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April 2, 2008
Is rental market soft?
I am a brand new landlord in Central Park Slope, trying to rent out a 1500 sq ft duplex apartment -- 4 Br, 2 Baths. Clean apartment, historical details, and a great location. Not in 321 school district, but prime Slope. Following the wisdom of this forum, I've been listing the apartments on Craigslist for a few weeks now. I've had some interest in the beginning, but now the activity has slowed a bit. Is the market slow? There are very few comparable apartments, and prices very from $3K to $6K. What would you ask? Is this the kind of the apartment that better be marketed through brokers?
Comments
The market is extremely slow. Even for rentals, but I'm told it's begining to pick up again. If you have the time to show the apartment continue to do it by yourself, no one wants to pay a fee.
Posted by: kdabrowski at April 2, 2008 4:24 PM
genya,
First off, I am not a broker. I am a landlord who has 2 properties in the slope and have used craigs on my own and listed units through brokers.
IMHO at this price point, you are best served by a broker. Craig's is a great resourse for apartments up to $3K. I have a close friend who has a similar lower duplex rental to yours and a corcoran broker got him $5K for it ( granted everything was brand new and very well done). Though you might have to adjust your price ( due to the tenant having to pay a fee) your unit will receive better exposure and most likely be rented quicker. That being said, by no means should you sign an exclusive w/ anyone..
just my 2 cents. good luck!!
Posted by: owner12 at April 2, 2008 4:26 PM
I once rented an apartment in my townhouse through Craig's List. It was much smaller than yours - a floor through of 700 sq feet - but it was a very frustrating process for me as well. We just kept dropping the price by $50 or $100 until it rented. It rented eventually, but it was a pain. We got wonderful tenants, though, who stayed with us for many years.
For what it's worth, I don't think April is a huge moving month. You'll probably have better luck in May as schools begin to empty out and grads think about how they need a place to stay. This is good for you if you're willing to rent to recent grads who plan to share the space. I did, and the two guys we found were lifetime friends and turned out to be great tenants.
I also have friends who are in their late 30s/early 40s who rented an apartment I found them through the classifieds list of ParkSlopeParents.com. Do you know anyone who could post there for you? It was $3500/month and they were really happy to save what would have been an enormous broker fee.
Good luck!
Posted by: Jen KG at April 2, 2008 4:39 PM
I've found that a few choice photos really help. Firstly, on the CL search it says which listings have photographs, which can get more attention. Secondly it saves everyone time by giving an example of what the prospective renter may be coming to see.
I was in your situation at the end of Nov, worried that we missed the opportunity to rent before the new year. Fortunately we found shares that wanted the apartment specifically for the block we were on and seemed motivated to take it at my first asking price. This is NY. The economy might not be on fire at the moment but there are people looking for places to live all the time.
Posted by: guest at April 2, 2008 5:05 PM
Your marketing a family sized apartment during a time of year that families stay put. You have to rent it around the school semester/year changes.
Posted by: guest at April 2, 2008 5:11 PM
Good point, 5:11. School ends in May/June so OP maybe you should say in your ad that you're willing to start a lease on June 1st.
Posted by: guest at April 2, 2008 6:30 PM
Bullshit. Many people rent "family-sized" apartments who aren't families. (I am a single person who has owned and rented 3-bedroom apartments - I like having both an office and a guestroom. I know many like me, as well as couples, who like space, and are willing to pay for it.) And people with little kids move at all times of the year as well.
In my opinion, people are looking for rentals in NYC (including Brooklyn) ALL THE TIME.
Do you have pics of the apartment up there? Are they good ones? Do you have a good description, which gives the apartment seeker a good description of where the apartment is (if not the actual block)? Which trains it is near helps give an idea; also if it is near 7th ave, the park, or 5th ave. If you are looking through stuff online, you simply skip the ones posted by people who can't be bothered to give enough information.
If you're doing all that, then your price is likely higher than the market for similar apartments. (I notice you didn't mention the price.)
Do you say "shares OK" in your ad? If not, you are cutting yourself off from most of the market. Most families looking for 4-bedrooms are looking to buy, not rent.
You have a an apartment of a size that is not often sought by families. Get creative. Post at grad schools, hospitals, etc. for working adults who want to share.
Posted by: guest at April 2, 2008 6:38 PM
Yep, I just did a Craigslist search - at 4200, your price is too high for market.
Posted by: guest at April 2, 2008 6:46 PM
And posting ANYTHING on Craigslist without photos is just a waste of time.
Posted by: guest at April 2, 2008 6:55 PM
It's a brownstone, right? So one or two of those bedrooms are likely 6 feet wide, right? Better off to describe is as it is - 2 or 3 bedrooms, with 1 or 2 rooms perfect for home offices or nursery - and pricing it appropriately for what it is.
Posted by: guest at April 2, 2008 7:00 PM
its the time of the year. just wait it out till end of may. thats when things should pick up fast. also no pics is fine, i rented out my $1800 units with no pics over the years within days of posting on cl.
with slighty higher end i put pics.
Posted by: armchairwarrior at April 2, 2008 10:33 PM
4200 is too much.
Too much for craigslist
Too much for this market.
Too much for a rank and file wall street guy worried about how 2008 will turn out.
And yet, strangely, not high enough to make buying it with debt any better option than renting it.
Posted by: guest at April 3, 2008 1:07 AM
I was just getting ready to post the same thing as 3.50pm. Things are very slow I've had several people come to look at my apartments but no comittments. My apartments are borderline Clinton Hill/Bedstuy and I've never really had a problem but things are really slow right now....Price range 1600-1900. I know its not the Slope but the property is central to everything and nice.Not a bad block ! I hope u guys are right that things pick up in May.
Good luck all
Posted by: guest at April 3, 2008 1:16 AM
Maybe I was lucky, but I posted an ad for a six room floor through at $3200 and the first people who saw it took it. Why don't you post some pics here, or the link to the ad. Like others said, no pics = waste of time.
Posted by: Brooklynnative at April 3, 2008 10:45 AM
Yes, Brooklynative, but you didn't overprice by almost $1000 per month.
People who do are going to have months of vacancies. It's a MARKET - they need to get real.
And, frankly, I'd be worried about tenants who were willing to pay so much over market.
Posted by: guest at April 3, 2008 12:42 PM
Yep, 1:07, prices to buy are really out of whack with rentals now. - happy renter, former owner
Posted by: guest at April 3, 2008 1:23 PM
OP is here. I just wanted to thank everybody for all the input! This site has yet again proven to be an incredible resource. I will definitely add the pictures to my listing, and will relax my “No Brokers” requirement. The price is a harder call -- it is indeed market, but there are just too few places to compare against…
Posted by: genya at April 3, 2008 2:09 PM
I saw your ad.
you absolutely need good pictures ( unless your place is a dump, butyou would not be asking this price for a dump).
We always rented our 2 rentals with pictures on craigslist. sometimes we ended up renting with brokers who saw our ad and brought clients. Why not?
Our rentals are also 3br, and we always rented to families. Mostly it was that we were looking for tenants in the middle of winter. and we never had problems to find good tenants in a week or so. Our price was always market, but we can offer good location and top condition plus wd and dw.
So, start with pictures.
Posted by: guest at April 3, 2008 6:43 PM
Take out a classified ad in the New York Times with a link to a splash page where you can post pics. Craigslist is for mostly for younger folks looking for cheaper digs in funkier nabes. Also, the problem with CL is that there are so many listings being added all the time that a listing gets buried too quickly. We rented our Prospect Heights one-bed garden floor apt thru CL very easily to a fabulous tenant two years ago but were surprised at how few queries we received.
Posted by: guest at April 4, 2008 12:18 PM
Cragislist is NOT just for younger folks looking for cheaper digs. I found my last rental there - and I'm pushing 50. Broker posted it - good location, address listed, good pics. I had started looking in the paper, and saw a few disappointing apartments. It had been years since I had looked for a rental, having been an owner in the interim. Then I remembered nobody uses paid classified ads these days - but free Craigslist ads now.
Craigslist allowed me to check actual locations, see pics, see views out windows even, and do my shopping online. Saw one apartment, went to see it, took it, and am happy. So's my landlord.
You will get bites from Craigslist ads if you post a good, informative ad.
Posted by: guest at April 5, 2008 1:23 PM
I just rented a big place (4 bed two bath) on flatbush and st. marks for $3200 that has to be over 1500 square feet. Three of the bed rooms arnt huge (10x10ish) but the fourth bedroom is about the size of a small 1bed in park slope. I think I got a pretty good deal.
Posted by: Santa at April 7, 2008 10:57 PM
I just rented a big place (4 bed two bath) on flatbush and st. marks for $3200 that has to be over 1500 square feet. Three of the bed rooms arnt huge (10x10ish) but the fourth bedroom is about the size of a small 1bed in park slope. I think I got a pretty good deal.
Posted by: Santa at April 7, 2008 10:58 PM
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