Advise re: Tenants request
We have a 2-family on Ft. Hamilton Pkwy about E.4th Street. The tenants living in the large duplex (3 beds++/2 full baths, garden, laundry, basement storage) have a 2-year lease that’s almost up for renewal. They just asked us for a zero percent increase. We’re wondering what on earth rents are in the area these…
We have a 2-family on Ft. Hamilton Pkwy about E.4th Street. The tenants living in the large duplex (3 beds++/2 full baths, garden, laundry, basement storage) have a 2-year lease that’s almost up for renewal. They just asked us for a zero percent increase. We’re wondering what on earth rents are in the area these days? They pay 2800/mo and have a largely renovated place. New kitchen with all accoutrements, all new bathrooms, new cherrywood floors on the ground level, sole use of garden. We pay heat and hot water, which are thousands more than a few years ago! How much might a 3 bed plus/ 2 bath duplex in that area be going for today? Thanks so much for any insights!
Interesting idea, asking the tenants to make a ” contribution for heat based on actual costs”. Good way to give them a good understanding of your reality. Tenants seem to never think of your expenses. Anyway, I’ve always charged market value for my high quality apartments based on other rentals in my area. Sometimes a possible tenant will ask me if the rent is negotiable. My answer is “Sure you can pay more if you like”. ( I would not rent to anyone who asks me such a question ) . Your apartment sounds fantastic. It has everything anyone would love to have. Get a local broker to tell you what it’s fair market value is. If it’s close to what your tenants are paying I would let it be. If the value is much higher I would make the adjustment to the rent.
Just remember that, if you try to rent it to someone else, there’s the fact that it may be idle for a month and the new tenant may be crazy.
My vote is to ask for 3k or get them to make a direct contribution for heat based on actual costs. I think you’ll come out ahead.
do have some real estate agencies come in. Try contacting someone from Brooklyn Properties or Brooklyn Hearth who do Windsor Terrace area.
I had a realtor come look at my place to give me an estimate. My tenants actually wanted a reduction. Realtor gave me a good sense of what I could get – and then got it for me.
Check your area on craigslist and other real estate sites and you’ll get an idea