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].'”
tybur6 is correct….what an incredible waste of money. Even using your attorney to draw up the paerwork and do the credit checks is an incredibly efficient use of time & money. There’s a huge conflict of interest using an agent and relying on their checks.
And tenants that pay a fee come to you with mental baggage of having been ripped off as well. Think about that.
Seriously… Mr. Landlord… don’t use a rental agent. What are they actually doing for you? Do you just accept the tenant they hand you? They’ll hand you anyone that pays their fee.
From the renter’s perspective — why would I want to pay someone $2000-$4000 for 1/2 hr work… especially when they aren’t the ones with the authority to rent you the apartment.
And honestly, for a year’s income, you’re going to tell me a half-day open house on a saturday morning and a 1/2 hour doing 3 or 4 credit checks is too much work?!?! 5 hours effort for $20,000 to $50,000. Seriously!?! Oh, sorry, there’s also the 20 minutes to write and post a semi-coherent craigslist posting.
Friggin’ typical.
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.
How can you be so dense???
Thanks for adding some facts BHO. Can you even read the chart up above and deduce logically that a $1,200 one bedroom is below all the market numbers for Brooklyn??? I don’t see any rental signs up this year as I did when I was renting mine a year ago. But you obviously know better than soemoene living in the neighborhood.
PS
For months and maybe a year and change, I’ve been saying that rents would decline. Ya’ll Remember? I told you so.
***Bid half off peak comps***
“If you zip code winds up on the banks hit list, you can forget about any appreciation for the next 20 years.”
No longer an “if” according to a lender I recently had discussions with about an Asshat Hill property. It’s official: Redline Hill.
I gotta go now. Good tag-teaming with you, What. Later Dave. Good day everyone!
***Bid half off peak comps***
You have a severe foresight problem, overpaidinbedstuy. You need to look 12 months ahead (maybe 60 months ahead).
Montrose implied “underpriced” rents in Bed Stuy and Crown Heights. The reality is that those rents were top dollar and you know it. It’s been a landlord’s market for years in EVERY ‘hood. Now it’s shifting to a renter’s market.
Facts of my own? Facts belong to everybody. We can start with those in the article above. Then we can look at the persistent comparisons of today’s economy with that of the Great Depression. You are suprisingly oblivious to what is happening around you.
***Bid half off peak comps***
“It would be even more difficult if they didn’t. If your vacancy sits for a month, you’ll never get that month’s rent back. It’s a little different than sales although sellers are now chasing comps into the ground but that’s another matter.”
Hallelulla!! Amen brother preach on Rev.BHO!!! I will get the collection plates we have Lexus payments to make!
Remember retards TIME=MONEY!!!!! If you miss that month you cannot get that TIME/MONEY back, Unless you get into a time machine!!! Every day that goes by you lose money being greedy!
The What
Someday this war is gonna end..
“For a real estate guy (former???) you really don’t know your markets anymore What.”
I was having a conversation with a Broker yesterday and He tell me that the Banks are “Redlining” again. They don’t want to make loans in Marginal Areas. This is very disturbing news for the folks on Asshat Hill. If you zip code winds up on the banks hit list, you can forget about any appreciation for the next 20 years.
You see Dave it’s 2009, not 2005! The Mutant Asset Bubble has a large hole in it spewing radiation all over the landscape! America is in bad shape and when the numbers come out for the 4 quarter it’s going to be a horror show.
Prices are back to 2004 levels and if you don’t shift your thinking, you apartment will sit empty and you will lose money!
The What
Someday this war is gonna end…