rent in park slope
i bought a house in park slope (very close to the middle) last year, and it came with tenants. it is getting to be about time to renegotiate their lease, and i was just wondering if there is some service or website that tells you the average rental of a floor in a building in…
i bought a house in park slope (very close to the middle) last year, and it came with tenants. it is getting to be about time to renegotiate their lease, and i was just wondering if there is some service or website that tells you the average rental of a floor in a building in park slope. or could anyone tell me what they’re getting? we don’t want to gauge our tenants, but want to get what is average for the area. also, is a $50 increase considered normal? that’s about what i would ideally like to raise it by. thanks in advance!
thanks all. i’m actually not a troll, this is really my first year and i want to be fair. i think that the 50$ raise is fair but i think i’ll talk to a real estate agent about it before i do so. thanks again!
Talk to a realtor and ask ’em. Be upfront that you’re probably not going to list it at this point but will keep them in mind when you do.
Then factor in the niceness quotient – are you better off giving a small break to the good tenants you have now (assuming that’s the case) versus charging market rate to new ones (assuming a big jump in rent and having to get new tenants) and risking having problems. Based on my experience, I’m financially AND emotionally better off with the nice tenants I have now, even at a smidge under market value.
Rents around NYC generally increased 5% last year. There were many articles written about it. So you need to figure out market rent by looking at other apartment ads. The business about your mortgage is irrelevant. That’s like saying, if you way overpaid for your place, you can charge whatever you have to even if the market won’t bear it. It’s surprising you didn’t figure out what you might expect to rent the apartment for before you bought the building.
I agree with posters above but would just like to add that $50 sounds completely reasonable for a lease renewal unless the tenants are paying WAY above market (maybe above 2400 or so). I raised my tenants 4% this year, using the rent increase set by nyc for rent stabilized apartments. That was a $75 increase. I have 2 apts in a 4 story brownstone – each 1 floor – each rents for $2000 (I think this is a little below market rent).
Agree with 10:57. Your mortgage is irrelevant to the fair rental value. Fair rental value is based on comparable rents for similar spaces in a comparable location in comparable condition at a particular point in time.
Acceptible Market rent is what is going for the area, and cannnot exclusively be based on what you pay in mortgage.
Look on Craigslist and some broker sites for your area to get an idea. Then determine is your renters are already paying market or under market rates. $50 increase is a big thing if they are already paying reasonable rent, not so much if they are below.
9:53 and Post looks like Troll activity
Hey this this a question my wife and I went back and forth with for awhile. The conclusion was this. You place the value on your building, you should charge what you need to charge to make the building work for you. I.E if you mortgage is 4000 per month each apartment should be at least 2000.00 per month to cover. Remember this is a investment….you should want the building to pay for itself rather than you and your wife paying for it. I hope this makes sense. Any questions please dont hesitate to contact me kijanaw@gmail.com
goto craigslist and find comparables in your neighborhood, style, sq footage, # beds and baths
Here we go again!!! I think this is a troll.