HUDSON COUNTY — The New York Times had a story this weekend about how there are fewer and fewer concessions on rental apartments now. In other words, landlords no longer have to offer a month free with a 12-month lease, and other givebacks, seeing how the rental market is improving thanks to the downturn in the buying market.
Buildings in Hoboken and Jersey City are mentioned in the story.
It notes:
Rental building occupancy now averages well above 90 percent in all types of settings, according to landlords and brokers, who feel less of a need to offer tenant concessions. “We eliminated concessions at some of our buildings in Hoboken and Long Branch starting in August,” said Michael Barry, a principal of Ironstate Development in Hoboken, which built and manages thousands of units in the northern part of the state. “We’re wringing the rest of them out now.”
He said rent reductions and other perks were still being offered at 225 Grand, a 348-unit rental tower in Jersey City that his company opened last summer. But the leasing agent for the building, Jacqueline Urgo of the Marketing Directors, said that would cease as soon as the building was 85 percent leased; it is now 82 percent leased…
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