Rentals of the Day: Prospect Heights
Here are some of the Prospect Heights rentals recently featured on Craigslist, most of which are pitched as good shares. Judging from this sample, 2-bedrooms in the nabe tend to go for around $2,000. Clockwise, from upper left: 1. 2-bed, h/w floors, large common spaces, $2100; St John’s at Underhill 2. 2-bed, 2-bath, 1500-sq-ft. duplex,…
Here are some of the Prospect Heights rentals recently featured on Craigslist, most of which are pitched as good shares. Judging from this sample, 2-bedrooms in the nabe tend to go for around $2,000. Clockwise, from upper left:
1. 2-bed, h/w floors, large common spaces, $2100; St John’s at Underhill
2. 2-bed, 2-bath, 1500-sq-ft. duplex, priv. garden, $3500; Prospect at Vanderbilt
3. 2-bed, h/w floors, open kitchen, $1800; Prospect near Washington
4. 2-bed, r/s, gut reno, $1700; Underhill at St Marks
5. 2-bed w/ office nook, h/w floors, $2000; Bergen at Vanderbilt
i bought in brooklyn in 2006 and my mortgage and maint are definitely less than any comparable rental.
with tax deductions, it’s a relative steal!
the rent vs buy equation has gone completely bonkers in much of Brooklyn.
buying is MUCH more expensive than renting, even with interest deductions taken into account. it would take several years of continued high price growth in rentals for it to balance out.
the rent vs buy equation still works in much of manhattan, however.
^ this is assuming everyone owns a brownstone set up to fit renters in it.
which is not the case at all.
Noted, 6:23, but – excluding the tax benefits of owning a home vs. renting – your mortage payment each month will not change. Rents will increase, not only to cover the underlying increase in taxes and other costs – which all owners of property must incur – but the owner of the rental property will want an additional increase to cover a rate of return on his or her investment and offset the effects of inflation on basic services which is not even a part of the equation for someone with a mortgage.
Of course, this does not even consider the supply/demand effect on rents which a home owner is no longer subject to as they are out of the market in that respect.
“rents always increase but your mortage payment will not”
But your taxes, co-op maintenance and/or condo fees will go up. Or your upkeep expenses if you own a whole house. I’m not recommending that people rent. Just pointing out that your expenses do NOT stay flat even if you own.
Over the long-term, rents always increase but your mortage payment will not – if you have a traditional mortgage. Even if your mortgage payments are higher then an equivalent rental now, in the long run, you are better off owning and paying a mortgage than renting becasue, eventually, the rent will be more expensive.
Vespas are cool (and quiet). But motorcycles are total mid-life crisis vehicles. Think Jay Leno. gag.
vespas are cool, though.
would love a baby blue one, myself.
We lived in North Slope and had a loud TV next door; next building mind you, not just the next apartment, and we could still hear it clearly. On the street outside the traffic noise was terrible with all the honking and music coming out of windows. Oh and our favorite, the guy up the block who has the loudest motorcycle you’ve ever heard, which he’d ride up and down the street. Probably removed the muffler. To be cool. Like Fonzie. Motorcycles are so dorky.