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One month free, 13 month lease question

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One month free, 13 month lease question

Postby locker » Mon Apr 30, 2012 10:29 pm

I am helping a friend look for an apartment and we are noticing that some places offer one month free with a 13 month lease. Why a 13 month lease?
Is there a way for landlords to get that free month back?
locker
 
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Postby ronin » Sun May 06, 2012 1:56 am

The LL could offer 17 month leases if they want to. The 13 month lease is a way to entice tenants to rent their place in a strange market.* Chances are your range of places are higher end joints with $2900+ rents for studios. Its simple, they will say whatever to get you to move in, and then at the end, if the market improves, jack up the rents knowing you are already comfortable.

So is it a scam? No more so than the entire NY unregulated market as a whole. Just make sure it is in writing in the lease itself.

IMHO


* Media screaming that the market is hot. LL's raising rents and then being afraid to lower them. Market apartments sitting empty for months as LL expenses pile up. People crowding into apartments and renting in tandem. Supply and demand not matching as theorized.
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