How much rent would you charge?
How much rent would you charge for a 900 sq foot one bedroom garden apartment? Apartment is in good shape with new kitchen and bath. Tenant would have exclusive use of backyard and a washer and dryer. It’s one block off eastern parkway in Crown Heights between Nostrand and New York avenues. Very near subways….
How much rent would you charge for a 900 sq foot one bedroom garden apartment? Apartment is in good shape with new kitchen and bath. Tenant would have exclusive use of backyard and a washer and dryer. It’s one block off eastern parkway in Crown Heights between Nostrand and New York avenues. Very near subways. I have checked craigslist but can’t find any real comparables. I am thinking between $1250 and $1500? Thanks for any informed opinions.
For what it’s worth, I think you could easily get $1250 – $1325, and perhaps a bit more. If you are talking about Lincoln Place, that’s a pretty block, and close to what few restaurants and amenities we have, like Tavern on Nostrand, and the banking on Eastern Parkway, the train, etc. Having a private garden and washer dryers are perks that people will certainly pay for. From casual conversation with friends, most 1 bedrooms in brownstones on the better blocks of CHN are going for at least $1200 or more. THey usually don’t have either a garden or a wahser/dryer.
Another thing you can do is to sign up for the NY Times Real estate alerts, putting in your parameters in terms of location and rent levels which will generate emails, detailing rentals (or sales) within those parameters. That might help.
while crown heights and sunset park are very different neighborhoods they are actually very comparable rent wise.
That said, prospect heights is expanding very very rapidly with rents going up very fast. This is putting upward pressure on rents in crown heights as well.
I agree with the poster who said to not only look in crown heights for comps, take a look at what people are now paying around classon and franklin aves. There are 1-BRs with no outdoor space and no W/D going for $1400-$1600. If someone looks at those and then sees that two blocks away they can get a bigger and nicer place for the same or less it will be very compelling.
Here’s what I think will happen:
A broker will come along and tell you a high valuation since they’re trying to win your business (and probably an exclusive, which you should NOT sign).
Once they have you on the hook, they will present you with clients who probably won’t want to pay what they said you could get for the place, and after a couple months on the market, you’ll be willing to “talk turkey” and come down on the price, at which point you will get the same as you would have if you had just rented it yourself, except you will be out a couple months’ rent and will not have the benefit of having screened the tenant yourself.
So the moral of the story is: check their financials and trust your gut.
I just rented out my garden floor, which sounds very similar to yours, for $1300.
Don’t just check apartments in Crown Heights, but look at apartments in other areas. Your space is competing with similar spaces in other neighborhoods – ones which are more developed and offer more services than CH does.
Crown Heights and Sunset Park are two very different neighborhoods.
I did a quick search on Brownstoner and Ardorny, but didn’t find any comps either.
In 9 years of renting I’ve never used a broker, I want to meet my future tenant and see what they are like 1st hand and do my own background check on them. It’s not a big deal. I’ve always had great tenants and have never lost a dime in rent. Okay enough about nixing brokers…… about your apartment. I rent my 1 bedroom garden apartment with the yard & flower garden WD & DW for $1450. here in Sunset Park. It is a very pretty apartment so I think I’m getting top dollar here. Your space sounds to be in that ballpark too. Check your local broker & Craigs for Comps…….and meet your neighbors, they will tell you what rentals are going for. Good Luck!
OP here. I don’t trust brokers, don’t mind doing the paperwork or showing people around, be it open house or by appointment…Not trying to offend anyone who uses brokers but it is just not for me. I am really interested in what other landlords are charging for properties similar to what I have described. I am aware this is not a definitive tool but always find it a great starting place. So thanks to those who weighed in on the rent. I am hoping to avoid this post turning into a broker debate.
I agree about NOT using brokers. Landlords can do the work themselves.
But…go and chat with a broker anyway, just to pick her/his brain re what the apt might fetch.
Anon 3:17, that all makes sense. But you don’t know how much to charge for your apartment – that’s yet another thing a broker will do. If you can value your own place and rent it out, go for it! Like I said, I’m not going to pay someone for something if I can do it on my own. IF…