Soft Rental Market?
I’ve rented 2 floor-thrus in my Fort Greene brownstone for the past 3 years with no problem, but I always use a broker. Suddenly, I’m having trouble. Has the bottom fallen out of the rental market already? Has anyone else had to lower rents? I’m probably going to list it on craigslist – any other…
I’ve rented 2 floor-thrus in my Fort Greene brownstone for the past 3 years with no problem, but I always use a broker. Suddenly, I’m having trouble. Has the bottom fallen out of the rental market already? Has anyone else had to lower rents? I’m probably going to list it on craigslist – any other ideas?
I’m going to be looking for a 1-bedroom for March 1 if anybody would like to send me some pics of their place. zachmattheus@yahoo.com
If they’re paying the broker $4500 then they are $4500 less able to pay you.
ou
I’m not trying to pick a fight. You should do whatever works for you, and if brokers work, that’s great because it doesn’t cost you anything and saves you time and effort. But in going the FRBO route, I don’t think I am using emotion, I think I am using judgment. I’ve found good tenants and they have always been happy about saving the fee.
You can run credit checks yourself, or have them pay/print them out. You can pretty much collect all the information a broker does on your own. Just say you require a credit check and proof of income in your Craigslist ad.
Slopefarm,
I always use a broker in PS and I never even meet the tenants until we sign the lease. I do not bother trying to judge their character up front, it never works. The nicest people who tell you how clean they are and how “Their Cats don’t smell” turn out to be the worst and because of the latter I do not allow cats anymore, only small dogs. When a broker tells me they someone wishes to rent, I ask for the data and make my decision. It has worked for me. I used emotion once and it was a mistake.
I’m a renter as is 90% of the office I work in (mostly single young people, some families). We all agree that a broker fee is a huge obstacle to signing a lease. I’ll be looking for apartments next month and I refuse to pay any sort of broker fee — it’s money down the drain for us and not worth it.
I think you should consider listing it on craigslist yourself and finding a way to run the credit checks without doing it through a broker. Your future tenants will be much happier.
ou812
Your experience hasn’t been mine. I’ve had some jokers come through but they never got to the point of filling out an app, so I never saw the financials.
Hi Lisa,
I’m actually looking for a new 2 BR apt in the neighboorhood as my little brother (16) attends Brooklyn Tech. My present lease is up in March. I have a good job, that is not going anywhere, we are a relatively quiet duo as I work all day and he has school and track and further, we have a small cat. Please email me at tiffytiffr@gmail.com if your apt meets the above.
Thanks,
Tiff
“Has the bottom fallen out of the rental market already?”
Absolutely. Inflated economy >>> inflated rents. Deflated economy >>> deflated rents.
The collapse in rental rates is playing out in phases:
*Collapse of the broker fee market [check]
*Shopping tenant gets saavy to the reality that rents are now negotiable [in progress]
*Landlord denial running it’s course (realization that you more than lose the difference between ask and offer as the months roll by in this darkening economy – just lower your rent already!) [in progress]
*Significantly lower asks [coming soon]
Tidbit: Falling rents compound the downward spiral of falling home prices because the two are directly proportional.
***Bid half off peak comps***