, with landlords offering incentives ranging from rent reductions to free entertainment centers, according to several recent news reports. In Houston, for instance, landlords are offering one month’s rent free, while in other cities landlords have reduced the cost of rent by 25%. Even in New York City, the traditionally high-priced rental market, landlords are offering incentives such as free cable and a waived security deposit.
The uplifting news for renters follows a number of years where rents were rising quickly in many cities. But the cooling off in rent prices is a welcome relief to many. The decline in rental costs is due to a combination of factors, including an increase in the number of rental units on the market and an increase in the number of renters leaving the market. The rise of technology-based services like Airbnb have also contributed to increased competition in the rental market, driving down prices for renters.
For those seeking an affordable rental, now may be the perfect time to start looking. Taking advantage of incentives offered by landlords could mean big savings in the long run. Moreover, with many landlords offering flexible and even lenient payment terms, renters who may have previously been unable to afford rentals may now be able to do so.
