Setting a Rental Price
Hey all, I own a studio in the Willoughby Walk co-ops across the street from Pratt. Assuming I can get Board approval, does anyone have advice on what would be a fair rental price to set? Thanks!
Hey all,
I own a studio in the Willoughby Walk co-ops across the street from Pratt. Assuming I can get Board approval, does anyone have advice on what would be a fair rental price to set?
Thanks!
What did you end up doing?
Did you end up getting approved? I also live in the complex and would be curious about all of this. Would you please email me at JohnAnthony.September at gmail dot com? I would REALLY appreciate it…
speaking as someone that rents in that area,
because of board approval and the look of the buildings, i would shoot for $1250 – $1350 depending on renovations. price is not only location… ease of approval, look of the buildings, state of renovations all play a role in the final rental amount.
I recommend you use a broker because you are going to get some very unqualified people in that price range and it’s a great thing to outsource a board package to someone that has done a ton of them.
Students can be fine, they require judgment, especially considering there are 4 graduate schools in that area.. and you can use a guarantor
What ever you decide, do not rent to students! No offense to any students, but they don’t care about your property and will treat it that way.
Thanks everyone for the helpful advice; I really appreciate it.
@dixiecup – thanks for the tip. My concern though would be that since the studio you saw was probably in a brownstone. I don’t know whether renters would find a studio in a high rise like Willoughby Walk as appealing.
Just as a data point, I saw a beautiful studio on Clinton/Greene last spring for $1,300, but it was probably smaller than yours and it was the best deal I saw in that neighborhood.
based on my rental search last year – i didn’t see anything in clinton hill for less than $1,300. if your place is in good shape i’d try to price it on the lower end of the one bedroom spectrum and be willing to negotiate.
You can also try this site:
http://www.rentometer.com/
Probably semi-retired Wallmart workers, m4l (to keep up with kids’ lifestyle subsidy). In Kansas (hint: house paid off, low cost of living).
***Bid half off peak comps***