Yesterday morning Alta at K Station sent an email to brokers announcing steep discounts on the cost of renting at the two-tower, 848-unit project in the Fulton River District.
The discounts, which apply to five units, ranged from 17% to 23% on monthly rents. Alta’s website reported 29 units available for rent this month, 27 of them immediately available.
Studios that had been renting for $1,810, $1,850 and $1,785 were reduced to $1,399, $1,490 and $1,487, respectively. One-bedrooms that had previously been offered at $2,205 and $2,125 were reduced to $1,799 and $1,771. The discounts are the rough equivalent of two to three months free rent on a 12-month lease.
Alta is also waiving its $400 administrative fee for rentals within 24 hours of a tour and is paying brokers a month’s rent as commission, based on the net effective rent.
The deals may represent nothing more than an aggressive push to lock in as many renters as possible before the winter – or the beginning of a larger price war. Stay tuned for further clues to the answer.