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November 3, 2009
Rental Renovations
Brownstoners, please help me figure this out! I’m about to have two vacant apartments in the same Center Slope building. I can only renovate one apartment at a time. I’d appreciate your thoughts on which might be more immediately rentable at this time of year, in this market:
1) 1 bedroom, double-parlor apt, 1-1/2 bath, no outdoor space; or
2) 2 bedroom, garden apt, 1 bath, exclusive use of garden.
Both are modestly appointed. Each has washer/dryer and dishwasher.
Comments
put them both on the market ASAP and see which gets more intrest. The rental market if very bad right now
Posted by: bitter_bubble_buyer at November 3, 2009 11:13 AM
agree with above statement. put them both on the market and see which one rents first. where/when will they be listed, i know a couple that might be interested in the apartments (are they both the same size, if not, they'd prefer the bigger unit)
Posted by: CG_ups at November 3, 2009 12:38 PM
Thanks! I guess I wasn't clear. I need to fix both before I can rerent, and trying to figure out which one to fix first. I've had wonderful long-term tenants in both, but they'll both need paint, repairs and new appliances before ready to show and rent. CG_ups, if you want, please contact me at Centerslope at ymail dot com.
Posted by: humconundrum at November 3, 2009 1:19 PM
If it is located in PS 321 zone, I would do the 2 BR first because people move into the zone Jan, Feb, Mar to establish residency so they can enroll their kids.
Posted by: broker at November 3, 2009 1:31 PM
thanks centerslope. i will have them email you. is that really ymail.com or gmail.com? thanks! :)
Posted by: CG_ups at November 3, 2009 1:44 PM
Yes, really ymail. Thanks.
Posted by: humconundrum at November 3, 2009 1:54 PM
Unless the repairs are major then it should not take you very long to repaint, change the appliances and get them ready to rent.
Since it is unlikely that you will find a tenant for the remainder of November that gives you almost four weeks until 12/1. I would put both on the market ASAP mentioning what you intend to do by the end of the month. You will more than likely know which apartment is getting the greater interest right away so you can concentrate your efforts on that one.
My guess is that right now the two BR is the more appealing of the two as long as you are open to shares. It also fits more rental situations - a couple with a child, as a share or somebody who needs a home office. The outdoor space can not hurt either.
Besides, in this market it is really anybody's guess how long an apartment will sit vacant for. I would rather roll the dice with the one that I would be able to get the higher rent for.
Posted by: WrathOfGates at November 3, 2009 3:55 PM
Is the rental market in center park slope that bad?
Posted by: landlord at November 3, 2009 4:33 PM
the rental market is awful
Posted by: bitter_bubble_buyer at November 3, 2009 4:50 PM
the rental market is awful
Posted by: bitter_bubble_buyer at November 3, 2009 4:50 PM
That means you're charging too much!
Posted by: rf at November 3, 2009 8:29 PM
"rental market is awful" = no renters OR no renting stock?
Posted by: CHMomma at November 4, 2009 10:38 AM
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