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January 14, 2009
Getting our apartment rented
Hi All,
We've had the rental unit in our BedStuy brownstone up for rent for a couple of months now. We thought, that with the bevy of pics, detailed posting and beauty of the apartment, we'd have no problem renting it. We've shown it to about 30 different people, all of who go on and on about how beautiful it is. But when it comes time to get serious, they've all flaked out.
We lowered the price to $1450 and starting to get nervous. Besides the stereotypes of the neighborhood and the economy, can anyone shed some light or send some good tenants our way?!
If you want to see it, I can paste the the link, but am prohibited to post it here in the forum. Thanks for your help.
Comments
Can you offer a little more information about the apartment itself?
Have you pulled comps on Craigslist?
Posted by: vanburenproud at January 14, 2009 3:47 PM
We have a detailed ad. Talks about the set-up, a list of original details, who we are and who we are looking for, etc..
The comps are right on....we made sure of that when we first posted it.
Posted by: EastStuy at January 14, 2009 3:55 PM
Yeah, but you're asking for advice here, and we can't see the ad...
Posted by: vanburenproud at January 14, 2009 4:30 PM
Where are you advertising this? As VBP wrote, we can't see the add (seems like you would want to be spreading it around).
Posted by: BrooklynButler at January 14, 2009 4:31 PM
Can't comment on it without knowing anything about it!!!!!
Posted by: daveinbedstuy at January 14, 2009 4:33 PM
hi EastStuy, I posted practically this same query in November. If you backtrack under the topic "rentals" and look for "help pricing a 1BR" from November there might be some responses relevant to your situation too. I'm in South Stuy, btw.
My apartment was on the market for 2 solid months with barely any interest in it at all. I even had it listed with Corcoran. Under other circumstances I'd have rented it out myself via Craig's List but, for an assortment of reasons, I decided to use a Realtor (it had more to do with this specific person, not the fact that it was Corcoran).
Anyway, I was also freaking out a little by the lack of interest and asked the Realtor what she thought was going on. She said she thought it was a combination of the economy and the time of year. In addition to that, I would add that there's a glut of rentals on the market right now, specifically luxury units, that are making matters worse for the brownstone rental market.
I wish I could send some good people your way but the best I can do is to recommend contacting Valarie Person at Corcoran. If you go that route, see if it's possible not to sign an exclusive so that you can still maintain some control over continuing the search for tenants yourself. She grew up in the neighborhood and is fantastic to work with. She will also be very honest with you about pricing. Good luck and, hard as it is, try to be patient. It sounds like you have a nice unit and you will find people eventually.
Posted by: herkimermaid at January 14, 2009 4:35 PM
If we knew how big it was, we could let people know.
So far, all I know is Bed Stuy and 1450, which to me sounds awfully high, unless it's a 2 bedroom or larger.
Posted by: 11217 at January 14, 2009 4:39 PM
If it is a one bedroom floor through in Bed Stuy you may be asking a tad too much. Try 1200?
Posted by: wasder at January 14, 2009 4:43 PM
All you have to do is ask.............
http://newyork.craigslist.org/brk/abo/991132285.html
Posted by: EastStuy at January 14, 2009 4:45 PM
Thanks, Herkimer. We've been contacted by realtors, but figure that if they're scoping c'slist, I wonder how much help they'd be. We're about to go that route, though.
Posted by: EastStuy at January 14, 2009 4:48 PM
one last thing, I also rented my 1BR for $1450 but only after I came down on the price.
Posted by: herkimermaid at January 14, 2009 4:49 PM
If you are getting decent traffic each week, you must be close on price. Drop it $50 and see what happens. If traffic is sporadic, you are off (and follow wasder's advice). If there were any prospective tenants that you hit it off with, give them a call and politely ask about what they took instead and why. If you are using a realtor, switch to Craigs list and obsrve people as they look at the apartment. You will get lots of inadvertent feedback.
Posted by: slopefarm at January 14, 2009 4:49 PM
Oops, now I see you are on CL already.
Posted by: slopefarm at January 14, 2009 4:50 PM
The photos look great. I rented a floorthrough in my house using craigslist. I had to show it a lot - but it only took a couple of weeks to rent. I think 1450 is a little much - especially over by Ralph and during the winter. There are just fewer people looking in the winter. The floorthroughs right near lewis and stuyvesant close to the utica subway can command 1450, but I would try 1350 or so. I really think craigslist is the way to go. If you lower your price and rent it - you will actually be saving money rather than waiting and renting it at a lower price.
Posted by: MaconStreetMan at January 14, 2009 5:12 PM
Your slideshow pics are too artsy- they give no feel for the size of the apartment. Try to draw out a measured floorplan and take some pics that people can reference themselves into. Staging would help.
Posted by: Karka at January 14, 2009 5:16 PM
Thanks MaconMan..I'm gonna post it for $1400 this weekend. You're right, I'm more interested in getting someone up there now rather than waiting until the thaw at a higher price.
Posted by: EastStuy at January 14, 2009 5:18 PM
I will also say that my ad had more pictures than yours and a floorplan. Everyone loved the floorplan. Better to be under the market and have your pick of tenants. Really.
Posted by: MaconStreetMan at January 14, 2009 5:26 PM
Where can I get a floorplan template?
Posted by: EastStuy at January 14, 2009 5:31 PM
I've never put a floorplan in my rental ads. No one ever complained.
Posted by: slopefarm at January 14, 2009 5:36 PM
I had a friend of mine who's an architect put it together - but you can easily make one with a ruler and a pad. It doesn't have to be exact in terms of dimensions and scale, just enough to give a sense of the layout. It's not a requirement at all, but I will just say that even those who didn't rent the apartment commented on how much they liked it. I see you have pictures on flickr, I would post more directly on the craigslist ad - people may be too lazy to cik through to the link.
Posted by: MaconStreetMan at January 14, 2009 5:45 PM
It's nice, but about $150 too expensive for the location, IMO.
Posted by: vanburenproud at January 14, 2009 6:42 PM
you are asking too much for the apartment....think...its vacant for 3 months...200 lower = -2400...3 months vacant = -3600..get the picture?..it is not 2007 any more
Posted by: eman1234 at January 14, 2009 6:57 PM
It seems way too high. In the past it would have been a bargain. I am paying 1200.00 dollars a month now and I can't wait for rents to go down so I can get out of here and move to my old hood. But prices are falling all over and with people loosing jobs families seem to be the best renters but no one wants to give up more than half their pay check to rent. I am seeing 850 being asked in Bensonherst and starting to hear 1100 in Carroll Gardens so what does that tell you about Bed Sty?
Posted by: hannible at January 14, 2009 7:02 PM
It sounds like your ad is not the problem.
If you've had 30 different people in to see it and they all agree they dont want to live there.
There must be something else going on. no?
Posted by: jasetheace at January 14, 2009 7:07 PM
Thank you all for your input.
Posted by: EastStuy at January 14, 2009 7:12 PM
It's just a little too far East for that rent. Drop it to $1,395 and you will see a little more activity.
Hannible- Where are you seeing/hearing $1,100 in Carroll Gardens? That is not accurate. I know you want to be back in CG but telling people you are hearing 1100 is just wrong and misleading.
Posted by: Adam Dahill at January 14, 2009 9:50 PM
The only thing you can get in Carroll Gardens for 1100 is a share near the BQE.
Agree Adam. False information.
Studios in Carroll Gardens rent for around $1300 and up, so I'm really not sure where 1100 comes from.
Even for 1300, there is SLIM pickins. Like a listing or two.
Posted by: 11217 at January 14, 2009 11:59 PM
Well you sure are not going to hear it from Cocorean or other high commision real estate agents who charge one months rent. You have to check privately by word of mouth. of course you know the landlord is going to ask different prices if he sees a single family with no children asking to rent or four adults who are sharing.
Posted by: hannible at January 15, 2009 6:01 AM
Everybody is already giving good advice about lowering the price a bit. Think about this as you look at comps: you yourself say in your CS ad the most suitable tenant is a single or a couple. Because one BR is not really a full BR. The rent you'd get for that isn't what you get for 2 equal size BR's that two roommates or a couple with child can live in. So what do young singles or young couples pay on average? Aim for that.
As for Hannible's $1100 for a studio, you don't find that anywhere. Certainly not Carroll Gardens. I paid that 5 years ago way out in Bay Ridge and it was the cheapest rent I could find in a any halfway decent neighborhood in Brooklyn.
Posted by: traditionalmod at January 15, 2009 12:51 PM
i know i'm way late on this but....
east stuy, you are priced to high. i just rented an apartment in prime stuy heights (3 blocks from the A at Utica) for $1250. the apartment is 2 bedrooms, suitable for roommates & newly renovated, stainless appliances and nice bathroom. brand new hard wood floors. it took 2 months to rent and traffic was very slow. we thought it would be a breeze at that price, location and for a new apartment, it wasn't. we have a good tenant but pickings were slim...
Posted by: bkny at January 15, 2009 4:04 PM
I had a similar story to EastStuy. I had a newly restored Park Slope garden 1-bedroom a half block from the subway, with patio, washer/dryer in the unit, gas and heat included. All of the realtors said it should be snapped-up immediately at $1700 as all of the 3rd floor apartments nearby (with few of these amenities) were going for that. After 2 months of people constantly being shown the place not a single broker got me a tenant. It seems mine was being shown as the model of what they could aspire to if they would increase their target price by $300 or so. I really resented being used that way for their other clients benefit. I finally went in to my local Coffee shop (which will remain nameless, but named after a large primate)one afternoon and mentioned to the owner I had a rental available. Things happened immediately and 2 weeks later I had a great couple sign a lease.
You never know why people reject a great place or accept a lousy one, but timing and luck seem to be a big factor. Just don't put all of your eggs in one basket: Craig's list, fliers at the Food Coop, word of mouth, friends, as well as brokers; use all simultaneously. You never know where the lightning may strike!
Posted by: brikenny at January 15, 2009 4:11 PM
I'm sorry to hear you haven't rented the apartment yet.
As far as I know, going rates in this area are:
$1100 for a studio
$1200 for a one-bedroom
$1400 for a two-bedroom
$1600 for a three-bedroom
It seems a lot of people looking on the JMZ are students or recent graduates who want to share with roommates and pay no more than $600 each.
It's great that so many people have shown interest and come by to see it (although you must be getting sick of showing it). Are they scared off by the location, do you think? Maybe you should focus on finding people who are already familiar with the area.
Maybe go through a local church or put up a flyer at Goodbye Blue Monday or another nearby cafe? Have you already spoken to some of your neighbors to see if they know anyone who might need a place?
Posted by: mopar at January 15, 2009 4:16 PM
I agree with other who say the problem here is your pricing. I'm a renter who was looking a few months back (mostly in Brooklyn Heights, Carroll Gardens and Fort Greene, but I considered Clinton Hill and BedStuy too), and while I might have gone to see your place, I think in order for me to really take the location seriously it'd have to be going for about $1200. No idea how that compares to the market, but that's just one renter's perspective.
Posted by: alsawo at January 15, 2009 4:47 PM
Actually, I take back my previous comment. I didn't read carefully enough. I was thinking it was a one-bedroom. For a two-bedroom, I think your price is pretty on-par.
Perhaps your problem is that while its got lots of original details, it's quite unique. A lot of the details are love-them-or-hate-them sort of features, and maybe you just haven't found the right match yet?
Posted by: alsawo at January 15, 2009 4:52 PM
We're gonna try and post it again this weekend for a lower price and try to snap a few more pics.
Mopar, I think the location is somewhat of a turn-off. But, it really depends on what you're looking for. If you want a quiet home in a neighborhood, or do you want all of life's amemities right outside your door.
Thank you all for taking the time to give suggestions!
Posted by: EastStuy at January 15, 2009 7:36 PM
Say "$1,350 or best offer". After many many years, rents are now negotiable again. There's a price down there where it will get snatched up.
***Bid half off peak comps***
Posted by: Brownstones Half Off at January 15, 2009 9:21 PM
Wow, I do remember your post. I did say you want a bit too much back than ....told you so.
Posted by: karo25 at January 16, 2009 11:53 AM
hannible you're right. I'm renting a 3 bedroom w/terrace for 1100 in bensonhurst, right by the express bus to the city and the train few blocks away. we are right by the water and the prices around are just going down.
Posted by: karo25 at January 16, 2009 12:00 PM
Rents may be going down, but CG, Bed Stuy and Bensonhurst are not comparables. $1100 sounds low in CG.
Posted by: corolla at January 16, 2009 1:04 PM
"I told you so's" are real mature, Karo.
Posted by: EastStuy at January 16, 2009 3:23 PM
Thank you Karo25 it is good to see that there are not only "homeowners" on this site telling everyone the Titanic is not going to sink, meanwhile the water is coming up to the wheel house. I will tell you something else. A friend of mine that is a lawyer said he is seeing tenants who intentionaly not pay rent and then after a couple of months force the landlord to bring them to court and then hear the judge give them 6 months free rent. Then since rents are coming down and vacencies are high they move and pull the same trick over again. Lets see if homeowners who have a mortgage can afford not getting paid for 9 months. Looks like the glory days are over for greedy landlords. The manna is over.
Posted by: hannible at January 17, 2009 6:16 PM
That trick is as old as the hills, Hannible. And unethical. That's why landlords run background checks.
Posted by: mopar at January 19, 2009 12:14 PM
Well tell me what is a background check going to tell you? I know for a fact thatthe last two years the real estate agencies were pretty much running a 40 dollar background check on anyone and everyone and okayed them to the renters as long as the agents got their commisions. Plus a background check only tells you that a person pays on time it does tell you if a person hates greedy cheap landlords like I do.
Posted by: hannible at January 19, 2009 8:40 PM
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