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NYC Rental Market Inventory Down in 2011
According to a radio and online report from WNYC, there is less available rental spaces for residential tenants in New York City and prices are going up because of the increased demand and lack of supply. Landlord concessions (which is when the landlord compromises or creates an incentive for a tenant to sign a lease, such as a months rent free or free gym membership) are down to the point where they are now almost nonexistent. It is thought that this has happened because more people are renting rather than owning and because new construction has slowed down immensely.
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