Finding the right price to rent my apartment

Go to nybits, find comparable market-rate rentals.

hey Steve, they only have about 6 listings in my area and the units are $5000-$5800 but it's only about 1,100 sqf (53 sqf unfurnished) so it's hard to tell..

try close-by neighborhoods, or check for the individual buildings that you were looking at, the "archived listings" section - maybe there's something closer to what you're looking for.

I'm no expert, but I wouldn't expect there to be much of a market for long term furnished rentals.

Furnished often gets a 10% premium. Maybe it's better to put the furniture in storage if you want it again, or just sell it, since they're harder to rent and the furniture will be trashed anyhow.

The buildings are all rentals (not condos) and I actually know all of them since I live in this area for about 4 years very hard to tell what's the value based on the information given.

I am offering the unit furnished or unfurnished at the same price. I did some major renovations such as remote controlled Luthron system of about 150 lights all over, speakers built in the walls and ceiling, recessed 50" Flat TV and more. Surprising there is more of a temporary rental market then long term rental, not sure why...

nyc1976 - long term renters have their own furniture. Always. So your place being furnished is actually a drawback.

inquirer, as I said I offer it at the same price: "$7400.00 furnished or unfurnished" so I have no problem taking the furniture out if needed.

Maybe you should advertise as unfurnished only. Also, in my experience, the less personalised the place the better. I had difficulties with rentiong one of my apts. until I took the TV and speakers out.

inquirer, I find it odd.. the TV is recessed to the wall 50" worth about 4-5K speakers all recessed I would think that anybody would want that?!

take a look:
http://picasaweb.google.com/elad.ny/RentOurApartment#5236993724273404114

^^^Not necessarily, and people certainly won't want to pay extra rent for it. Most folks have their own entertainment systems. Also, the scaffolding outside is a real drawback--brings down the curb appeal of the place.

You may find that because your apartment is so personalized potential renters will be turned off; most long-term tenants prefer making a place 'their own', even if it's only a rental, unless they are short termers who basically want a stepped-up hotel room.

You didn't mention the size/layout of your apartment--is it a 2-bed/2-bath?

Why not just sell it?

Why would you want to be a landlord for a single unit?

Seems like a hassle.

1100 sq. ft. in a good area, I presume that is a large 2br +, I'd say $6,7,8000. If the finishes are fantastic, on the higher end, maybe a bit more but don't be absurd. You want to find the right person to be the steward of your apartment, rather than finding the highest paying asshole. Of course, then this goes back to, why don't you just sell it?

^^oh, I see--it's a 2-bed, 2-bath. Missed the floor plan the first time around.

You might get a larger pool of renters if you give them the option of furnished/unfurnished.

Thanks for the responses... the unit is 3bd 2 bathrooms, 1500 sqf

From the numbers you mention, the unit should rent for a minimum of $7000. It being a 3 bedroom would probably bring the price higher. Not knowing where the apartment is located makes it difficult to say for sure what pricing should be.

hi cns, here's the listing: http://www.streeteasy.com/nyc/rental/403848-1-wall-street-court-wall-street-new-york

The unit is located in the financial district.

nyc, a couple of observations:

1. Renting what seems to be a family apartment in the financial district may be a little more difficult - I have to imagine most families looking to rent for a while would want to be in more family-friendly places (e.g., village, UES, UWS).

2. There's a 2BR/2BA listed in your building for $4150 http://www.streeteasy.com/nyc/rental/397457-1-wall-street-court-wall-street-new-york. I'm thinking it may be tough for you to get an 80% premium to that listing for the larger living room and converted 3rd bedroom. In terms of sq. feet, that apt. claims to be 1,025 and yours 1,494 - about 46% more. Assuming the same price/sq.ft. would put you closer to $6k/month.

hi JohnDoe. Financial district is becoming very family oriented then people are aware of, but I see your point.

That listing is 48 sqf which is well below the average of the building a year ago of 55 sqf. In terms of other unit (the 2 bd) are very different then mine since there are on the side of the building while mine is the nose unit with much more windows, light. I think that the per SQF should be around 60sqf?!

Hi, nyc. I appreciate what you're saying and appreciate your pointing out the positives to fidi and your apartment in particular. A couple of thoughts:

1. Try not to get caught up on last year comps. Given the turmoil on Wall St. (which drives a lot of the demand in fidi), prices in fidi are coming down. It's a weak rental market because there are fewer new analyst and associate hires and they generally expect to make much smaller bonuses than in the past. You shouldn't expect to be able to get as much as you might have in 2007.

2. Understandably, you think your apartment is great. But what you think the apartment is worth and what the market will bear are two different concepts. To the extent possible, if I were in your situation, I would try to detach myself from my emotional reactions so I didn't end up insiting that I wouldn't take less than what you think the apartment is worth, even if the market were indicating that I wouldn't get it.

3. Have you considered trying to sell? It sounds like you're planning to move to the 'burbs for the long term, so why hold the apartment here. I see a similar apartment listed for $1.675M. I'm guessing it won't get that, but even if you got $1.4-1.5 or so, given carrying costs, I have to think you'd be better off with the cash than with the rental income.

Best of luck.

I am trying to keep an open mind, however i dont see a comparble apartment for 6K. 75 Wall is a rental of 1100 sqf for about 5.5k, condos should rent for higher since there are nicer.. Also 15 broad's units are not a good compare since they are a 1500sqf cave with 2 windows.

Regarding selling: I don't see the appeal to sell the unit. I think prices will keep doubling every 5-10 years and if you are not in the game in NY city market it will be very hard to buy in the future.

cliched as it may be, the colour scheme may not suit everyone. Pink in the bedroom and bright green in the baby room. Have you considered repainting a neutral colour or mentioning in the ad that apt will be painted in preferred colour ?

Have you considered decluttering and depersonalising the apt and having photos retaken by a friend with a DSLR who may be able to generate more appealing and better lit photos rather than the harsh flash of a P&S

Consider short term rentals if that is what the demand is for provided the board allows it

good luck with the rental

nyc1976, ignoring your view on the NYC RE market (which most of the participants on this board don't share, btw), a couple thoughts:

1) Obviously up to you, but why do you care about "staying in the game" in NY if you're moving to the burbs for good?

2) You really have to think hard about your target renters? For instance, as far as I know most long-term family renters are reluctant to go Fidi because of schools. Roommates, on the other hand, are rarely long-term, and have the WS issues that JohnDoe pointed out. You and your broker have to think of who will rent your apartment, then market and price it appropriately.

3) You seem to push back on almost everything anyone here recommends. Certainly your right, but the it's the perspective of outsiders that's a lot more important than yours, since they will be the ones renting your apartment.

Hi newbuyer99. It seems like I am pushing back, however some people keep pointing out that furnished/unfurnished makes a different however the ad clearly point out that it's the same price and they can rent it unfurnished.

I agree that the pictures are not as good as they can be and I should improve them, regarding family/vs roommate I rather find a family, how should I change the ad to market the listing to a family?

thanks for your help.