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November 20, 2008
How to Estimate Rental Income
Have triplex-over-garden in central PS. Am wondering how much rent I can get for the triplex: 2300 sqft+/4bd/2ba/well renovated (but not hi-end)/deck/w/d. I can't find any comps on all the RE websites I've checked. Need to have a ballpark for negotiation purposes (ie way not ready for rental yet.)
Friends rented a duplex+rec room on 3rd for 6500 (!!) four months ago. Are rents much lower now? Because I can't find anything over 4700 for 3 beds.
Comments
"How to Estimate Rental Income"
Look at the market right now. Remove your head out from ass. Price accordingly.
Hope this helps...
The What (Tick Tick Boom!!!!!!!!!)
Someday this war is gonna end...
Posted by: Return of The What at November 20, 2008 9:56 PM
Don't listen to the what. Rent in prime area's like yours still demand prime rent. Call an agent or go to rentmeter.com
Posted by: troll at November 21, 2008 9:09 AM
I agree, you won't have trouble. Especially if you are in PS 321 you will rent out a family-size property in a heartbeat. In which case be sure to emphasize the school district in bold on your rental listing. It only makes sense that the more people are waiting a couple years before buying houses to get the best price, the more people will need the larger size rentals.
Posted by: traditionalmod at November 21, 2008 12:10 PM
In terms of figuring out the market rental of your apartment, I agree that the best way (independent of figuring your own expenses) is to consult a realtor. Also note: it is a violation of fair housing law to advertise your school district, even though it is done all the time and usually without penalty. Certain NYC realtors have been fined for doing so. You can search specifics for yourself if interested, but for an overview see: http://findarticles.com/p/articles/mi_m3601/is_/ai_n27331725
Posted by: vinca at November 21, 2008 1:11 PM
Depends on all sorts of things: layout, fixtures, etc. But I wouldn't be surprised if you found a taker for $5,000. If it's in PS321, possibly more.
Posted by: FatLenny at November 21, 2008 4:49 PM
Ever notice that however many times he gets banned, The What always comes back a dick?
Posted by: GHB at November 21, 2008 5:54 PM
$5,000 or more a month... jesus. Folks should get two or three smaller apartments and let their kids have their own place.
So you're looking for a family with an income of $250k? You probably should make sure they will still have a job in the near future. Jobs at that price point are the ones crashing and burning. I might make crap money and $5000 represents 4 months rent for me... at least I'll have a job in 6 months. Too bad I won't be able to afford rent soon.
Think before you make the decision to "get as much as you can." It's not a bad thing to just charge a reasonable rent. Just sayin'
Posted by: tybur6 at November 22, 2008 12:42 AM
I don't want to get flamed but the What might have a point. Yes, this apartment can command a premium but in this market, how are you going to decide who's credit-worthy when EVERYONE is losing money. If someone signs a lease for a year, what happens when s/he can't pay rent after 2 months. Also, don't forget this is Brooklyn where landlords don't have any rights and tenants always know theirs. One last point: Even if your tenants appear to be financially stable and good on paper, these are sometimes the very people who are professional tenants. There was a story in the New York Times a while back about a guy who owned a brownstone in Harlem and how his $4K+/mo. tenants stopped paying rent, took him to court and filed for bankruptcy. I will look for the article. Just be careful.
An ex-landlord
Posted by: i_heart_brooklyn at November 22, 2008 1:06 AM
Interview a few rental brokers. A really good rental broker will be able to help you price it and find good tenants for you. They will have access to rental comps. The rental market is slow now so there may not be too many apartments (or any) currently for rent that are similar to your apartment.
Posted by: erb1 at November 24, 2008 7:39 AM
It is NOT illegal to advertise the school district. Brokers have been sued for erroneously advertising that a property is within a certain school district (yes, the notorious 321!)
Posted by: Ppark at November 24, 2008 8:26 AM
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