After Languishing, Rentals Picking Up
The Times reports this weekend of rapidly rising residential rents around the country and with particular vigor in New York City. Even though rents for apartments in the Big Apple never really fell much, landlords lost some of their pricing power during the buying boom of recent years. Now, it appears, with prices still realtively…
The Times reports this weekend of rapidly rising residential rents around the country and with particular vigor in New York City. Even though rents for apartments in the Big Apple never really fell much, landlords lost some of their pricing power during the buying boom of recent years. Now, it appears, with prices still realtively high (a separate Times article notes that sellers are becoming more negotiable) and rates no longer as cheap, more folks are content to sit on the sidelines, which translates into more demand for rentals. This is when owners of two- and three-family brownstones find themselves naturally a bit hedged. While it’s scant consolation if your house is all of a sudden worth $200,000 a month less than it was six months ago, that extra $200 a month of rent doesn’t hurt either. Especially if you’ve got a variable rate mortgage that’s also in the process of ratcheting up. Any landlords out there (or apartment hunters) experiencing this first hand?
Rents Rising Rapidly After Lull [NY Times]
Photo by pdberger.
Babs – we’re neighbors! i live on Clermont between fulton and greene – email me!
True. Owner Occupied homes of 3 or less units are allowed to discriminate… That is they are not subject to laws that would govern companies, people and corporate entities that are in the business of renting real estate. The brokers that might be involved in that transaction are of course not. Owner occupied buildings from 1-3 units are viewed as primary residences and the owners who occupy their own homes have … what amounts to I guess… the right to not have people in their homes that they don’t like.
I have to disagree with people who say that Brooklyn is just as expensive as Manhattan. Even in the most desirable neighborhoods, you will get more for your money. When I was looking about a year and half ago, I took a few days to see what a $2000 apartment looked like in Manhattan. I saw things like a cheapo studio on non-descript Kips Bay block with a shaky wall put up in the middle of the room so they could call it a one-bedroom. An incredibly noisy 600 square foot or so 1 bedroom where the bedroom had no windows at all and the 2nd floor apartment had constant trucks and buses going by day and night. Stuff like that. For $2000 in Brooklyn you can AT LEAST find a comfortable, nice 1 bedroom. And in many neighborhoods (as mentioned) a 2 bedroom.
I just bought a three family in Bed-Sty, around the corner from the Bedford Ave/Nostrand stop of the G and i was BOMBARDED with calls and emails once I posted ads on craigslist. $1600 for the first floor 2 BR and $1900 for the top floor 3BR. I had tenants days after posting the listings. I think the rental market is really strong right now.
“Build it and they will come”
I have some friends in Kensington, too. It is a really nice, diverse neighborhood, good stores, fun little ethnic restaurants to discover. We used to visit a lot, when we lived in Caton Park (or whatever you would call Stratford Rd. and Caton Ave: Prospet Park South? Kensington? Flatbush?). I’d prefer PPHeights over Kensington still, not out of snobbishness, just being picky about what train line I live on: the F just doesn’t do it for me, it takes me much longer to get to work and back… So like I said, some of the difficulty in finding a good apartment is my own fault, I’m being too particular, I guess. And I’m still holding out hope that after September and the corresponding rush for 2-bedrooms for college student shares at the beginning of the school year, I’ll be able to find something reasonable. I’ll keep you all posted, thanks for all the input…
What about Kensington!
Many of the streets are quiet and tree-lined. Some of the homes are in great school districts. Our friend currently rents a HUGE 1 BR (easily divided into 2 as a railroad) for $1800, and that includes an office nook in the Eat-in kitchen, and a HUGE yard for exclusive use. Another friend rents a small 1 BR out there for $1250. Another bonus is that you’re relatively close to the park. There are a lot of mom and pop rental agencies out there and they know all of the local listings.
Windsor terrace is also a great option. I know someone who is considering renting out her small 2BR (across from the park) for $2300.
Clermont and what, Lisa? I lived on Clermont between Greene and Fulton for years and loved it, but it is just too far from the subways to be considered “prime” Fort Greene. But I’d definitely try for $1900 — my landlord just rented out two floor-throughs in Clinton Hill (Washington Ave off Fulton) in three days for $1800. OK, it’s 1/2 block to the train, but still…
Good luck!
And, yes, it is an exemption for two family owner-occupied houses, not three (sorry!).
Babs – I appreciate your feedback. My soon-to-be-vacant apartment is a 1 bedroom floor-through, but I’m several blocks from the park (clermont) with no outdoor space.
“…, if the owner lives in the house and there are not more than two other rental units in it, he/she can do whatever in terms of children. If the owner doesn’t live there, or if there are more than three units total in the building, that’s another story. ”
Can you provide a link to any NYC regulation that backs this statement up?