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June 23, 2009

Too long to rent?

Hi, everybody. Would appreciate any input. I have a 2BR apt. for rent in my brownstone, it's been on the market for 6 weeks but no takers yet. It's floorthrough 900 sf 2BR+office alcove. It totally renovated with everything new, two original mantels, light, on a quite block in central Slope between 6 and 7 ave. I'm askind 2850 for it, tenants who are moving out paying more. I looked at couple of apt. for rent in the neighborehood just to compare. I have to say they were comparable by size and quality and asking rent was around my number.
Here is the question. Is 6 weeks on the market normal and would can I do besides advertising it on Craigslist and with couple of realtors. Did anybody tried to rent out apt. recently?

Comments

My neighbor (I'm also in Park Slope) put his place for rent this past weekend and found someone in less than 2 hours. They are moving in July 1.

Your place sounds quite high. I just found a 2 bedroom plus alcove office for some friends in Park Slope for $2300.

The market is not what it used to be. I think you are going to need to drop your price significantly. We saw a ton of beautiful 2 bedrooms in Prime Park Slope for under 2500.

Posted by: 11217 at June 23, 2009 3:29 PM

hmm
well I just rented my $2800 2 BR duplex in South slope 2 weeks ago. Are the current tenants still there with all their stuff?
I noticed once my tenants moved out and the space was empty was when we finally rented the apt to a couple who came and wanted it that same night

Posted by: gemini10 at June 23, 2009 3:37 PM

Yes, the tennants are still there and apt is very cluttered and messy. I thought about it but there is not much I can do.

Posted by: gale at June 23, 2009 4:17 PM

too high. seriously. i pay 2400 right now for a duplex 2 bedroom + living room /kitchen, and a den.

2850 is a lot. the 50 at the end of it is sort of.. a mental caution. stick with round numbers. 2400, 2500, etc

*rob*

Posted by: PitbullNYC at June 23, 2009 4:24 PM

Gale
Am thinking that's gotta be the only reason why you aren't able to rent it

if it was the amount of money you are asking, beleive me you would have people asking if you are willing to negotiate. Hopefully once the tenants move out, you can go in there - clean up and then post it immediately on Craiglist and the place will get rented!
good luck

Posted by: gemini10 at June 23, 2009 4:25 PM

2400, 2500? Apts on 4 ave are advertised for more than that. Everything I saw in REAL Park Slope was from 2700 to 2900.

Posted by: gale at June 23, 2009 4:30 PM

do you have a Washer/dryer/dishwasher/outdoor space?

I still don't think you have to lower the rent as long as you are getting people inquiring and wanting to see the place when it's listed at $2800

Posted by: gemini10 at June 23, 2009 4:37 PM

Is your apartment on Craigslist? On Craigslist through broker? Can't tell from what you wrote. Post the link...current rental market heavily influenced by upfront fees as well as appliances, amenities, layout.

Posted by: vinca at June 23, 2009 4:42 PM

Apt. is on Craigslist by owner with no fee and also few realtors are showing it independantly from Craigslist.

Posted by: gale at June 23, 2009 5:48 PM

post it on places like fgkidslist@yahoo, i'm sure park slope has one too, stuff like that. there are always people looking for apts on those lists. we rented our one bedroom in clinton hill to the first couple who looked at it. their friend mentioned they were looking for an apt, i responded and viola! done deal. rented in one week.

Posted by: czar at June 23, 2009 9:05 PM

if your place isnt renting, then you have to lower your price

Posted by: eman1234 at June 23, 2009 9:35 PM

If you're advertising it on your own as a no fee, you have pictures, and it has been 6 weeks, then like eman says, your price is too high. Yes, your tenants are paying more but they're moving out. For the last 7 years, Brooklyn LL's have been able to push rents to the breaking point. Those days are gone for now. You may get someone for that price but how long are you willing to wait with a vacant apt?

Posted by: Crownlfc at June 24, 2009 2:38 AM

how big are the bedrooms?

Posted by: Santa at June 24, 2009 9:45 AM

OP,
It's impossible to tell from description what fair rent is. QUestion, you've listed with a couple of realtors. Are they the larger ones in the area? I've usually gone with BHS and a short term exclusive deal. Never taken more than a week or two to rent. Plus they'll be able to tell you with some validity if your rent is above market.

Posted by: Johnny at June 24, 2009 10:08 AM

Rents are plummeting. I know a landlord with nearly 50% vacancy. Nearly nobody is moving to NYC. The only people moving are folks looking for something cheaper or any a better neighborhood.

Fringe neigborhoods like Bedstuy and the Wick must be ghost towns. . .

Posted by: IronBalls at June 24, 2009 3:16 PM

Well Ironballs I must say I live in BEDSTUY and it is far from a ghost town just walk our street late at night and see how many people are on street corners.

Posted by: SHAYLA at June 24, 2009 11:47 PM

I do think that if you don't have outdoor space and/or amenities such as laundry/dw, your price might be high.

The only other factor that hasn't been addressed is the time frame. It seems as though tenants are now working in a 6-8 week window now, whereas before the downturn it was a 4 week window. If it's still occupied, it seems like you might have started too far in advance?

Or, alternatively, it's simply not showing well. This recently happened to me and the first weekend it was vacant, it rented. Good luck.

Posted by: nodnyc at June 27, 2009 8:20 PM