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?
rob – Cats are a lot less destructive than dogs (aside from the tenant’s own upholstery perhaps.)
I allow dogs upon approval, that gives you a larger pool of renters.
quote:
“No dogs.”
there’s your problem. people in nyc luv their doggies! also tenants with dogs often make better tenants than those without. i could understand a “no cats” policy because they stinky stinky up the apartment, but no dogs? c’mon!
*rob*
All the crazy arguing posters showed up today! I can barely fight them off!
I would move the “Location, location, location” bit from the beginning of the ad, and delete the majority of it. The ad is a bit overwhelming. a straightforward description works best for me. How about:
Spacious studio in Prime North Slope. No fee; $1395/month, gas, heat and hot water included. On a quiet landmark block of brownstones bordered by the Park. President Street near Prospect Park West.
Large studio, bright southwest exposure, full kitchen with skylight, lots of closet and shelf space, large big-windowed classic style bathroom, original details, decorative faux fireplace, wired for cable, four flights up (on top floor) in a quiet, well-maintained, historic landmark brownstone.
Steps (1/4 block) to Prospect Park, Brooklyn Public Library, Brooklyn Museum and Botanical Gardens, the Grand Army Plaza Greenmarket, a few minutes walk to 2, 3, and Q trains — approximately 15 minute ride to lower Manhattan or 25-30 minutes to Union Square and midtown.
Super lives on premises. No dogs. Any documents you can bring (credit report, employer reference, pay stubs, bank/broker statement) would be helpful.
Email Jeff (owner) at greatapartment@optonline.net or call me at 917-558-2726. I’ll be glad to answer any questions.
Thanks for your interest.
The pictures leave much to be desired. At the price you are charging (which is not so exorbitant, but not that competitive either) a tenant wants to see a decent, clean place. I would also show a picture of the building if it looks good from the outside. Frankly, you are on 4th floor of walkup, and at this price its not going to be easy given the demand and supply. Last, you are doing credit, income, landlord and housing court checks? Thats alot and would turn off some tenants as being too invasive.
You are assuming that your future renters are all computer savey and that they surf the internet. What about that older generation that is not so computer savey? Is their cash no good|? or are they too stupid for you?
I just noticed the dropped ceiling too…not feeling so great about it now. I like cabin-y spaces and all but dropped ceilings in my home? Not what I’d hope for.
I don’t mean to be rude here, but is it possible for you to remove the dropped ceiling? That would be an immediate deal breaker for me and many others I think. Also, the sofa is blocking the fireplace, which is a charming detail that many people are drawn to…if you could get the tenant to move it out of the way for a quick photo I think that would help tremendously. The clutter and the pictures are definitely what’s hindering you here. In all honesty when I look for apartments, I skip the text, scroll down to the pictures and if I’m not immediately drawn to the photos I move on to the next ad. This is what’s happening to you.