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?
That $1250 apt is at 17th street. That’s 20 blocks south of this apartment with only F/G train service. Vs express train B/Q and 2/3 train service for the OP’s apt. Not even comparable in my book. It actually supports charging $1400 for the OP’s apt.
Do some updates definitely. Renters have the new condo buildings to choose from now that aren’t selling so developers are turning them into rentals so there are brand new places available to them. It raises the bar for owners of old apts. You should clean thoroughly, a total scrubbing; switch out the drop-in sinks, faucets and knobs in both bath and kitchen; and fill in nasty or missing grout everywhere. Those updates are not a lot, it’s not expensive, but it does a lot to make a place more appealing.
Starfish, your location is premium. I second the idea of getting the current tenant out, cleaning the place up and painting, and supplying excellent photos for your Craig’s list post. I don’t think your price is way off. We’re near you but on 7th Ave. and just rented a similar studio for $1,500. Current tenants can make a rental or sale impossible.
I once tried to sell a lovely 3 family with a pit/lab and a baby that screamed in the presence of strangers in one apartment and hoarders in another. I couldn’t move it until both groups were gone.
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
I just did a quick search on craigslist and there already is a 1250 studio on the market in Park Slope. So Infinitejester here you go.
http://newyork.craigslist.org/brk/abo/1408782147.html
I would remove the sf # immediately from your ad. At least that way, people will call and make appointments. Right now you have taken all the guess work out. And I suggest taking photo at an angle that doesn’t show the sofa. It looks monsterous and claustrophobic.
my game plan has always been to always have the apt. filled with a renter and to adjust the price fast if the current ask is not getting any action. To me if the place is not collecting rent for more then 2 weeks I am the fool. 1400 may seem like a fair price but its not moving it now is it? Maybe there are 4 other places like that on the market for 1400 but only one person looking for a 340 sft studio in Park Slope. The first person to lower the price will win the renter and the others will continue to lose revenue.
Well, looking at craigslist, I haven’t seen anything in that part of north Park Slope for under 1400. One just posted today on the same block for 1475. Some in that area are a lot higher, but they may be renovated.
But I will lower it to about 1300 if I have to.
Also – from what I’ve been seeing, $1,400 sounds like a fair price. There isn’t much of anything in a ‘prime’ neighborhood for less than $1,400
It’s funny – I’ve been scouring Craigslist the past week or so for apartments in that price range – and yours seems to have gotten lost in the shuffle. There seems to be alot of inventory in the Slope right now.