The online advertising playbook isn’t complicated. Get enough consumer eyeballs then hike the rates to serve up some juicy ads for those eyeballs.
StreetEasy has followed the playbook to the letter by hiking rates from $3 a day per listing to $4.50 at the start of the year, to a whopping $6 a day now. That means that if an apartment is off the market for 30 days, it used to cost $90 to list but now costs $180.
Streeteasy’s rising rates are passed down to renters, who are already struggling with higher rents. Combined with a rate hike at…
We started with a beautiful app designed to save renters money, time, and make renting delightful. Now, Return on Rent is available exclusively at Stake Homes across New York City.
For renters, this makes an…
Incentives — offering one-month free, a discount on the rent, or free amenities — are designed to attract renters and create loyalty. Banners hang from buildings, sandwich boards are placed outside leasing offices, agents list incentives to prospects on tours, ads both digital and traditional, and listings online all shout “one month free” to help sell a rental property.
Incentives in America’s multifamily rentals are increasing 20% every year. In markets like New York (highest total concessions), Portland and Milwaukee (most prevalent use of concessions), and Chicago, Atlanta and Miami (fastest growth of concessions), incentives are on the rise.
In New York, it’s already tough enough looking for an apartment. Then, there are confusing offers like “One Month Free.” In Williamsburg, with the L train shut down barreling down in April — and now even longer than before — property owners are getting desperate. Two months free are now common.
But, is this good for you? What do you really get?
First, let’s look at how month free works in reality. Sometimes you will see “net effective rent” in your listing, like here:
There are more renters today than at any time since 1965. We’re moving to cities more often, our jobs change more frequently, and we are postponing buying homes because we don’t have enough saved. A lot of us, especially in places like New York or San Francisco, take for granted that high rent is the price we pay for living in these cities. Yet we fail to appreciate what we miss in order to make the rent.