Manhattan Landlords Shrink Freebies, Raise Rents as Demand Grows

Manhattan landlords got a glimpse of light at the end of a long, dark tunnel in January as demand from frustrated buyers allowed them to raise rents and give away fewer freebies to attract tenants. The share of new leases signed in January that included periods of free rent, covered brokers’ fees, gift cards or other sweeteners fell from a year earlier, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said in a report Thursday. It was the first year-over-year decline after 43 consecutive months of gains, as would-be homebuyers chose to rent and wait for a better time to buy said Jonathan Miller, president of Miller Samuel.