Concession Alert!

By A. Ready | March 4, 2011 - 4:15PM

Despite a lack of transparency on the part of some landlords, it only takes a bit of sleuthing to locate a new, luxury apartment that comes with concessions. But even with a month or two of free rent, these apartments usually sport a price tag that is out of the reach of many. So this week we decided to try to locate some more modest units where the landlord is offering free rent.

While these units are not in prime neighborhoods, and lack the amenities provided by the mega-buildings, the rents are much more user-friendly.

At 3 East 115th Street, just off Fifth Avenue, a two-bedroom, two-bathroom is available for $1,975, with one-month free rent. This is a newly constructed building, with income restrictions (the top end is $138,600). The sunny apartment has wood floors and a modern kitchen.
In Manhattanville, near the 125th Street Fairway, two no-fee apartments are being offered with one-month free rent at 189 Claremont Avenue, an elevator building with a live-in super. The net effective rent for the three-bedroom, one-bath unit with a two-year lease is $2,300. The two-bedroom unit has a net effective rent of $2,156. The apartments have wood floors, renovated kitchens, and accept pets.
251 Ft. Washington Avenue, an elevator building in Washington Heights with a live-in super, has a three-bedroom, one-bathroom no-fee unit with an eat-in-kitchen and separate dining area. The landlord is offering one-month free rent with a two-year lease, for a net effective rent of $2,204. Pets are welcome.

Concession Alert! rounds up some of the latest rental concessions offered by NYC landlords. But it's not the only place to find deals. To search for rental concessions on StreetEasy.com, click on "advanced search," check the box "description includes" and type in the words "free rent." For tips on how to find a no-fee apartment, check out our Guerrilla Guide series.

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