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November 17, 2008
help pricing a 1 BR rental?
I own a 3 family in Bed-Stuy and am having trouble renting out a 1 bedroom apt. It's a high quality reno and the apartment is really beautiful: parquet floors, original shutters, 10' tin ceilings, 2 decorative mantels, new kitchen with ss appliances, free shared washer/dryer, etc. The location is good and, while the block isn't very pretty, it's super convenient (1 block to the express stop at Nostrand, 1 block to major grocery store and PO). It's also spacious, a true 675SF. How would you price it? Is anybody else having trouble renting their apartments?
Comments
I rented mine for $1,200 last year and I think I could have gotten more. Sounds about comparable. My ceilings were lower (garden level) but the got nice cabinets in the kitchen with a granite countertop and a nice new bath and mine had almost no closet space. It rented quickly and I have great tenants. I'm on Stuyvesant near Halsy which is probably a quiter area and largely residential.
Posted by: daveinbedstuy at November 17, 2008 4:45 PM
A good referral source is your fellow block association members. Often times people on your block know people who are looking to rent in your neighborhood. I rented my rental unit in Bed Stuy (near the Utica stop on the A/C train) this way.
Posted by: StuyIvy at November 17, 2008 4:48 PM
I walk down your block every time I go to the subway. I don't think you will have much trouble renting an apartment on this block. It's really a block on the rise, and the convenience can't be denied. Dave's figure looks pretty good. Personally, I'd ask for $1300, and adjust down if necessary. I'd talk up the convenience to the train, buses and Restoration Plaza with Foodtown, 3 banks, etc. There aren't too many places affordable in even primo Bed Stuy with all of that only a block away. Your block also has some gorgeous architecture, not to mention every other house is being renovated, so it can only get better.
I am assuming you are on Herkimer between Nostrand and New York.
Posted by: Montrose Morris at November 17, 2008 6:19 PM
From what i hear the rental market is very soft right now. Apartments are taking longer to rent & prices are getting chopped. $1200 sounds about right, but if you want it rented by 12/1, take what you can get.
Posted by: IrieMan at November 17, 2008 7:23 PM
if i had money right now, id rent it for 1150-1200
Posted by: PitbullNYC at November 18, 2008 9:37 AM
hi neighbors, thanks very much for your input. I'll try to remember to post if/when it rents and for how much.
As far as the market being soft goes, I know a lot of units that can't sell right now are being rented out, but they're a very different market and generally (I think), a different price point so I wasn't sure to what extent that would affect the rentability of my unit.
Also, Montrose, thanks for noticing how awesome the architecture is on Herkimer between Nostrand and NY! I believe many of the buildings are pre turn-of-the-century Romanesque revival. At any rate, not your typical brownstone block. And, while some buildings are still getting fixed up despite the financial implosion, several are still boarded up which makes it a harder sell to potential tenants. Awesome neighbors and vibe though.
Posted by: herkimermaid at November 18, 2008 9:57 AM
Perhaps your marketing strategy and not your price is why you rental is still on the market. I once used a smaller brokerage to post ads for a rental in my building. After almost two months, I contacted a friend at Corcoran and got it rented within two weeks. He got the same rent and I incurred the broker fee. The $950 I had to pay the broker is nothin compared to the rent I have collected over the past two years.
Posted by: cmontgom at November 18, 2008 9:58 AM
I haven't had any problems renting my apartments and I feel like I'm asking top dollar for Bed Stuy. Are people looking at it but not taking it or are you not getting many showings? Be sure to clean up and perhaps even stage it a bit. Take good pictures! I even made a web page (well, a blog post) for my recent duplex rental. Keep posting it on Craigs a few times per day, not just once. Put flyers and postcards in local cafes. Market that baby! It will work. Good luck.
Posted by: rh at November 18, 2008 4:26 PM
thanks rh, care to share what you think top dollar is?
Posted by: herkimermaid at November 18, 2008 5:47 PM
Well, our comparable 1 BR has been rented to the same people for about 2 years now. We charged $1500 and rented to the first couple who looked at it. Since then, we've only raised their rent this year by $50. If I were to put it on the market tomorrow, I'd probably ask $1600+. It's the parlor level with a shared backyard and laundry.
Our 3BR duplex was rented more recently, in August. Again, first couple took it, with multiple back ups. $2600.
This is the blog post I did on the duplex....lots of info and photos so it's not just another apartment, it's a "special" apartment: http://reclaimedhome.com/duplex/
Posted by: rh at November 18, 2008 6:50 PM
OP here. RH, you have a really beautiful home and thanks for letting me know what you rent your apartments for. The apartment I trying to rent is not as stunning as yours but it's still really nice. I have it listed with Corcoran for $1450.00 (though I dropped the price), and no one, not even one, has (according to the Realtor) shown an interest. I think, given the fact that you rented your place 2 years ago for slightly more, that what I'm asking is reasonable. If anyone thinks that's out of line though let me know.
Posted by: herkimermaid at November 19, 2008 9:54 AM
I went to the Corcoran site. Your apartment looks great! I wouldn't rely on just one realtor. It's not like they need to have the exclusive listing. Why not try it yourself one day and see what kind of response you get? I've always done better myself than with realtors (Disclosure: I do have a license, but I don't practice).
Posted by: rh at November 19, 2008 12:32 PM
yeah, I signed an exclusive but I've known the Realtor for years and she's never let me down. Corcoran reaches a pretty broad audience. In the past I've found my own tenants but frankly I'm so stressed out from the reno I needed to step back from it and focus on some other things (like not losing my job!). I just can't figure out why there's no interest. Anyway, at least until the end of the month, I have to abide by the contract, but then I'll open up the listing if it still hasn't rented. Thanks much for the advice. Glad you think the apt looks nice!
Posted by: herkimermaid at November 19, 2008 1:15 PM
wow
i would never rent a place where there are boarded up buildings... "welcome to foreclosure land"...good luck
Posted by: eman1234 at November 19, 2008 10:06 PM
Herkimermaid, when I walk down your block, I don't see the boarded up houses as a complete disaster, but as the potential for better things to come. The houses in the middle of the block on the north side that are empty were owned by Judge Phillips, who owned the Slave Theatre, and I think he owned the apartment building with the gorgeous French windows, south side,right before the corner, as well. He recently died, and because of all kinds of funny business with his estate and its caretakers, they may be in court for a while. But I'm sure those houses will be snapped up as soon as they are available, as they are among the best houses on the block, architecturally speaking.
It's a great block, with great potential and friendly people. There are a couple of senior citizens who always speak to me when I walk by, and I always see people walking their kids to school in the morning.
The apartment is great. Good luck!
Posted by: Montrose Morris at November 20, 2008 6:31 PM
OP again. If you're welcoming me to "foreclosure land" that must mean you're in it eman1234. Sorry to hear it. I'm still a ways a way from that fortunately. I think the time of year and the economy are affecting the market right now. The first apt rented in a heartbeat at the end of the summer.
Anyway, that's a very interesting tidbit of info about the judge, Montrose. I'd heard about him and did hear that he passed away recently. I figured the only reason those amazing buildings hadn't been bought yet was due to legal complications of some sort. I did a little looking around online and think the buildings in the middle of the block are actually rather Montrose Morris-ish aren't they? Possibly even? It's the right style and era (I think).
Posted by: herkimermaid at November 21, 2008 11:21 AM
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