help pricing a 1 BR rental?
I own a 3 family in Bed-Stuy and am having trouble renting out a 1 bedroom apt. It’s a high quality reno and the apartment is really beautiful: parquet floors, original shutters, 10′ tin ceilings, 2 decorative mantels, new kitchen with ss appliances, free shared washer/dryer, etc. The location is good and, while the block…
I own a 3 family in Bed-Stuy and am having trouble renting out a 1 bedroom apt. It’s a high quality reno and the apartment is really beautiful: parquet floors, original shutters, 10′ tin ceilings, 2 decorative mantels, new kitchen with ss appliances, free shared washer/dryer, etc. The location is good and, while the block isn’t very pretty, it’s super convenient (1 block to the express stop at Nostrand, 1 block to major grocery store and PO). It’s also spacious, a true 675SF. How would you price it? Is anybody else having trouble renting their apartments?
OP again. If you’re welcoming me to “foreclosure land” that must mean you’re in it eman1234. Sorry to hear it. I’m still a ways a way from that fortunately. I think the time of year and the economy are affecting the market right now. The first apt rented in a heartbeat at the end of the summer.
Anyway, that’s a very interesting tidbit of info about the judge, Montrose. I’d heard about him and did hear that he passed away recently. I figured the only reason those amazing buildings hadn’t been bought yet was due to legal complications of some sort. I did a little looking around online and think the buildings in the middle of the block are actually rather Montrose Morris-ish aren’t they? Possibly even? It’s the right style and era (I think).
Herkimermaid, when I walk down your block, I don’t see the boarded up houses as a complete disaster, but as the potential for better things to come. The houses in the middle of the block on the north side that are empty were owned by Judge Phillips, who owned the Slave Theatre, and I think he owned the apartment building with the gorgeous French windows, south side,right before the corner, as well. He recently died, and because of all kinds of funny business with his estate and its caretakers, they may be in court for a while. But I’m sure those houses will be snapped up as soon as they are available, as they are among the best houses on the block, architecturally speaking.
It’s a great block, with great potential and friendly people. There are a couple of senior citizens who always speak to me when I walk by, and I always see people walking their kids to school in the morning.
The apartment is great. Good luck!
wow
i would never rent a place where there are boarded up buildings… “welcome to foreclosure land”…good luck
yeah, I signed an exclusive but I’ve known the Realtor for years and she’s never let me down. Corcoran reaches a pretty broad audience. In the past I’ve found my own tenants but frankly I’m so stressed out from the reno I needed to step back from it and focus on some other things (like not losing my job!). I just can’t figure out why there’s no interest. Anyway, at least until the end of the month, I have to abide by the contract, but then I’ll open up the listing if it still hasn’t rented. Thanks much for the advice. Glad you think the apt looks nice!
I went to the Corcoran site. Your apartment looks great! I wouldn’t rely on just one realtor. It’s not like they need to have the exclusive listing. Why not try it yourself one day and see what kind of response you get? I’ve always done better myself than with realtors (Disclosure: I do have a license, but I don’t practice).
OP here. RH, you have a really beautiful home and thanks for letting me know what you rent your apartments for. The apartment I trying to rent is not as stunning as yours but it’s still really nice. I have it listed with Corcoran for $1450.00 (though I dropped the price), and no one, not even one, has (according to the Realtor) shown an interest. I think, given the fact that you rented your place 2 years ago for slightly more, that what I’m asking is reasonable. If anyone thinks that’s out of line though let me know.
Well, our comparable 1 BR has been rented to the same people for about 2 years now. We charged $1500 and rented to the first couple who looked at it. Since then, we’ve only raised their rent this year by $50. If I were to put it on the market tomorrow, I’d probably ask $1600+. It’s the parlor level with a shared backyard and laundry.
Our 3BR duplex was rented more recently, in August. Again, first couple took it, with multiple back ups. $2600.
This is the blog post I did on the duplex….lots of info and photos so it’s not just another apartment, it’s a “special” apartment: http://reclaimedhome.com/duplex/
thanks rh, care to share what you think top dollar is?
I haven’t had any problems renting my apartments and I feel like I’m asking top dollar for Bed Stuy. Are people looking at it but not taking it or are you not getting many showings? Be sure to clean up and perhaps even stage it a bit. Take good pictures! I even made a web page (well, a blog post) for my recent duplex rental. Keep posting it on Craigs a few times per day, not just once. Put flyers and postcards in local cafes. Market that baby! It will work. Good luck.