As the past year has shown, it will take much more than a global pandemic to put a stop to the real estate market in New York City. A steep drop in demand starting in March 2020 resulted in a record oversupply of units, causing prices to fall to levels not seen in a decade. But over two months into 2021, plummeting rents show signs of plateauing, following a bottoming out in Q4 2020. Apartment List found that New York's rents are continuing to decline, but hardly at the precipitous rate that was emblematic of 2020. Additionally, Zumper noted that New York prices increased for the first time since February 2020.

In order to keep prices low in a growing city, there must be a continuous supply of new units to satiate demand. Considering there seems to be new updates on the vaccine front almost every day, one must wonder how much rent prices will increase once COVID-19 is behind us. This, of course, depends on the state of the job market and the city's economic recovery. Many experts don't predict the city returning to pre-pandemic normal for several years.

With this dramatic lesson of how the real estate market works before us, now is the time to make large plans to build new apartments so as not to recreate NYC's never-ending rental emergency. The new units are necessary to keep rents at approachable prices for the average New York. This boon will dramatically raise the quality of life of residents by providing easier commutes and modernized apartments, and simply allowing the ability to live in one's neighborhood of choice. With the work-from-home/anywhere culture taking root, the satisfaction and happiness of all Gothamites are of utmost importance for the city's economic and cultural revival.

During a typical rental apartment search, there are many criteria to consider: price, location, size, amenities, and now, concessions. The practice would have been unheard of to most in previous years, but it has become common in nearly all of the city's full-service buildings as a way to lock in residents who will likely reside in the apartment for over a year.

As a source of excitement, confusion, and often frustration, the language of gross and net-effective pricing is sometimes seen as false advertising since the advertised price usually has the concession baked in. It is important to note that an offer of “one month’s free rent” does not always mean one month without having to pay rent. The accurate term would be a discount on rent: These apartments are often listed with a “net-effective” rent, a term that refers to the total amount of the concession (one month’s rent) divided by the term of the lease. The resulting amount is then deducted from the asking rent for a lower monthly payment. Other times, usually when noted, a tenant is expected to pay the full gross rent every month and receive the advertised number of months free towards the end of the lease.

Prospective renters should also keep in mind that while they may be paying a discounted rent for the first year, landlords will most likely accept them based on their ability to pay the gross rent (sticker price) and thus stay in the building.

Regardless of the math involved, the dramatic drop in rents across the board will benefit all renters for the short-term. A month or two of free rent is among the most popular offer, but some landlords are providing freebies such as lower security deposits, free amenity memberships, or gift cards. Below is a list of active listings with an exemplary giveaway of 3+ months of free rent. Bear in mind, after your lease expires and you decide to re-sign, it is unlikely you will regain a concession this good, or any at all. Depending on the state of the housing market and the city's ability to have enough vacant units to meet demand, your rent could very well skyrocket to near pre-pandemic levels in the years to come.

Up to 3 months free rent. Features include stainless steel appliances, quartzite countertops, Bosch washer and dryer, Grohe bathroom finishes, floor-to-ceiling windows, and custom blinds. Concessions apply to new tenants only. See all listings here.

Advertised rent is based off of 4 months free on a 13-month lease. Residents have the option to pay the advertised rent in lieu of 4 months free on a 13-month lease. 1 MONTH OP $1,000 SECURITY DEPOSIT (for applicants that meet income and credit criteria) Twenty Broad seamlessly blends rich history with modern style, while paying homage to a historic space once set aside for the New York Stock Exchange. Residences feature luxury finishes, high ceilings, and grand picture windows. See all listings here.

We offer 4 months free on a 18-month lease. The Crescent Club is a full service modern luxury building in Long Island City, which features amazing 360-degree views of the Manhattan skyline. Every detail has been carefully designed to offer residents an exquisite lifestyle experience. See all listings here.

No Security Deposit for qualified applicants through Rhino! Move-in immediately and receive the rest of October free. Now offering 3 months free on a 12-month lease or 6 months free on select lease terms! Apartments feature luxury finishes, keyless entry, hardwood floors, and stainless steel appliances. Advertised rent is based on the gross rent of $3,360 See all listings here.

Pay NET EFFECTIVE RENT + No Fee! Free Amenities and Wifi for the first year! Rent advertised based on 3 months free on a 13 Month lease for leases starting immediately. Move in Immediately and receive the rest of November free! Now leasing with start date through Jan 2021, early occupancy available.NO SECURITY DEPOSIT AT LEASE SIGNING for qualified applicants through Rhino. Contact us today for a contactless showing with an agent! See all listings here.

Up to 6 months free on a 26-month lease! Apartments feature roller window shades, plank flooring throughout, stainless steel Whirlpool appliances, custom cabinetry, custom closet organizers, and in-unit washer/dryer. See all listings here.

The spirit of Brooklyn reigns supreme at Hoyt & Horn, where life is lived all in. Enjoy the convenience of an in-building stop for the A, C and G subways, an industrial chic 24/7 attended lobby, amenities on 3 floors including indoor and outdoor co-working spaces, lawn and movie screen, landscaped roof terrace with grills, misting station, tv, and cocktail herb garden, fitness center, yoga studio, lounge, game room, and parking garage. <. See all listings here.