Park slope rents

There’s charging market and then there is gouging what landlords THINK the market is worth. I think an at market or just under market rent with no increase for several years to show your happiness with your tenants is the way to go. They tend to be more loyal and take better care of the place. I used to keep all my apartments just below market and when my 2 student tenants graduated they got 1/2 that months rent off as a gift. Great young kids who looked after the place like they owned it.

utoeid

in General Discussion 9 years and 11 months ago

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Guest User | 10 years ago

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We are renting out a 2 bedroom around 860 Sq Ft for $2,800 (includes water & heat). The lease is expiring in the summer. We are thinking about raising rents. How is the rental market in park slope this year? Can we raise rents this year without losing the tenant? How much would you recommend?

cmu | 10 years ago

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Why would you risk losing a (presumably) good tenant? Your rent is not exactly low, unless you have exceptional amenities

mozeeatupu | 10 years ago

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2 br in park slope can easily get $3200/month but there are factors that could lower that. BTW all rentals include water and most include heat

Guest User | 10 years ago

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mozeeatupu2h – Thanks. How much would you raise rents? What factors would lower the rent?
cmu – The apt was fully renovated 3 years ago. It has floor to ceiling windows in the 2 bedrooms and a big skylight in the kitchen. It only took us 2 weeks to rent it out last summer.

landlord | 10 years ago

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If you have good tenants I would not raise the rent by more than $100 per month. I rent my park slope apartments for a little below market and they always rent very quickly (1-3 days). I would rather rent it quickly and get a little less than have it sit on the market for over a month. That said….having good tenants is a big plus. You can get someone willing to pay market rate and then cause damage

mozeeatupu | 10 years ago

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I agree with keeping great tenants, but if you’re charging under market, most tenants would behave to keep

mozeeatupu | 10 years ago

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(continued from above)
a good thing going.
However, a gain in revenue of approx $4800 annually is nothing to overlook.
But you’re also entering the range of rent where people require amenities to justify it. Laundry in unit, or storage space etc. Maybe a gym and dishwasher. Tenants paying near the high end would also be more persnickety. Gotta get a balance to keep all parties happy.
You can’t just charge more because the market can bear it since your place would be facing more competition at that price.

dorkofwindsor | 10 years ago

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mozeeatupu1d!: “You can’t just charge more because the market can bear it since your place would be facing more competition at that price.”

I don’t follow this logic. If the market can bear it, why not charge market rate? What the market can bear should already include competitive factors, otherwise it isn’t “market”. I realize that amateur landlords have anxiety surrounding vacancy and pricing, but that statement makes no sense to me if you have a renovated unit that can bear market. And because a lot of people who do this BTW, collectively it only hurts everyone’s ROI.

slopefarm | 10 years ago

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If you want to keep your tenants, raise the rent slowly., not straight up to market. A big increase will encourage them to look around, and if they leave, you are probably looking at a lost month while you repaint and spruce up for the next tenant. So that cuts into the gains. I would raise no more than $50-75/mo., but do it each year. When the tenants leave on their own accord, then list at what you think the market will bear.

Guest User | 10 years ago

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Thank everyone for your feedback and different points of view on the subject. I am going with $75 a month increase

mikecrehore | 9 years and 11 months ago

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I agree with slopefarm too. You want to raise the rent so it’s not worth them moving but it covers your rising costs. If you don’t, and wait too long, like 2-3 years, the jump in cost will come as a shock and most likely cause them to look elsewhere. Realize that every time a tenant moves, it always costs the landlord, whether in missed rent or in painting and repairs.

cmu | 9 years and 11 months ago

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dork: , collectively it only hurts everyone’s ROI…

Wow. A socialistic excuse to justify maximizing rents. Maybe everybody should lower their rents so a new ‘market price’ could help us all live reasonably.