Rental Rates: Apples to Apples
The best deal the NY Times found in its recent survey of rentals around the city was $1,100 for an L-shaped one-bedroom in Victorian Flatbush for $1,100. In Bed Stuy, that $1,100 didn’t go quite as far, requiring a prospective tenant to settle for a bathroom in a closet. Looking at all the different types…
The best deal the NY Times found in its recent survey of rentals around the city was $1,100 for an L-shaped one-bedroom in Victorian Flatbush for $1,100. In Bed Stuy, that $1,100 didn’t go quite as far, requiring a prospective tenant to settle for a bathroom in a closet. Looking at all the different types of apartments is like comparing apples and oranges though. A better approach, we think, would be to use a more consistent yard-stick: The garden-level floor-through of a brownstone. Obviously, these vary in size and shape, but let’s assume a standard front room and back room with a bathroom and kitchen as well as yard access. In Clinton Hill, market rate for this is $1,400 to $1,500 a month. How about other nabes?
What You Can Rent for $1,000 [NY Times]
Ed–
When we rented our place last year, $1400 is where agents placed the free market rent. We charge our friends $1300. So when I guess $1500, it’s on the assumption that rents have gone up a bit from last year. I could be underestimating but no way would it fetch $2K on the open market, judging by listings I’ve seen on Craigslist, not for the size and location (not to knock my own house). If it were a park block, maybe.
But hey, I hope you’re right and I’m wrong! I’ll have to re-rent it someday.
I think it’s smart to give a reliable tenant a good deal, provided you don’t need the money. A known entity is always better than an unknown one. But your “special deal” statistic is pretty much useless in a discussion involving free market rents for garden apartments.
By the way – I’d bet a broker would rent your apartment for $2K.
what could be more constitent than $1,000?
I’m getting $975 for 1 and $1300 for another of my floor thru rentals (off Smith) but I’m a wimp of landlord and really don’t want to rent to 20 or 30somethings that make make too much noise and are demanding.
most of us have 20 ft wide homes, so i’d say 75% of homes are floor thrus
agree with 1:04. it was apples to apples in that it was 1k. them’s the apples
Maybe, Mr. B. But my impression on the Times piece wasn’t to try to do an apples-to-apples comparison across the boroughs but rather to see just what was available at their standardized price. So they were fixing price and varying quality rather than fixing quality and varying the price. Same type of exercise, just sort of the reverse.
Ed,
You may be right. We want to give our tenants a deal because we know and can trust them and want them to stick around — then again we are between 4th and 5th Aves, and the outside space does not include the whole backyard. My guess would be maybe market is now $1500 but maybe I’m naive.
i’m considering buying a floor through house in CH – frame house. brownstones tend to be smaller with less sf for renting. i’ve done the math and i come ahead with frame house, but worried i wont be able to rent floor thrus