Residential Rents in Brownstone Brooklyn Receding

ideal-2008-rentals-0109.jpg
After ramping up in the spring and summer, residential rents in Brownstone Brooklyn began to ease in October and continued to decline through the end of the year. That’s the big take-away from Ideal Properties‘ year-end report. Not surprisingly, supply was up by more than 50 percent over 2007 for one-, two- and three-bedrooms; the number of available studios rose only 17 percent. With greater competition for tenants, the percentage of No Fee apartments also rose from about 2 percent to over 20 percent. Landlords aren’t getting too desperate yet though. According to the report, “unlike their Manhattan counterparts, Brooklyn’s prime neighborhoods’ landlords have not started offering ‘first month free [rent].’”

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  • this depresses me because i am in a really really good working roommate situation right now. we pay 2400 dollars a month for a 2 bedroom duplex (not a brownstone, it’s an apartment building) on 5th ave and 1st in PS. so i assumed that was a really good rent! but i’ve been looking at ads, no intention to move really, just looking at prices and for roommate situations it seems like im paying a LOT. there are so many 2 bedrooms in park slope with someone looking to fill the one bedroom for way less than 1000 a month. the rent in this place was 2100 actually last year and was raised just before i moved in to 2400 :( so i guess that rent is stuck now for the rest of the year and i doubt they will budge come next time? i don’t know… i look at it like, well 1200 dollars a month in rent..

    might be hard to find a studio or one bedroom for that in the area i live now and if i do want to pay less i’d have to live in the ghetto (which i refuse to move back to. never again. i lived in a ghetto growing up and i will never understand why people would remain in one if they dont have to but that’s another topic really).

    i just dont know what to do really. find a cheap 900 dollar apartment in the ghetto by myself? keep the really good roommate situation i have right now, even tho it’s expensive for a roommate situation? i could actually find a cheaper roommate situation in lower manhattan these days ive noticed! tho i sorta do prefer brooklyn ive noticed since living here.

    also, i wish people would stop the “first month free” crap. just reduce the damn rent. what is the point of that? is it a tax thing? to make their properties seem more worth it than they are?

    *rob*

  • slopefarm

    The movement on those charts seems too volatile to reflect solely the changes in value of comparable apartments. It would be more instructive to see something like a 6-month rolling average ending in each month.

    Any landlords with their ear to the ground have any insight as to what is really going on out there? We may be looking at reletting our rental late in spring (not sure yet, don’t inquire).

  • daveinbedstuy

    My basement 1 bedroom at $1,200 per month in Bed Stuy has nowhere to go except up!!!!

  • “Any landlords with their ear to the ground have any insight as to what is really going on out there?”

    Yeah Dumbass, it’s FUBAR!!!!

    “My basement 1 bedroom at $1,200 per month in Bed Stuy has nowhere to go except up!!!!”

    Dave you suck! That Polly want a cracker thing is old..

    The What

    Someday this war is gonna end…

  • what are everyone’s feelings on rent increases in 09? my roommate and i pay 2300 for a 2 bedroom in prime fort greene. anyone’s guess as to how much they think we’ll pay when the lease is up for renewal in may?

  • daveinbedstuy

    Welcome back to the New Year What. I see you’re the same old dumb ass mother f*&^er as before though.

    Cracker this jackass.

    You’re now part of the problem.

  • quote:

    My basement 1 bedroom at $1,200 per month in Bed Stuy has nowhere to go except up!!!!

    lol you seriously overcharge. good luck with finding the next tenant (aka sucker)

    *rob*

  • daveinbedstuy

    I’m extending the lease to the current tenants. They are great tenants. In 5 years that place will be renting for almost $2,000 and covering 75% of the building carrying costs. I’ll be living there for free in 7-10 years!!!!

  • slopefarm

    Thanks, What, for your carefully reasoned and nuanced analysis of the local rental market based on actual experience and data. I appreciate the guidance. Hope you had a good New Year.

    Anyone else?

  • The way I look at it – it shows one trend: rents always go down around October until May, which has been my experience for last 12 years of being a landlord. The best time to rent when you are a renter is late fall and winter.
    For the owner best time is summer. Always been this way, so what’s new? Lets see what happens in May again and we can realistically talk about it again. There are a lot of new developments going rental now so definitely good chance that the rents will stay where they are or go down a little with lots of competition around.

  • “anyone’s guess as to how much they think we’ll pay when the lease is up for renewal in may?”

    The same if you’re good and your landlord has some sense. Even less if you rack up some opportunities to dangle in your landlord’s face. Negotiate.

    ***Bid half off peak comps***

  • Rents do ‘seem’ to go up near summertime and have for many years. But if you look at the chart year begin to end studios and 1 bedroom about the same and 2 and 3 bedroom slightly higher.
    And to Rob: so go check out those roommate listings. Just because called a ’2 bedroom’ doesn’t mean apts are anywhere near =. Can be a cramped studio sized apt converted to a 2 bedroom or a spacious 2 bedroom with a real closet for yourself.

  • This may be rather simplistic, but it seems to me that rents that were hyper inflated, due to location/neighborhood, perceived hipness quotient, and plain old greed, will go down, but not all that much. There will still be the strong desire to live in these neighborhoods or buildings, and people will still pay to do so.

    Rents in other neighborhoods, specifically mine, since that is what I am familiar with, will stay pretty constant, and may even rise a small amount. Market rate in Bed Stuy/Crown Heights is around $1200-$1350 for a floor through in a nice brownstone on a good block. That’s not exorbitant, for your average small landlord, living on site, that’s a fair rent, and barely yields any profit. I might add, most rents I hear about are closer to $1200 than $1350.

  • Rent in Bedsty 1200 dollars a month. Now I know what homeowners are smoking. Keep dreaming,

  • daveinbedstuy

    Trust me, this isn’t an environment where the majority of tenants can demand rent decreases from their landlords.

    You renters are smoking some pretty serious crack out there.

  • “The movement on those charts seems too volatile to reflect solely the changes in value of comparable apartments.”

    It’s October that counts and now everything is trending down. Volatility has been wiped out.

    ***Bid half off peak comps***

  • daveinbedstuy

    hannible….case in point. On a bad acid trip no doubt. Do some homework instead of just hoping. Wishing will not make it so!!!

  • Big deal a little drop. If you do not like the rent price move to New Jersey with the cows.

  • “In 5 years that place will be renting for almost $2,000 and covering 75% of the building carrying costs. I’ll be living there for free in 7-10 years!!!!”

    Late night infommercial. Eric Estrada style.

    ***Bid half off peak comps***

  • daveinbedstuy

    BHO…you obviously have no clue as to what the ownership of a property is all about and what the numbers might look like.

    I now see a number of examples of where the term “bitter renter” comes from.

  • “one trend: rents always go down around October until May…so what’s new?”

    Uh, The Greatest Depression. Nice try though.

    ***Bid half off peak comps***

  • “Rents in other neighborhoods, specifically mine, since that is what I am familiar with, will stay pretty constant, and may even rise a small amount. Market rate in Bed Stuy/Crown Heights is around $1200-$1350 for a floor through in a nice brownstone on a good block.”

    Nope! Those rents are back around 850-1000 a month. landlord who had apartments empty for months had a Come to Jesus moment in December. The lost revenue factored in their decision to lower the rent.

    “It’s October that counts and now everything is trending down.”

    Ding! Ding! Ding! Tell em again BHO!

    ***Bid half off asking price***

    The What

    Someday this war is gonna end…

  • I have to wonder how accurate this is, since the Ideal Properties office has only been open about 3 months.

    How do they have info for the entire year?

    They are also a very small agency, and might be working with a much smaller set of numbers.

    I’m a fan (their office is on my corner) and I recommended someone to them. While they have some really nice listings, I also heard that they took my friends to places which were totally outside their stated price range. Usual broker crap, but really not great considering this person came across the country for one day to look at apartments, and the broker at Ideal didn’t take them to ANY of the apartments that they actually wanted to see.

    I’m hoping that’s an isolated broker there, because they did a nice job with the space there on 7th and as I said…the listings look above average.

  • Brownstones Half Off it’s not nice to tease the Asshats. They are going thru emotional changes this year. Please show some sympathy to the retards, be nice to a Asshat!

    Thee What

    Someday this war isgonna end…

  • “Trust me, this isn’t an environment where the majority of tenants can demand rent decreases from their landlords.”

    I no longer trust “Hedge” Fund managers.

    “BHO…you obviously have no clue…”

    Yada yada yada…Multiple posters are calling you out on your $1,200 – $2,000 dream. That’s a clue. I was bitter until October. Now I’m better.

    ***Bid half off peak comps***

  • OK, in 5 years you will probably not be able to get $2000.
    I have been renting my one bedrms in Clinton Hill for 12 years and started at $1100, right now they are at $1800 which I think is fair and realistic for the locations and quality. I have had tenants stay with us for 4 to 8 years and have not been aggressively rising rents, but I do have excellent tenants and I hope they think they have a good landlord. Having good tenants is more important to us than doubling our rent roll :)

  • It is going to be difficult for small landlords to reduce rents — with prop taxes up, energy costs still high (only gasoline has come down) etc. But the big new developments will be cheaper — those unsold condos will become cheaper rentals at least for a while. And there will not be the huge influx of young people coming to NY after college for high-paying jobs (Wall Street, law firms etc.) so that will temper demand in the spring. this year as in the past several years (where money was no object — daddy paid if they could not).

  • daveinbedstuy

    “Please show some sympathy to the retards, be nice to a Asshat!”

    With the What in the former category and the intelligent ones here that make some sense being the Asshats.

    For a real estate guy (former???) you really don’t know your markets anymore What.

    Glad to see you’re at least civil for the New Year. You need to up the dosage I believe.

  • “Jesus moment”

    LOL. I’m not teasing them, the now elusive sky high prices and rents are. “Nanny nanny nanny, you can’t have me”.

    ***Bid half off peak comps***

  • arial

    I have a prime 1 bedroom in pk slope that has been sitting on the market for over a month now. Apartment is in prime park slope in a brownstone. Asking rent is actually below market. I did not advertise the apartment and just handed it of to a broker so I have not been agressive in trying to rent the place.

    Non-the-less, I never had a vacant apartment sit on the market for this long. I usualy rent them in a day or two…and I have lots of people showing up at an open house.

    That said, I agree with mq1 and have very little doubt that the apartment will rent shortly for the asking price.

    worst come to worst I will place an ad on craigslist and have lots of responses. I just don’t like to do the foot work/credit checks and would rather have a broker deal with it.

  • “I have to wonder how accurate this is, since the Ideal Properties office has only been open about 3 months.”

    Wonder no more. I’ve used them for searches far before three months ago. They are well informed.

    ***Bid half off peak comps***

  • daveinbedstuy

    BHO….it’s at $1,200 now and has been there for the last 12 months. You have a severe reading comprehension problem.

    Read what Montrose wrote if you don’t believe me. Otherwise please support your bullshit with some facts of your own instead of your wishful thinking.

  • “It is going to be difficult for small landlords to reduce rents”

    It would be even more difficult if they didn’t. If your vacancy sits for a month, you’ll never get that month’s rent back. It’s a little different than sales although sellers are now chasing comps into the ground but that’s another matter.

    ***Bid half off peak comps***

  • The only time I had apartment vacant for a month was when I have listed with Realtor. Hard working people do not want to pay additional fees, it is more then enough to pay for the move. I have had very good experience with Craig’s List, but I do all the paperwork and checking the ref myself. At least I get to know my future tenants well beforehand.

  • “For a real estate guy (former???) you really don’t know your markets anymore What.”

    I was having a conversation with a Broker yesterday and He tell me that the Banks are “Redlining” again. They don’t want to make loans in Marginal Areas. This is very disturbing news for the folks on Asshat Hill. If you zip code winds up on the banks hit list, you can forget about any appreciation for the next 20 years.

    You see Dave it’s 2009, not 2005! The Mutant Asset Bubble has a large hole in it spewing radiation all over the landscape! America is in bad shape and when the numbers come out for the 4 quarter it’s going to be a horror show.

    Prices are back to 2004 levels and if you don’t shift your thinking, you apartment will sit empty and you will lose money!

    The What

    Someday this war is gonna end…

  • “It would be even more difficult if they didn’t. If your vacancy sits for a month, you’ll never get that month’s rent back. It’s a little different than sales although sellers are now chasing comps into the ground but that’s another matter.”

    Hallelulla!! Amen brother preach on Rev.BHO!!! I will get the collection plates we have Lexus payments to make!

    Remember retards TIME=MONEY!!!!! If you miss that month you cannot get that TIME/MONEY back, Unless you get into a time machine!!! Every day that goes by you lose money being greedy!

    The What

    Someday this war is gonna end..

  • You have a severe foresight problem, overpaidinbedstuy. You need to look 12 months ahead (maybe 60 months ahead).

    Montrose implied “underpriced” rents in Bed Stuy and Crown Heights. The reality is that those rents were top dollar and you know it. It’s been a landlord’s market for years in EVERY ‘hood. Now it’s shifting to a renter’s market.

    Facts of my own? Facts belong to everybody. We can start with those in the article above. Then we can look at the persistent comparisons of today’s economy with that of the Great Depression. You are suprisingly oblivious to what is happening around you.

    ***Bid half off peak comps***

  • “If you zip code winds up on the banks hit list, you can forget about any appreciation for the next 20 years.”

    No longer an “if” according to a lender I recently had discussions with about an Asshat Hill property. It’s official: Redline Hill.

    I gotta go now. Good tag-teaming with you, What. Later Dave. Good day everyone!

    ***Bid half off peak comps***

  • PS

    For months and maybe a year and change, I’ve been saying that rents would decline. Ya’ll Remember? I told you so.

    ***Bid half off peak comps***

  • daveinbedstuy

    Thanks for adding some facts BHO. Can you even read the chart up above and deduce logically that a $1,200 one bedroom is below all the market numbers for Brooklyn??? I don’t see any rental signs up this year as I did when I was renting mine a year ago. But you obviously know better than soemoene living in the neighborhood.

  • daveinbedstuy

    BHO…..again, you can’t even read the chart….everyone of those rent categories except one bedrooms is ABOVE the level it was a year ago. And you don’t understand seasonality either.

    How can you be so dense???

  • Seriously… Mr. Landlord… don’t use a rental agent. What are they actually doing for you? Do you just accept the tenant they hand you? They’ll hand you anyone that pays their fee.

    From the renter’s perspective — why would I want to pay someone $2000-$4000 for 1/2 hr work… especially when they aren’t the ones with the authority to rent you the apartment.

    And honestly, for a year’s income, you’re going to tell me a half-day open house on a saturday morning and a 1/2 hour doing 3 or 4 credit checks is too much work?!?! 5 hours effort for $20,000 to $50,000. Seriously!?! Oh, sorry, there’s also the 20 minutes to write and post a semi-coherent craigslist posting.

    Friggin’ typical.

  • daveinbedstuy

    tybur6 is correct….what an incredible waste of money. Even using your attorney to draw up the paerwork and do the credit checks is an incredibly efficient use of time & money. There’s a huge conflict of interest using an agent and relying on their checks.

    And tenants that pay a fee come to you with mental baggage of having been ripped off as well. Think about that.

  • wasder

    I rented my garden apt out on Craigslist in Nov. 1700 for a one bedroom floorthrough in Clinton Hill. Had way too many applicants and now have super psyched tenants who think they got a good deal. I think the secret is not trying to get absolutely top dollar but going for a fair price.

  • “Montrose implied “underpriced” rents in Bed Stuy and Crown Heights. The reality is that those rents were top dollar and you know it.” – BHO

    I did not imply, or otherwise state, that rents in Bed Stuy/Crown Heights are underpriced – show me where you got that one from. They are priced fairly for the neighborhood, the homes themselves, and for 2009. To think that they will go back down to $850 a month is like believing you can bend spoons with your mind. A faint possibility exists, but not too likely.

    For prime apartments in these areas, there will be a ready pool of applicants, if for no other reason that people are discovering these neighborhoods are, as we’ve always said, good places to live.

  • Funny story – I had listed my apt with famous agency and one of their brokers wanted to rent it himself. Guess what – after I have checked all his paperwork he did not qualify in my book. So it goes without saying that their idea of who qualifies is based on different principles.

  • Montrose implied no such thing. it was a statement of fact. I live in Crown Heights- Montrose gave an accurate description of rent levels.

    As a renter, I, of course want to pay the least for the most.Landlords want to get the most out of their investment. It’s not a game of chicken, it’s a matter of survival for both sides. when landlords pay too much, even in less wealthy neighborhoods like CHN, that gets passed onto tenants. and makes those neighborhoods less affordable to long time residents. I don’t imagine that too many on-site landlords owning an old brownstone are making a huge profit off their tenants. (Note to sebb: I nominate you for most useless QOTD).

    On the other hand, tenants aren’t rich for the most part, and these days, more likely to be unemployed.A no-win for both sides. the only thing that seems to have really changed- to my renter’s eyes anyway- is that now so many buildings are going rental and renters are a valuable commodity. Having endured seeing renters called “losers,” or “bitter renter” or “too stupid to own,” I find that an interesting twist. Hope that didn’t qualify me for the bitter renter label, DIBS :-)

  • Hey Dave here is some “Exit Strategy” that you and your Hedge Fund buds can work on!

    ‘Broken’ Billionaire Merckle Killed Self, Family Says (Update1)

    http://www.bloomberg.com/apps/news?pid=20601087&sid=avBKayx4dJe4&refer=home

    Jan. 6 (Bloomberg) — German billionaire Adolf Merckle killed himself, “broken” as his business empire crumbled under a growing burden of debt, his family said.

    Merckle, 74, was hit by a train near his hometown of Blaubeuren, southeast of Stuttgart, yesterday evening, Die Welt newspaper reported. Merckle, whose holding company owes banks about 5 billion euros ($6.7 billion), owned stakes in HeidelbergCement AG and drug wholesaler Phoenix Pharmahandel AG.

    Gee look how it went sideways so fast..

    Merckle, whose estimated $9.2 billion fortune put him 94th on Forbes’ list of the world’s richest people, had been hurt by bets on Volkswagen AG, a drop in the value of HeidelbergCement stock and increasing debt. He had been seeking emergency financing for more than two months from a group of more than 30 banks led by Commerzbank AG, Deutsche Bank AG, Royal Bank of Scotland Group Plc and Landesbank Baden-Wuerttemberg.

    “His empire was falling apart,” said Stefan Mueller, managing partner at Proprietary Partners AG in Frankfurt. “This was his last desperate act.”

    So you Asshats mean to tell me that we are going to be “just fine”???? Everything in Asshat hill is going to be “Neato”? Keep smoking that crap…

    The What (But.. But.. they told me I can’t lose..)

    Someday this war is gonna end…

  • Highfalutin Borgoise Townhouse Landlords
    vs.
    Low Class Bitter Renters

  • daveinbedstuy

    MM…don’t bother arguing facts with BHO….he can’t even read the chart above that he quotes from.

    Everything “just fine” here What….even had new money come in at the end of the year.

    You got a clue what the market has been doing??? I think not.

    Looks like your predictions are already reversing. You got one last desperate act!!!!!!??????

  • Any PLG landlords have any input? I’m 2 blocks from the park and the Q, and have two 2br floor-through rentals, both of which rent for well less than the above chart but more than DIBS is saying prime Bed Stuy gets. Any observations from the PLG market?

  • Bitter bitter bitter. I guess the what is a Renter. No wonder why you have no money.

  • dibs says
    “Trust me, this isn’t an environment where the majority of tenants can demand rent decreases from their landlords.You renters are smoking some pretty serious crack out there.”

    Maybe I should just let the utter stupidity of this statement stand on its own but…. I just can’t so…. Dibs you’re a laughable moron ;) hahahaha

  • daveinbedstuy

    cornerbodega….Glad you took the bait. I may be a laughable moron in your mind but you’re just a bitter renter in the sorriest case of the term…looking for a handout.
    I’m sure I’ve accumulated far more real estate assets than you have so I must know something about these markets.

    Please, share with us your vast experiences as a landlord as opposed to just being an uninformed moron yourself!!!

  • will you people stop with calling renters bitter and belitting them (us?) we’re the saps paying 1/2 your mortgage so seriously please stop drinking the hateorade it’s getting really old.

    *rob*

  • daveinbedstuy

    rob….the vast majority of renters are not bitter. Its just that the bitter ones are so obviously bitter!!! And, you can’t tell me that any landlord worth his salt does not know his own market better than the prospective tenants.

    The vast majority of leases will not be negotiated downward. Additionally, most of the new supply coming on the market is from properties unable to sell which are typically larger and more expensive units.

    These people I’m arguing with think they know all of brooklyn and one shoe fits all. That is not the case. You could come to bed Stuy and get a nice duplex for $2,000-$2,500 if you need to. It will go up faster than other places though.

  • DIBS- I INSIST on being labeled a bitter bitter bitter renter (sebb says so, so it must be right. right?) but I do agree with rob. the label is unfair. There are plenty of bitter landlords as well, who have no problem making a tenant’s life hell. fact is landlords and tenants can be either a symbiotic or a parasitic relationship depending on circumstances. But neither exists without the other so here we are.

    I think MM pointed out on a post recently that pricing is not always open to negotiation. Just because the economy sucks, banks aren’t rushing to lower mortgage rates so that landlords can lower rents. It’s all well and good to talk about vacancies, and negotiating downward, but the landlord has to have the wiggle room to do that, and in neighborhoods like Crown Heights and Bed-Stuy I don’t see that a majority of homeowners have much room to play with. Bigger buildings, probably- but in brownstone neighborhoods, I don’t think so much.

  • “Trust me, this isn’t an environment where the majority of tenants can demand rent decreases from their landlords.”

    I pay almost $3k/mo for a 1.5 bedroom apt. (a realtor would call it a 2 bedroom) in a brownstone that I first rented near the top of the market (2007).

    I got a 5% rent increase last year and just rolled my eyes and accepted it because I didn’t feel like moving.

    I agree with you that my landlord won’t be interested in offering me a rent decrease this year, but I am going to get one anyway. If he doesn’t want to offer it, I will move.

    I put my moving costs at about $4000 for movers, refurnishing, supplies, and grief, so I need a place about $340/mo cheaper than the 5% rent increase I would expect from my landlord.

    That isn’t going to be too hard to find this year.

    My landlord’s a nice enough guy, but I’m sure the whole concept of lowering rent is so incredibly alien to him that it will not start making sense until the apartment has been vacant 3 months.

    And, who knows, maybe he’ll find a new tenant asap and get another year or two at these elevated rates. Good for him if he can do it (like I said, he’s a nice enough guy).

  • Oh, and some advice for landlords: don’t expect me to pay a freaking realtor fee for your place unless you are offering me supercheap rent.

    I’m only planning to stay in the place for 12 months, so when comparing apartments, I always add 1/12th the realtor fee onto the monthly rent.

    So if your apartment in $2,300/mo but the realtor is charging 12% fee, the actual rent on the apartment as far as I’m concerned is $2576/mo — although I’d have to round that up to $2600 for the sheer annoyance of dealing with some dipshit realtor for a simple 12 month lease.

  • I think $1200 for a 1 Br in Bedsty apt is a fair price. Am i missing something? Why do people think DIBS is asking too much? Am assuming, the street is a nice tree lined block, the apt is kept up well and hopefully near the trains etc.

    I’m a landlord in PS and have a 2 BR duplex with all the amenities etc and charge $2800 – I like my tenants and I feel we are good landlords (fix things pretty quickly and keep the heat high-haha) their lease is up in June and I will not increase the rent. The same day I listed my apt on Craigslist WITHOUT photos and I received 10 calls. I showed the apt to about 6 people the following day and my current tenants snatched it up that same day.
    I feel hopeful that the rental market hasn’t softened too much out there. Agreed with MG1 – the rental market always takes a dive in the winter months b/c of supply and demand. In summer more people are moving into the city b/c of college and families are looking to move to newer nabes to change schools before the school year starts.

  • As a renter I am not moving to Jersey with the cows I have saved up to buy a forclosed property in Brooklyn. I am just waiting for forclosures to increase. So homeowners stop begging for your 400.00 dollar tax refunds and dont ask for any bailout from the government. Can’t afford your morgatge? Start packing!

  • I just noticed that if you rearrange the letters in “denial” you get “nailed.”

  • there are no cows in jersey you freaks! (well except for the ones who shop at the paramus mall) so stop hating on my homestate!

    *Jersey Pride*

  • daveinbedstuy

    gemini…I’m not asking $1,200….that’s what I am getting now. I could have gotten more when I rented it and I could get more now. I won’t raise their rent either. I selected these tenants from about a dozen on the first day as well; also through craigslist.

    The people questioning it have no idea what the market will bear.

  • Dave, your willingness to debate the loons is unparalleled.

  • daveinbedstuy

    Luckily Fat Lenny, the loons here are not a protected species; unlike in New Hampshire.

    Someone has to teach the loons lest they go through their entire life as loons, and bitter ones at that. LOL

  • ahh ok – sorry DIBS
    I was like $1200 sounds completely reasonable even if you were to ask for it now, so does $1500 for a 1 BR apt in Bed Stuy assuming what I stated in my first post….

  • daveinbedstuy

    Yes gemini. $1,500 for a nice one with good closet space is definitely reasonable. Mine has a new kichen and bathroom but closet space is bad. If I made the space more livable by moving the kitchen and installing a wall of closets then I’d easily get $1,500.

    The other assumptions are correct. This is on Stuyvesant ave and about a 4 minute walk to the A train. Prime Bed Stuy.

    i still think I’m below market.

  • “BHO…..again, you can’t even read the chart….everyone of those rent categories except one bedrooms is ABOVE the level it was a year ago. And you don’t understand seasonality either.” – DIBS

    How can you be so dense???”

    Again, you are challenged in foresight. It’s not about where the prices are NOW compared to a year ago as it is about where they are going. TREND. TREEEEEEEEEND!!! You are taking a snapshot. Put down the camera and crack pipe and pick up the camcorder. Keep it rolling. This economic depression is just beginning. How can you be so trapped in hindsight? Now THAT is dense.

    “I did not imply, or otherwise state, that rents in Bed Stuy/Crown Heights are underpriced – show me where you got that one from.” – MM

    Got it from this: “Rents in other neighborhoods, specifically mine, since that is what I am familiar with, will stay pretty constant, and may even rise a small amount.” For them to stay constant or even rise in the face of widespread deflation, they would have to be underpriced to begin with. Again, every nabe in NYC has had reportedly high rents during the recent economic “expansion”. Yeah, ENY looked cheap compared to Park Slope but not to the longtime residents who lived in ENY. So maybe you weren’t implying underpricing (I STAND CORRECTED!!!) but to think that Bed Stuy and Crown Heights won’t suffer rental declines (not necessarily to $850 but maybe) just doesn’t make any sense to me. Renters everywhere paid top dollar commensurate with their hood/locale. That top will drop accross the board. It’s so obvious.

    ***Bid half off peak comps***

  • arial

    I would eventually place the apartment on craigslist if it would not rent soon (although the broker called to say she has someone for the apartment this morning).

    Problem is my lack of free time. I have guests from over seas and as a health care professional who’s on call during most weekends, I simply can’t set aside half a day for an open house at this time.

    I am all for trying to save the tenants the finders fee…but the last open house was a mess. a lawyer who wanted the apatment said he would sue me for not renting him the apartment because he saw the apartment before the banker that I ended up renting it to.

    as for tybur6 comment on the rent im missing…thanks for your concern but I can leave the apartment vacant and not even feel it. Now if the rent that I was loosing was 200k per year…then I would be concerned!

  • “Yes gemini. $1,500 for a nice one with good closet space is definitely reasonable. Mine has a new kichen and bathroom but closet space is bad. If I made the space more livable by moving the kitchen and installing a wall of closets then I’d easily get $1,500.”

    A clear example of public Masturbation! Dave please explain to us why in the would would some Asshat pay 1500.00 for a apartment in Stuyvesant Heights when they can get the same Apartment in Asshat Hill or Prospect Heights? Plus when 4 Asshats sleep in a 1 bedroom that’s when it gets nuts! There are plenty of apartment that are empty because of the landlord asking for high rent! This trend will not continue because ether the landlord will be foreclosed upon on lowers the rent.

    Oh there is a dirty little secret here– most of these landlords are in foreclosure already, they are just waiting for the right sucker to come along. You know the sad this is– landlord and stores in the Ghetto have been gouging the Asshats. They see the PBR crowd come too the hood and use them like “Vics” and “tricks”, just damn sad.

    The last thing (which is real funny)! If someone owns a house then they’re “somebody” but a renter is a “loser”???!! You dumbasses better get your priorities straight! The Mutant Asset Bubble made people feel special because they brought into the lie of “Home Ownership” but they was being “Owned” by the Big Boys who Jacked up America and now they are going to get the Tax-slave to pay for their mess!

    The What

    Someday this war is gonna end..

  • arial

    What – I own with no mortgage. However, I am with you on the fact that in todays market it makes much more sense to rent then own.

    The different between rent for a 500k apartment and ownership expenses for a 500k apartment are too great.

    So if I was a young guy with a good career and a good income, I would rent for a year or two and save for a place that I really like when prices go down.

  • daveinbedstuy

    And the loons just keep on coming FatLenny. So much crap coming out of those two idiots..it’s hard to keep up.

    Someday the loons will be extinct. Until then, we all suffer.

  • “‘Broken’ Billionaire Merckle Killed Self, Family Says (Update1)”

    He does this to his family over material wealth. What a coward.

    ***Bid half off peak comps***

  • What – I own with no mortgage. However, I am with you on the fact that in todays market it makes much more sense to rent then own.

    That is the foundation of my thesis on the Mutant Asset Bubble. America turned into 1 trick hoe with no manufacturing base so lets sell pieces of paper to one another. We are in a Depression and I’m afraid that people are going to find out the hard way.

    Dave this loon got on the front page of New York Magazine…

    The What

    Someday this war is gonna end…

  • Oh and by the way: I love the code word “loon” Dave. You see I decode racist talk..

    The What

    Someday this war is gonna end..

  • daveinbedstuy

    BHO is the other loon but I don’t know if he’s black too so don’t make it into a racist thing Asshat. You’re just a loon on the cover of a magazine dressed up as an imbecile, mockingly, in case you didn’t get it!!!!

    And a second rate magazine at that. If it were the New Yorker this would apply to you…

    http://www.modernarthur.com/blog/christwhatanasshole.html

  • daveinbedstuy

    If I wanted to be racist I would What. You see I know far more words than you do and there are far more names that you could be called as opposed to an upstanding white irish/german/scottish catholic like myself. So get over the racist bullshit that you always use as a crutch when you have nothing left to argue.

    Someday the loons will be extinct. Until then, we all suffer.

  • East New York

    “My basement 1 bedroom at $1,200 per month in Bed Stuy has nowhere to go except up!!!!”

    Isn’t it illegal in NYC to rent a (true) basement? Unless you’re talking about an “English” basement, Rob is right – you’ve found yourself a sucker. No windowless basement apartment is worth $1,200 per month.

  • daveinbedstuy

    ENY…learn the terminolgy. It’s a first floor with full windows…2 steps below grade. Below that is a “cellar” Everyone else here knows what we’re talking about.

  • “Isn’t it illegal in NYC to rent a (true) basement?”

    What’s a ‘true’ basement?
    Many ‘basement’s in townhouses are legally habitable. With windows that are 50% above grade…yada, yada, yada. I have seen many many homes with what brokers call the ‘Garden’ Level (street level or a few steps down) that are labeled ‘Basement’ on the C of O.
    Also, a windowless floor below grade is most likely referred to ‘Cellar’.

    Is that what you mean by a ‘true’ basement – a cellar?

  • DIBS…you beat me to it.
    ‘Garden’ Level is fancy talk that brokers use to romanticize it.
    Techanically, it’s called ‘Basement’ Floor.

    Check the C of O’s, you bitter renters.

  • daveinbedstuy

    BRG, No reason for name calling here on brownstoner.

  • Geez, DIBS…I was defending you (Highfalutin Borgoise Townhouse Landlord) and your overpriced Windowless Basement hovel.

  • East New York

    Yeah Dave, I understand about the cellar. That’s why I asked if you were referring to an “English” basement (there’s one in my own brownstone).

    I asked because some people (mistakenly, as you pointed out) refer to the cellar as a “basement.” I was just checking. No need to get your panties in a bunch.

  • daveinbedstuy

    Sorry ENY…I thought the way you phrased it had an attitude about it. You’re right on the basement/cellar thing. Sorry.

    I don’t wear panties. I do wear boxer briefs however. You?

  • East New York

    That’s OK, Dave. No offense taken, I really was just asking.

    As for the underwear info, that’s classified!

  • Finally the thread takes an interesting turn…

  • “As for the underwear info, that’s classified!”

    Commando!

  • East New York

    “Commando!”

    Nah, that doesn’t work for me. Not that there’s anything wrong with it.

  • BRG, Paris Hilton is NOT a role model.

  • Why all the back-biting and insult trading? Now I understand why some people feel like they can’t/shouldn’t post on this blog. Did we not just have a thread about how all this should stop so that regular readers of this blog don’t get alienated? Or was I wrong about that?

  • “Commando!”
    “Not that there’s anything wrong with it.”

    I’ll say there isn’t!
    Jogging, anyone?
    MMMmmmmmm

  • daveinbedstuy

    RTrain…it started at 10:29….. I admitted to FatLenny that I continued to engage “the loons.”

  • BRG’s comments; MOST of them; are in jest.
    I hope people realize that.

  • Brownstoner,

    The one month free thing is just a trick to entice renters.

    Of course landlords first decide what rent they’re willing to accept, and then add on just enough to cover one “free month.”

    The fact that the trick is being done more in Manhattan than Brooklyn, if in fact it is, doesn’t reflect anything except a different sales tactic.

  • East New York

    “Not that there’s anything wrong with it.”

    I’m going to take that back. As a guy, Commando-style can be VERY dangerous. I’m not crazy about sharp, interlocking zipper-teeth in that vicinity, if you know what I mean.

  • “The one month free thing is just a trick to entice renters.

    Of course landlords first decide what rent they’re willing to ‘accept, and then add on just enough to cover one “free month.””

    Depends on the place. Some small places may be doing it as a trick, but the larger buildings/complexes have fairly public rates, so the one month free thing is often legit.

    What they are really doing, is they are trying to avoid lowering the base monthly rate so that next year’s renewal increase will be based off of a higher number and current tenants won’t start demanding rent reductions.

  • Good point northsloperenter.

  • Well we’ve got Sebb to posting 100x less since he now looks like a total a*ss. I’d give Dibs say 3-4 months to fully realize his stupidity. Just waiting for the data as sometimes it simply takes a brick to the head for reality to set in…

  • you, cornerbodega, are the ass. You obviously do not know what you are talking about. I think the brick has already hit your head several times.

  • Its not rocket science to conclude somebody is an ignoramus when he/she claims that rents will go UP “in this environment”. AND in Bed-stuy hahahaha. You can’t make this stuff up but I guess theres more than just Dibs on the idiot boat to sorrow ;)

  • As I said, you have no clue. It is obvious that you are not a property owner, let alone someone who rents out space.

    Dave was correct regarding his space, of which you have no information or history. In addition, your thoughts regarding Bed-Stuy would indicate that you know nothing about the area. If you live there, you really are clueless.

    When you know what you are talking about, feel free to share your knowledge. In the meantime, keep you fingers off the keyboard.

  • Like I said, I’ll give you and the few still on the idiot boat 3-4 months. Nothing but a brick to the head will work…

  • daveinbedstuy

    Miss Chiff…you’re right…cornerbodega must have extreme cranial trauma from hitting his/her head against the wall so many times.

    cornerbodega, is there anything that you actually know something about??? Maybe how to pack as much dish washing soap possible up against a glass storefront?

    You surely don’t know squat about the Bed Stuy rental market. Go pour someone a coffee with too much sugar in it.

  • Rent move buy buy whatever you do my friend do not use brokers thet are nothing but blood sucking parasites. The world would be a better place without them.