Hard to Rent in G'wood Heights?
We purchased our home on 28th street in 07′ and rented the 1 bedroom for 1500. originally. Our second tenants rented it for 1600. Now we find it difficult to rent it even at 1475. Are others in our area (Greenwood – South Slope) experiencing this kind of thing and can anyone recommend anywhere other…
We purchased our home on 28th street in 07′ and rented the 1 bedroom for 1500. originally. Our second tenants rented it for 1600. Now we find it difficult to rent it even at 1475. Are others in our area (Greenwood – South Slope) experiencing this kind of thing and can anyone recommend anywhere other than the obvious (craigslist etc.) to list our apartment. Thanks! Greatly appreciate any insight or input from seasoned homeowners/landlords in the area.
Like the posters said – rents are going down all over but Greenwood Heights or “South Slope” is especially difficult as it doesn’t have much an identity as Park Slope and Sunset Park plus it’s aesthetically challenged in the eyes of many (oh, 4th ave) Apart from a price adjustment, you can try NY Vacancies, Hotpads, maybe sort term or foreign students but be wary if you go down that route.
Thank you everyone for the input both on the owner and the tenant side. As our rental is a part of what pays our mortgage it helps to know what we are facing in terms of financial hardships in the next year.
We have reduced the rent. Our last tenants rented it at 1600.00 a month. We’ve had a lot of people look at it but no serious bites. Four more have appointments over the next two days so fingers crossed. Its ironic because we had less people look at the place the first two years we owned it.
The apartment is nice, we renovated it first. Today after finding out the previous tenant broke both of the fixtures (and never bothered to mention it) we went out and purchased new fixtures for the bath and kitchen. It’s not one of those brand new condos turned rentals… but it is clean, sunny, big (for 1 or 2 people) and quiet. We are slowly renovating the entire building as we can afford it. I love the Greenwood area of Brooklyn. We are committed to saving our little old frame house (its almost 100) no matter what the rental market throws at us. Hopefully we won’t lose our shirts in the process.
Thanks again for the insights, I really appreciate it.
When he heard we were looking for a new place, our landlord knocked $200/month off the rent (we live in ft. greene, on a landmark block). Rents are coming down and tenants know it.
I’m looking for a 1 br right now for under $1,300, but I think that location would be too far out. Like they said above, it would have to be super nice for me to consider it for even 1300. just a little renter’s pov for you. good luck!
I live in Greenwood Heights and I’m only paying $1,070 for a one bedroom. $1475 may be viewed as too high by many apartment hunters unless that apartment is super nice with a lot of amenities.
I had to lower the rent by $50 in center slope. What was really shocking was the amount of people that responded to the ad. I used to get a stampede! Now only a few showed up.
Agree, you just have to lower your price. This happens everywhere and you should not assume the rent will always go up. In Carroll Gardens, rents went down between 2001 and 2003 or so, then started slowly rising again. Now they are going down again. Lower the rent enough to find a good, reliable tenant (and be able to be choosy) instead of waiting for someone unreliable who agrees to a higher rent. You will be far better off.
Yes, I’m in Greenwood Heights lower than you, and had to chop $100 off the rent from an apartment I rented out two years ago. Also, I didn’t get nearly the responses. I may have to be open to using a broker. It’s definitely tougher right now. But losing $1200-2400$ in rent this year is probably a lot better than what you’d lose if your money had all been in the stock market!