48 S C T / J a n u a r y 2 0 1 6
andlords that had some time ago begun pumping
the brakes on "rent steps" — rate increases that push rates higher over
the lease term — are back to bearing down on the accelerator. many ten-
ants saw something of a reprieve from these rent steps during and after
the economic downturn, as property owners concentrated on filling
empty spaces rather than on maximizing rental income. "during the
recession, landlords did anything they could to get deal activity," said
Jeremy ezra, an executive vice president at rKF, in new York City. if
that meant offering a flat rent for five years and then introducing a rent
increase after that, then so be it, he says.
L
stepping up
economic recovery has spurred LandLords to reintroduce rent steps
By Beth Mattson-Teig