Pricing advice on 1 bedroom in brooklyn heights

This must ve a studi that was turned into a jr 1 bed right? Either way, I've seen ones on craigslist in that immediate area posted for rent at 1600 two months ago and the reduced to 1550 a month ago. Doesn't look like they were getting any bites so I would say maybe quite a bit lower.

banana: Drop it like it's hot: Put it up for $1000 a month, and it should go fast.

You need to address the cost and hassle of renting from a coop - we currently rent a 2 bed in BH coop, and our landlord covered all the coop charges (which were substantial) as well as the broker's fee. Getting coop approval takes much more trouble and time than a typical rental, but we got a great deal on a very large apartment, At 450 sq ft this is a studio, and you need to price it that way, AND make the price attractive enough for someone to be willing to go through the approval process. Probably around 1100-1300 is right.

Consider selling it. The income from this is not worth the hassle.

You're all way way off. Top floor, ELEVATOR makes this pretty hot. $1000 a month? Poor advice.

Well,Jim: It's not renovated. It's a studio sized one bedroom.

If not wanting to sell,as Riversider suggested; then why waste time and months to show it?

O.K. so ask $1,100 (like that's so much more than $1000, but whatever).

What does the co-op require for a move-in? It sounds like you are in the $1100-$1400 range, and I know a ton of people who would bite on it even though it's not renovated, but not many of them would pass a co-op board (young with not that much money or credit).

Truth, the op never said anything about a conversion from a studio, you've assumed it. 15 min door to door to wall st, elevator, laundry, extra storage, roofdeck make this EASILY a 1600p/momth apt.

Doesn't matter whether it's a conversion or not; that size makes it more comparable to studios than real one bedrooms. And for 1600 you CAN find real one bedrooms of 600-750 sq ft (though you won't find them on Streeteasy). I'm not saying they're common in BH, but they do exist. And a 4X4 kitchen? That's tiny studio-sized.

Elevator, roofdeck, laundry, storage, prox to transpo all equate to higher prices. Size isn't the only element to the equation.

StF62: Don't bother wasting time with that guy. Notice I didn't "assume it" was a conversion, I wrote it's a studio-sized one bedroom.

nogo123: Yes, agree that would be an issue for the board. If they allow renting it out, they also won't like people coming and going to look at it, for very long. Neither will bannana. You don't want people showing up, and then trying to bargain you down. Price it to rent quickly, get a few people who will pass muster with the board;do a credit check on them, and let them out-bid it up. That's how much you can rent it for.

sdfsdf

sorry - last comment posted accidentally. A few more details - this is not a converted studio; it is a true 1 BR apartment. 3 blocks from the BK Heights promenade, half block from one subway and two blocks from another subway. The kitchen IS small, but functional and not part of the living room. Thanks everyone for your comments!

the least expensive one bedroom in bk on this site lists for $1650, the median is over $2500, and your advice is an asking rent of $500 below the least expensive unit? bad bad bad advice. go back to the day job guy

banana: O.K. --go for it. Take my advice and save yourself a lot of time and effort.

and lose lots of rental income over the course of your tenants lease as well, dont forget that part truth

No tenants = no rental income, over the course of no lease.

Let the renters bid it up.

"A few more details - this is not a converted studio; it is a true 1 BR apartment. 3 blocks from the BK Heights promenade, half block from one subway and two blocks from another subway. The kitchen IS small, but functional and not part of the living room. Thanks everyone for your comments!"

Banana - are you giving true livable square footage? If so, your unit is probably the equivalent to some of the "550/600 sq ft" postings (with inflated square footage ) and that would indeed be a small one bedroom in the low $2000s ($1900-$2200). If it's a decent size bedroom (10x10 or close) with a decent living area (12x15 at least), you should be fine in that range. If it smaller, you need to go lower ($1400-$1700). THe main issue will be finding people that past muster with the board who want a small studio with a small kitchen (guessing no dishwasher?).

banana: I can only give advice based on my own experience. I don't know anybody who would rent it at "Jim" price. Not even for their kids who have graduated college, and they will co-sign the lease --- just to get them out of home base.

So, if Jim really knows lots of people who will pay that price, "easily", then he will help you out ---
and send them over there.

Good luck, banana.

If you take the rental inventory on SE as representative of what's available, then sure, Banana can ask for the moon and get it. But the inventory on here is a small fraction of the whole rental market, and tends to be the most overpriced part of it - you can thank the brokers for that. You can do much, much better if you know how to search.

Banana - why don't you ask a local broker to tell you what they think?

StF62: Of course, why not?

Truth - Compared to the sales listings which are fairly complete and mostly accurate, streeteasy's rental listings are only a small portion of the market, and are riddled with many long-expired and inaccurate entries. Not really useful for gauging market direction.

Currently looking for an apt in Brooklyn heights. This place sounds great for me. Banana: can we schedule a viewing? It its great, I will make an offer?

Pls excuse the typo: "if it's great" not "it it's great".

PTG - I'm happy to schedule something for you. Please let me know how to contact you and I will be in touch. Thanks!

StF62: Yes, I was agreeing with you about getting a price-range from a broker. I agree that SE's listings are not complete.

Banana: Well, there you go! Ptg might like it.
That other guy dropped off here, when I suggested that he do you and all those people a favor, who would "easily" pay those prices; and send them over.

Get a good, responsible tenant. Rent it out as soon as you get a decent price. Enjoy your summer and the autumn, wherever you will be going; for whatever reason.

i didn't dissappear truth. it's absolutely true that the listings on se represent only a fraction of the available inventory (nevermind the fact that tons of people think they can find absolutely everything on this site, that is a discussion for another day). If the op wants a broker to help them rent their apartment, they can find one.
If he asks for anything less than $1600 per month for that apartment, he is being foolish. IT WOULD BE THE CHEAPEST BK HEIGHTS LISTING on this site, for one, and probably mid-range in general.

Banana1:

I own a 560 1st floor 1-bd in clinton iwth 24-hr security and all utilities and have recently
re-priced ir for today's market: rent would seem to be up from last July-August to close to
$2000.

It is a Sponsor Unsold Share. In past cycles, i've rented it for as much or more than competing
850 1-bds in same Coop that need board approval. The board approval requirement definitley reduces
both demand and price, especially thoday when there is so much new housing begging for tenants and
owned by owners that can approve an application within minutes, as I generally do.

Get them in, and let them bid it up.

So, banana: Where are all of those people that Jim should be sending your way?, they would "easily" pay.

Get the real, live ones in to look. Let the highest bidder, most qualified; win.

every single media outlet in the city has proven that rents are up across the board, and you are just too stupid to realize it. this isn't winter 2008. this is the the summer, $1600 is still a fantastic low asking rent for an elevator one bed in one of the best neighborhoods in bklyn. it isn't an auction. if you don't intend to rent it for $1100, you shouln't list if for $1100.

Jim: Where are all of those people that you know, who would easily pay $1600 per month for Banana's apartment rental? I'm not stupid -- you are full of it.

Truth, your question proves how stupid you are. "Where are all those people that I know.....". I know the market. Go back to whatever your day job is. Telling someone to price a rental apt low so people "bid it up" will only attract people who want/can afford a cheap apt. You're wrong, get over it.

$1450

Yes, if Banana wants to rent it out, she/he will want someone who can afford to pay the rent, on time every month. Better than the problems involved with a renter who signs on for $1600, and can't pay up at some point.

glamma just upped it to $1450.

Banana should pick her/his tenant and go with the one who is responsible. Not just anybody who walks in and wants to rent it.

Where are all of those people,the ones you know who would easily pay $1600 for it? Maybe Banana won't like them. Maybe she would like glamma better.

My day job is spotting b.s. a mile away.

Banana: My friend got board approval to rent out her co-op; so she could move to Europe for a year.

She priced it low, got people in to look -- and then she decided who was best for her apartment.
A handful of them out-bid each other, $200 at a time. She got a great renter at a good enough price.

Two months later -- all is well.

Greed is not good.

"Banana: My friend got board approval to rent out her co-op; so she could move to Europe for a year. She priced it low, got people in to look -- and then she decided who was best for her apartment. "

Um ... that's not how it works with most co-op boards.

The board doesn't just approve renting out the apartment ... they also require a full board package and interview with the prospective tenant. And THEY make the final decision, not the shareholder.

Truth knows that. He just doesn't know how to price an apt properly.

Matt: All done. Everybody is happy.

Hi Banana, still available? You can email me at ptg2@columbia.edu. Thanks!

wonder where the op priced his unit....hopefully he didn't take bad advice and give some schmuck the rental deal of the year in bk heights.