Rents coming down in NYC?
Deflation’s not much of a problem—as long as you’re not the one who owns the asset in question. The Times is reporting that Manhattan rents are dropping, and I hope my corner of Brooklyn follows suit:
Anecdotal evidence suggests that some people are negotiating rents as much as 20 percent lower than the original prices asked by landlords. These figures also leave out incentives, like a month of free rent or a landlord’s paying the broker fee, which can add up to real savings.