New York Apartment Deals - July 2010

• Management Level Deals
• Building Level Deals
• Frequently Asked Questions

How do apartment concessions work?

Most concessions come in the form of "free months" at the end of a lease. For example, you might get the 13th month free on a 12 month lease. The translates to effectively 12/13 x RENT over the entire 13 months, or a 7.7% discount. There might be other types of concessions such as "OP - Owner Pays Broker", gift cards, free gym access, or frictionless lease-breaks. Generally, you'll find that there are fewer concessions during the summer months (when apartments are moving fast and new graduates are moving into the city) versus during November/December. However, this year, overall effective rents have dropped across the city because of the economy.

What is "OP"?

"OP" stands for Owner Pays. Many no-fee buildings offer to pay 1 month of rent as a broker's fee. However, if you found the apartment by yourself, you can likely negotiate and get a lower rent or an extra month free! Most landlords should be willing to negotiate if they were previously offering to pay 1 month of rent to the broker.

Can you help us get paid for the "OP" or Owner Pays Broker?

If you contacted the management companies above and find that they don't want to offer you any additional discount, we can help you get a rebate on the OP. Contact feedback@renthop.com.

Are the rents on your listings effective rents? Or are they gross rents?

Gross rents are rents before discounts are applied. We show gross rents instead of net rents (rents net of concessions).