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I think it’s something else. I was recently apartment hunting and most of the vacant apartments in the city are offering 1-3 months free but are keeping the overall rent high. Which brings down the annual rent to anywhere from 10-25% lower, but the monthly rent stays well over the median that’s being reported.


Unfortunately, to carry that low annualized rent forward, one must move annually.


Same in NYC.

Streeteasy has a data dashboard and is showing that % of rentals offering concessions is at an all time high (excluding the covid anomaly)


this is due to rent control. Landlord don't want to lose advantage of "high base"


It doesn't work that way. The first year base rent is all the rent paid divided by 12.




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