Advice on Rental Market
I have owned a brownstone in a very good location in North Park Slope right near the park for almost eight years. Until late last year all I had to do was put one ad on craigslist,I got an enormous response and had the apartment rented. Well, no more. The market has flipped. It’s incredible….
I have owned a brownstone in a very good location in North Park Slope right near the park for almost eight years. Until late last year all I had to do was put one ad on craigslist,I got an enormous response and had the apartment rented.
Well, no more. The market has flipped. It’s incredible. I rented a couple of apartments a few months ago although it took a couple of weeks. Now it seems worse. After advertising for a week I’ve gotten a total of two people to look at the apt. May get a couple more this week. The rent is already about $100 below what it would have gone for last year ($1400 vs. $1500). It will be vacated at the end of this month so I’m under pressure to get it rented now.
My question is this. I’m considering lowering it by $100 from what I thought was already a relatively low rent. But I’m wondering how much of an effect that would have. There just seem to be so few people out there. Any advice besides lowering the rent?
Lots of good suggestions here. Take talknerdytome’s advice on the ad copy, and I agree about the dropped ceilings — they would be a definite NO for me and probably others. Only one thing to add: once the tenants are gone and you get the place spiffed up, TAKE SOME GOOD PICTURES of the apartment, empty on a sunny day, for use in the future. Then you’ll never be stuck using pictures of tenant clutter again.
The rent of $1400 is about right for an apartment that size in that location. However, you should clean up the place and apply a coat of paint. Additionaly, get rid of the drop ceiling if you can.
I have 6 apartments in your area (all 1 bedrooms) and when a tenant moves out I always make sure its cleaned out really well and a new coat of paint put on. Additionaly I have tall tin ceilings and I would never in 100 years put drop ceilings.
When you take pictures make sure there is lots of light in the apartment. Light colors on the walls make the space look larger.
If done right there is no reason why you would not be able to rent the space in a weeks time at the most. your building is in prime park slope and although the market is down there is still a huge demand for your area.
good luck.
ugh. psychic vision of me at 65 years old frantically looking for a place to live and having the doors shut on me.
*rob*
quote:
“What about that older generation that is not so computer savey? Is their cash no good|? or are they too stupid for you?”
LOL! you really do NOT want to rent to anyone over 65 tho because it’s legally IMPOSSIBLE to get them out if you had to.
*rob*
when i was apartment hunting 3 months ago I can’t tell you how many places I saw with drop ceilings. I don’t care how cheap or big or convenient the apartment is, drop ceilings are a DEAL BREAKER. The landlords would ask me, why don’t you want this place? I’d say, I might as well sleep at my office…….
Also FWIW, acoustical lay-in tiles are odor sponges. So any pet smells, or cigi smoke etc will live in that shite forever.
“What about that older generation that is not so computer savey? Is their cash no good|? or are they too stupid for you?”
Hanible, if you’re of th pre-PC generation, you’ll hardly want to live in a 4th floor walkup.
To the OP, pix suck, and the kitchen ain’t much better.
dogs pee and poop outside outside. unfortunately cats pee and poop indoors and it’s very difficult to get feline poo mist particles out of woodwork, tiles, etc. i guess dogs can have accidents tho. but generally landlords clean an apartment before someone new moves in so you probably shouldnt have to worry about any of this.
*rob*
And don’t give in and allow pets.
They stink and make it harder to rerent next time.
Who the hell wants to rent an apartment that smells like piss?
I’d reprice at $1200/mo and hopefully rent it quickly.
The rental market is shit right now.
When the economy rebounds, jack the rent.
And if that were my apartment, I’d rip out the ugly drop ceiling and revamp the kitchen. Folks still love granite.
The “new economy” is over.
The Age of Obama is upon us.