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Jake Dardashtian, pictured above, is looking to rent an apartment. He moved into the Financial District with a roommate a few months ago, but now that the market is changing, he wants a place of his own.

"Because of the way the market is right now and the concessions they are giving out, I am looking to move into my own place, a one-bedroom," says Dardashtian. "I have looked at various buildings around here and there are unbelievable deals. I think it's a renter's market."

Landlords are now offering major incentives to get tenants in the door.

"We are seeing some buildings waive security deposits, other buildings give signing bonuses," says Daniel Hedaya, the leasing director of Platinum Properties. "Other buildings really give anywhere from two to four months' [rent] free - in some cases even five months free - to try to lock renters in."

Hedaya says now is the time there are many deals for rentals to be had.

First, find out how many vacancies there are in a building. The more open apartments, the more open the landlord might be to make a deal.

"Because the landlords are trying to fill up their vacancies, they are open to a lot more options than they were previously," says Hedaya. "They are more flexible on lease terms, pet limits, even qualifications."

Many buildings are now offering to pay the brokers fees, so it's a good time take advantage of a broker's service without having to pay commission. Just be sure to tell the broker to look at no-fee buildings.

Once there's a good deal, lock it in for as long as possible. Also find out what the penalties are if the lease is broken. Given the unstable job market, it is better to be protected in case the rent becomes unaffordable.

Meanwhile, Dardashtian is still shopping around, evaluating his choices and waiting to see which landlord will give him an offer he can't refuse.