This week comes two stories that should give a pretty good indication of where things are headed in the LIC, and NYC, real estate market. First, an article in DNAinfo talks about the increased concessions, in particular a free month’s rent, that landlords are giving prospective tenants. The freebies are up to 19%1, which supposedly is the highest percentage in six years. While the specifics of the numbers are a little nebulous, I have little doubt that the trend is real and that it’s accelerating, or about to. Implied in the story2, is that while reported rents in the city keep inching higher, or at least staying afloat, cracks are starting to appear.
The second story will be the proof in the pudding, or not, for Long Island City. [Read more…] about LIC GLUT?