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?
Floorplans and more photos. Disclose location. People have too much inventory to choose from and don’t want to waste their time or yours. Also, say OBO (or best offer) next to price. This bear market demands creativity.
***Bid half off peak comps***
anyway I just read the full ad you had and two things I did not realize.
a-its a 4th floor walkup
b- it is filled until nov 1 (I thought it was sitting empty)
I would leave the price until the 15th and see what happens. If nothing good comes up lower it on the 15. Also a large 340 sft studio sounds dumb to me. Good luck
I agree with the other comments about the photos. Very unappealing.
But I also think the copy of the ad is way over done. My initial reaction was to skip over all of the text because it reads like typical broker drivel. “Historic North Park Slope”, “Location, Location, Location!”, etc. In all you use 127 words(!) describing the location.
You’re renting a studio. Just mention it’s prime north park slope and describe the apartment. All the fancy verbiage makes it sound like you’re hiding something, or a broker really is involved, or something else fishy is going on.
I just rented a place in September. Had it listed with a broker for a few weeks in August with no luck. Told the existing tenant to clean up, intalled light fixtures, posted better photos, and had 3 solid applicants for the place within a couple of days. As with other posters, appearance really does matter. Only lowered the rent $50 on a place renting for $2350 in the south slope.
“There will be a credit, income, landlord, and housing court check”
Makes you sound very anal. Just do it w/o saying it.
Posted by: cmu at October 6, 2009 1:40 PM
I disagree here…I WANT to read that when I’m looking.
b_b_b, welcome to the grownup table. I so enjoy seeing you made out to be the total fool you are.
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Another thing, when I lived in a private home in PS the landlord never raised my rent the whole 5 years I lived there. In fact, he lowered it ($25). So charging $1350 to me, in a renter’s mindset, that this is a place when it’s rented gets the going market rate, and then the landlord just collects income knowing the tenant is good. Not a guarantee, but just a personal reminiscence.
My 2c: $100-150 too high. It’s very small for your price. And:
“There will be a credit, income, landlord, and housing court check”
Makes you sound very anal. Just do it w/o saying it.
“and even though this is not tech. in park slope its only a couple of blocks away and you are competing with them its 1295. They will get the next renter before you.
http://newyork.craigslist.org/brk/nfb/1407036744.html”
It’s not that far away physically, but it is on the other side of grand army plaza, which qualifies as the equivalent of 10-15 blocks in my book…
I also recommend taking better photos. And, include a photo of the bathroom and/or the front of the building instead of the photo of the Grand Army arch. Photos of neighborhood attractions always make me think “broker,” even if the ad says it’s by owner.
Finally, make the laundry situation clear–seems like there’s none in the building, but it’s good to be sure.