If you're looking for a home to rent in New York City any time soon—or if you're about to renew your lease—you might be surprised by the lower prices and better incentives offered by landlords. According to real estate experts, many landlords are having trouble getting new leases signed lately due to the pandemic, so NYC residents may get some slight relief from the high rental prices they're used to. Here's what to expect from new rentals and lease renewals alike this summer.

Lower Prices and Better Incentives

As people have lost their income due to the pandemic, many have been considering leaving NYC for more affordable areas. As a result, the number of new leases has dropped by 71% compared to the same time last year, putting the vacancy rate at the highest it's been in 14 years. So landlords are now scrambling to fill their rentals, and dropping the rent is one way to convince people to stay and rent in NYC.

Another way is by adding other incentives. For instance, some landlords have been waiving security deposits and have become more flexible with their current residents. After all, they'd rather get their current tenants to sign a new lease and stay for another year or two than risk an empty apartment while the coronavirus pandemic continues.

And even if landlords have a lot of interest in their vacancies, it's harder for people to go out and look at new apartments right now, so getting new tenants to sign a lease may be more difficult than ever before. For this reason, many landlords have been reducing the rent on lease renewals lately just so they can keep their units occupied.

What Does This Mean for NYC Tenants?

Having information about New York City's current rental market is important if you want to save some money on your next lease. If you're already renting here and are trying to decide whether to renew your lease or find another apartment, keep in mind that your landlord may be eager to keep you as a tenant. So if he or she hasn't mentioned any incentives for staying, such as reducing the rent, consider asking about them.

And if you're not in a lease currently and are looking for a new home, you should be able to benefit from the lower rent prices right now. Look for apartments with more affordable rent and incentives that will entice you to move in. Of course, your walk-through might have to be virtual, and you might not get to meet the landlord in person until pandemic restrictions are lifted, but you should be able to get an NYC rental for less money than usual right now.

If you're in the market to rent or buy in New York City, you'll benefit from the help of a real estate attorney. This type of professional can help prepare legal documents and answer any questions you have before you sign a contract. Contact a New York City real estate attorney today to learn more before you sign a lease in NYC!