Rents going down? By how much?
We’ve been renting out a one-bedroom garden apartment in Prospect Heights for $1850 for the past year. We’re asking our tenant to sign a new lease, but she says that the market is down and wants a reduction in rent. By how much would you say the market has decreased in the last 12 months?…
We’ve been renting out a one-bedroom garden apartment in Prospect Heights for $1850 for the past year. We’re asking our tenant to sign a new lease, but she says that the market is down and wants a reduction in rent.
By how much would you say the market has decreased in the last 12 months? In other words, what’s a fair rent this year for something that went for $1850 last summer?
Thank you!
I’ll rent this place for 1850 🙂 email ashleybrunett@gmail.com
Rents are going down a lot. Most brokers now aren’t charging fees– that shows you how bad the rental market has gotten.
Gotta say $1850 for a garden apartment in prospect hts. seems steep.
Interesting since there was a hike in rent-controlled apartments.
I’m not sure about the rents going down. The landlords on my block increased their rentals about $100.00 per month. They all started complaining how the water bill is more and gas bill comes every month and the property taxes are going up. I am the only one left that the increase did not hit thus far. I told my lady that I’m on a 4 day week and just cannot afford it. Basta
i rent a 2 bedroom with a den for 2100 in prospect heights.
how big is the 1bedroom because 1850 seems alittle high but if the backyard is nice it might be worth it.
Oh how the tables have turned. For the last 8 years, Brooklyn Landlords have had it their way, arbitrarily raising rents with the take it or leave it attitude that there is always someone else that will take it. Those days are gone – for now. If it’s a good tenant and you can afford it (or can’t afford a vacancy) – knock a couple bucks off. If not, call their bluff.
I just signed leases for my two tenants and kept the rent the same. The rents were probably a little below the market to begin with and both tenants are OK with their work, thank God. It’s up to you.
I own a studio apartment that I rent. Two years ago I got $2400 a month rent with no problem. Towards the end of the lease the tenant asked if I could drop the rent for the new lease to $1800 a month. Of course I looked at him like he was nutz. I said no and he moved.
Guess what?
One year later there is still no occupant. The real estate market is scary. You don’t know what to charge for rent.
I do everything myself with no broker.
Please think out the problem before you say no.
The stupidest thing is the same tenant wants to rerent from me again for a much lower price than the $1800.
Its a headache. Please pass the aspirin.
I wish you the best of luck.