2017/4/25/15425058/nyc-rent-stabilization-loophole-landlords …
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