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Landlords Taking the Power Back

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NY1 is reporting on the shift of power in the rental market, moving back in the hands of the landlords. Renters are seeing fewer and fewer offers of a free months rent, no brokers fees and all those sweet amenities some renters thought would last longer when the recession hit. Not so! The exception to this is those renters who have a good relationship with the landlords and are looking to renew, "If it’s an existing resident with good track record, it’s to the owners benefit to keep that resident in place,” he says. “They avoid down time and they avoid turn costs, so there’s maybe a little more flexibility on a renewal offer than for someone who is coming into the market and who has never lived in the apartment before. There is enough demand from outside market that an apartment can be leased without substantial downtime, so from the outside market, the asking price is the asking price.”

Renters Deal With the Return of a Landlord's Market [NY1]