Residential Rents in Brownstone Brooklyn Receding
After ramping up in the spring and summer, residential rents in Brownstone Brooklyn began to ease in October and continued to decline through the end of the year. That’s the big take-away from Ideal Properties’ year-end report. Not surprisingly, supply was up by more than 50 percent over 2007 for one-, two- and three-bedrooms; the…
After ramping up in the spring and summer, residential rents in Brownstone Brooklyn began to ease in October and continued to decline through the end of the year. That’s the big take-away from Ideal Properties‘ year-end report. Not surprisingly, supply was up by more than 50 percent over 2007 for one-, two- and three-bedrooms; the number of available studios rose only 17 percent. With greater competition for tenants, the percentage of No Fee apartments also rose from about 2 percent to over 20 percent. Landlords aren’t getting too desperate yet though. According to the report, “unlike their Manhattan counterparts, Brooklyn’s prime neighborhoods’ landlords have not started offering ‘first month free [rent].'”
I would eventually place the apartment on craigslist if it would not rent soon (although the broker called to say she has someone for the apartment this morning).
Problem is my lack of free time. I have guests from over seas and as a health care professional who’s on call during most weekends, I simply can’t set aside half a day for an open house at this time.
I am all for trying to save the tenants the finders fee…but the last open house was a mess. a lawyer who wanted the apatment said he would sue me for not renting him the apartment because he saw the apartment before the banker that I ended up renting it to.
as for tybur6 comment on the rent im missing…thanks for your concern but I can leave the apartment vacant and not even feel it. Now if the rent that I was loosing was 200k per year…then I would be concerned!
“BHO…..again, you can’t even read the chart….everyone of those rent categories except one bedrooms is ABOVE the level it was a year ago. And you don’t understand seasonality either.” – DIBS
How can you be so dense???”
Again, you are challenged in foresight. It’s not about where the prices are NOW compared to a year ago as it is about where they are going. TREND. TREEEEEEEEEND!!! You are taking a snapshot. Put down the camera and crack pipe and pick up the camcorder. Keep it rolling. This economic depression is just beginning. How can you be so trapped in hindsight? Now THAT is dense.
“I did not imply, or otherwise state, that rents in Bed Stuy/Crown Heights are underpriced – show me where you got that one from.” – MM
Got it from this: “Rents in other neighborhoods, specifically mine, since that is what I am familiar with, will stay pretty constant, and may even rise a small amount.” For them to stay constant or even rise in the face of widespread deflation, they would have to be underpriced to begin with. Again, every nabe in NYC has had reportedly high rents during the recent economic “expansion”. Yeah, ENY looked cheap compared to Park Slope but not to the longtime residents who lived in ENY. So maybe you weren’t implying underpricing (I STAND CORRECTED!!!) but to think that Bed Stuy and Crown Heights won’t suffer rental declines (not necessarily to $850 but maybe) just doesn’t make any sense to me. Renters everywhere paid top dollar commensurate with their hood/locale. That top will drop accross the board. It’s so obvious.
***Bid half off peak comps***
Yes gemini. $1,500 for a nice one with good closet space is definitely reasonable. Mine has a new kichen and bathroom but closet space is bad. If I made the space more livable by moving the kitchen and installing a wall of closets then I’d easily get $1,500.
The other assumptions are correct. This is on Stuyvesant ave and about a 4 minute walk to the A train. Prime Bed Stuy.
i still think I’m below market.
ahh ok – sorry DIBS
I was like $1200 sounds completely reasonable even if you were to ask for it now, so does $1500 for a 1 BR apt in Bed Stuy assuming what I stated in my first post….
Luckily Fat Lenny, the loons here are not a protected species; unlike in New Hampshire.
Someone has to teach the loons lest they go through their entire life as loons, and bitter ones at that. LOL
Dave, your willingness to debate the loons is unparalleled.
gemini…I’m not asking $1,200….that’s what I am getting now. I could have gotten more when I rented it and I could get more now. I won’t raise their rent either. I selected these tenants from about a dozen on the first day as well; also through craigslist.
The people questioning it have no idea what the market will bear.
there are no cows in jersey you freaks! (well except for the ones who shop at the paramus mall) so stop hating on my homestate!
*Jersey Pride*
I just noticed that if you rearrange the letters in “denial” you get “nailed.”