Agents: if you want to feature your apartments in the roundup, it’s free! But please send me an attractive, high-resolution photo, or several photos.
#1 — $900 — studio: All utilities included, cute place with exposed brick, wood floors, decent location: why rent a room for the same price when you can have your own apartment? This place is great. PETS OK Himrod and Myrtle
#2 — $1800 — loft: 1000sqft, lots of exposed brick, wood floor, and a great modern kitchen, but not so much light. PETS OK Hancock and Broadway
#3 — $1200 — 2 bedroom: It’s a railroad, but for $1200 you can cope. It’s cheap enough that you could use the first bedroom as an office or…an art gallery. A pretty bare bones apartment, but with some great monochrome decorating it could be a dignified, austere pad for a serious type of person. PETS OK Bleecker and Myrtle
#4 — $1000 — 1 bedroom: Cheap! This landlord/agent is a mess. The Williamsburg suburbs? wtf? And major no-no: “Hispanic-friendly neighborhood.” I personally think the laws against describing neighborhoods or buildings using ethnicity or culture or age are idiotic and anti-consumer, but this is a really dumb, avoidable violation that adds nothing to the value of the apartment, as if anyone didn’t think Bushwick was Hispanic “friendly,” of all things. But again, good location, and cheap. PETS OK Himrod and Myrtle
#5 — $2100 — 1br loft: Look like a good size, love the huge windows and high ceilings, not too slummy looking for a warehouse loft, decent cheap kitchen. PETS OK Jefferson near the L
PS: The mansion is still for rent. They are desperate, someone lowball them!
Joseph July 6th, 2007 at 2:19 pm
I own a six unit building on Willoughby between Wykoff and Irving. I expect to have a vacancy in a month or two. These are two bedroom railroad flats and I expect to put in a new bathroom and kitchen refinish the floor and give it a fresh coat of paint. I get the impression that $1200/mo. is a reasonable rent. Do you think I can get any more than this? Any thoughts about what sort of upgrades would make it more appealling? i.e. Shower vs. bathtub, dishwasher, ugraded electric.
Ben July 6th, 2007 at 5:16 pm
I would bet that you can get a bit more than that with the renovations you mention. Check out what other apts. are going for: http://newyork.craigslist.org/search/aap/brk?query=bushwick&minAsk=min&maxAsk=max&bedrooms=2
Not too many in the $1,200 range, most in the $1,400-$1,600 range and higher
Jeremy July 7th, 2007 at 10:26 am
Yeah but he’s got a railroad. They don’t get as much.
Ben July 7th, 2007 at 11:44 am
True, I think it will be on the lower end of what other 2BRs are going for due to the railroad layout but I think it would fly at $1200. Many of the 2BR railroads that are old and broke down can still fetch $1,200. For something that is newly renovated in that area $1,300 should be easy and $1,400 is a definite possibility.
Also, to answer the question on amenities, I think a dishwasher goes a long way. They are not too expensive to put in but add a lot of value.
Ben July 7th, 2007 at 11:46 am
Oh, one more thing, section 8 will pay $1,200 for a 2BR so that’s really the floor of what can be charged. For section 8 to approve it it doesn’t have to be nice and renovated either, just in safe condition.
Jeremy July 7th, 2007 at 6:35 pm
Section 8 notoriously overpays rent by about 10% in many areas.
Ben July 8th, 2007 at 5:06 pm
Yeah, section 8 is a little off in their determination of market rent but it’s very difficult when trying to set one rent for an entire county.
So they will pay $1,200 for a 2-BR anywhere in Brooklyn. In parts of East NY, Brownsville, Flatbush, etc. this may be slightly above the going rate. In Brooklyn Heights, Park Slope, Williamsburg, etc. it is far below.
I think that Bushwick proper is on the cusp. In the areas near the L closer to Manhattan the market rate has gotten above the Section 8 mark. In some of the farther out areas and areas away from the trains the market is closer to what Section 8 will pay.
And while deals are always out there, I think the days of a $1,200 2BR anywhere in Bushwick are limited. It’s still possible now but I don’t see it staying that way for long.
Joseph July 9th, 2007 at 12:11 pm
Hi Ben and Jeremy,
Thanks for all you thoughts. As soon as it is ready to rent I will send some pics and a description.
Joseph