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August 3, 2009
Value of a Yard?
Our current tenants are planning to leave, so we are evaluating current rents in the area. The apartment has exclusive use of a huge back yard (25 x 50 ft), so finding comparables is difficult. So, renters, how much more would you pay for the yard per month? It's a 2 bedroom, 2 bath duplex in Windsor Terrace, which the current market indicates would go for around $2,100 without the yard.
Any thoughts appreciated.
Comments
I'd start off asking $2800/mo.
If it's not rented within two weeks, lower the rent weekly in $100 increments until it's rented. Of course, if you want to make sure it rents fast, which I always do myself, be a little more aggressive with the rent drops. For example, if you get no interest at all at $2800, maybe lower the rent after the first week instead. Every single renter is trying to negotiate these days, so be prepared to come down a little more to make the new renter feel like his negotiating paid off.
Posted by: IronBalls at August 3, 2009 8:23 AM
The lower duplex where I live in North Slope just rented for the astonishing price of $5300. Nothing all that special about the place. Standard lower duplex setup. Regular size yard.
Posted by: lechacal at August 3, 2009 11:54 AM
I can't suggest a price, but if you're willing to rent to folks with a dog, you can certainly charge a premium.
Posted by: tinarina at August 3, 2009 12:02 PM
Some people will like the yard a lot more than others, so if you advertise it and are willing to wait to find someone who really values the yard, it could help you get a higher rate than similar places without a yard.
For me, private access to a yard is a nice perk, but the apt. itself is more important.
If I had to choose between two apartments that I liked equally well and only one had a yard, I would probably be willing to pay 10-20% extra for the place with a yard (e.g., 2300-2500 for the place with the yard if the other place is 2100).
I wouldn't pay 33% more for a yard (i.e., 2800 instead of 2100), but it might be worth it to someone else.
Posted by: northsloperenter at August 3, 2009 12:07 PM
depends on the yard. Is it a big patch of weeds or is it grass? Is it already beautified and you continue to you maintain it or are you looking for a tenant to jazz it up for you on their own dime? Hard to consider a figure without knowing more.
Posted by: MAT at August 3, 2009 12:18 PM
Thanks for the feedback! The yard is 80% deck, with a small garden across the back. Deck requires no maintenance, garden would be up to the tenant to maintain (or left alone to go wild).
Posted by: curiositykilledthecat at August 3, 2009 12:55 PM
I have some friends with a new baby and a golden retriever (very sweet one) who are currently looking in your area, and this sounds like it might be perfect. I'm going to tell them about you. Do I just click on your handle to get an email address?
Posted by: Nokilissa at August 3, 2009 2:25 PM
I wonder the same from OP. I checked out a condo on 12th st 7/8 and the apartments have pretty much the same layouts. the ones remaining have access to roof or backyard. the one with backyard is listed at 70k more than those without. is 70k really worth it for the yard??
Posted by: guikazoid at August 3, 2009 2:47 PM
Everyday I bbq, host a party, grow vegetables, enjoy the sun, play with my kid, work outside,etc. I am so thankful I paid the extra $ for the backyard...
Posted by: newsouthsloper at August 3, 2009 3:52 PM
Where in WT? $2800 sounds extremely optimistic.
Posted by: DitmasSnark at August 3, 2009 4:55 PM
Where in WT is a big question. If you are referring to someplace close to the park or 9th ave, $2800 sounds reasonable, but if you are referring to anything on the other side of The expressway, that's a whole different world.
Posted by: WTdreamer at August 4, 2009 2:36 PM
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