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].'”
The only time I had apartment vacant for a month was when I have listed with Realtor. Hard working people do not want to pay additional fees, it is more then enough to pay for the move. I have had very good experience with Craig’s List, but I do all the paperwork and checking the ref myself. At least I get to know my future tenants well beforehand.
“It is going to be difficult for small landlords to reduce rents”
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.
***Bid half off peak comps***
BHO….it’s at $1,200 now and has been there for the last 12 months. You have a severe reading comprehension problem.
Read what Montrose wrote if you don’t believe me. Otherwise please support your bullshit with some facts of your own instead of your wishful thinking.
“I have to wonder how accurate this is, since the Ideal Properties office has only been open about 3 months.”
Wonder no more. I’ve used them for searches far before three months ago. They are well informed.
***Bid half off peak comps***
I have a prime 1 bedroom in pk slope that has been sitting on the market for over a month now. Apartment is in prime park slope in a brownstone. Asking rent is actually below market. I did not advertise the apartment and just handed it of to a broker so I have not been agressive in trying to rent the place.
Non-the-less, I never had a vacant apartment sit on the market for this long. I usualy rent them in a day or two…and I have lots of people showing up at an open house.
That said, I agree with mq1 and have very little doubt that the apartment will rent shortly for the asking price.
worst come to worst I will place an ad on craigslist and have lots of responses. I just don’t like to do the foot work/credit checks and would rather have a broker deal with it.
“Jesus moment”
LOL. I’m not teasing them, the now elusive sky high prices and rents are. “Nanny nanny nanny, you can’t have me”.
***Bid half off peak comps***
“Please show some sympathy to the retards, be nice to a Asshat!”
With the What in the former category and the intelligent ones here that make some sense being the Asshats.
For a real estate guy (former???) you really don’t know your markets anymore What.
Glad to see you’re at least civil for the New Year. You need to up the dosage I believe.
It is going to be difficult for small landlords to reduce rents — with prop taxes up, energy costs still high (only gasoline has come down) etc. But the big new developments will be cheaper — those unsold condos will become cheaper rentals at least for a while. And there will not be the huge influx of young people coming to NY after college for high-paying jobs (Wall Street, law firms etc.) so that will temper demand in the spring. this year as in the past several years (where money was no object — daddy paid if they could not).
OK, in 5 years you will probably not be able to get $2000.
I have been renting my one bedrms in Clinton Hill for 12 years and started at $1100, right now they are at $1800 which I think is fair and realistic for the locations and quality. I have had tenants stay with us for 4 to 8 years and have not been aggressively rising rents, but I do have excellent tenants and I hope they think they have a good landlord. Having good tenants is more important to us than doubling our rent roll 🙂