Free Rent Incentives – Fact or Fiction? Mulgaokar Weighs in on Why Comprehension is Critical When it comes to Concessions
Free rent is as enticing a proposition as retailers offering free designer duds Due to the alluring appeal of receiving something of high value for free, both elicit a comparable call to action. Whether it’s scooping up an apartment for a comped month’s rent, or free apparel flying off the rack, the end result is the same; the inventory is occupied or sold.
But, as the saying goes; if it’s to good to be true, it probably is. The truth of the matter is, this “free rent” concept that flooded NYC rental listings in February shouldn’t be taken at face value. While it may offer some short-term benefits, the bottom line is renters need to read the fine print and be aware of their long-term goals and end results when leaving a lease.
Mirador’s Neeta Mulgaokar elaborates more on the nebulous meaning behind the bold statement of “free rent” when speaking with Brick Underground. In the article Neeta articulates the pros and cons for this particular concession; and which clients can receive serious savings (short-term renters) and who should steer clear (long-term renters).
“For long term renters, [a free month] may not be the golden goose. You could be putting yourself in a precarious position,” Neeta shares. “I’m totally for incentives for some people, and totally against it for others.”
The same goes for “non-broker” fee bargains. It’s common to see banners draped over buildings flaunting this no-broker fee policy attached to renting at this particular property. But as Neeta explains, this is not really the case, as she explains “there is no such thing as a no broker fee.”
To avoid setting yourself up for future headaches, get the full scope of what really lays behind landlord and leaseholder incentives, by reading the full article featuring Neeta here.