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Re: Is the rental market downtown crazy slow?
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NewHeights wrote:
I was acting as a real estate agent. Is that bragging by giving positive news about the rental market.? Your negativity is whats pathetic. Go back to your hovel you sad little person.

dont hate the playa......


This doesn't sound like bragging:

"I have an uncanny ability to judge people."

"Lets just say I own 40 plus apartments and havent had to do an eviction in over 2 years. They also never pay late.
I have great tenants. Only bad tenats I ever have are ones I inherit from a previous landlord."

Really, a gangsta real estate agent from the heights is calling me out. Come on down to the powerhouse tonight at midnight and we can settle this once an for all, tough guy. I'll have my doorman film me kicking your ass.

Posted on: 2009/3/24 20:15
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Re: Is the rental market downtown crazy slow?
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I was acting as a real estate agent. Is that bragging by giving positive news about the rental market.? Your negativity is whats pathetic. Go back to your hovel you sad little person.

dont hate the playa......

Posted on: 2009/3/24 19:08
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Re: Is the rental market downtown crazy slow?
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NewHeights wrote:
Is that a fact or is that your opinion?

Opinion:
It seems that somebody didn't do their homework if they paid that much to live there.

Good for you, we are all so impressed with your track record as a landlord.

Fact:
You're need to brag about your conquests in real estate is really pathetic.

Posted on: 2009/3/24 17:34
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Re: Is the rental market downtown crazy slow?
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Is that a fact or is that your opinion?

Posted on: 2009/3/24 17:21
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Re: Is the rental market downtown crazy slow?
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Hoboken is full of meatheads and the light rail sucks.

Someone paid too much for an apt

Posted on: 2009/3/24 17:11
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Re: Is the rental market downtown crazy slow?
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Why? because its a stones throw to hoboken and the lightrail. I'd rather be near Hoboken anyway. Thats just my opinion. as well as the person I rented to.

Posted on: 2009/3/24 17:02
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Re: Is the rental market downtown crazy slow?
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why would someone pay 1400 to live in the heights if it is only a 1 bedroom? i live in downtown and have a 1 bedroom with a den(Manhattan second bedroom den in JC) with a deck and central heat and air...... and i pay 1595.

Posted on: 2009/3/24 16:59
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Re: Is the rental market downtown crazy slow?
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yes ogden ave in the heights

Posted on: 2009/3/24 15:07
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Re: Is the rental market downtown crazy slow?
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NewHeights wrote:
I just rented a 1 br ogden condo apartment for $1400 approx 750 sq ft. sep utilities.


what is ogden condo? you mean an apart on ogden ave in the heights?

Posted on: 2009/3/24 0:54
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Re: Is the rental market downtown crazy slow?
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I probably could have gotten slightly 1000 if I waited. But 1 month lost rent is approx $85 per month off the rent. over $1020 is the number I was getting.

My prices were a little above market from what I was told during good times.

less profit is better than geting foreclosed on....Isnt it?

Posted on: 2009/3/23 14:06
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Re: Is the rental market downtown crazy slow?
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What's slightly over $1000? $1050? That's $600 a year less.

The landlord paid the rental fee? That's a monthly savings of $116 amortized over a one year lease.

More importantly, rents aren't rising, so the savings to the renter is two fold in that rents are not increasing and rents are decreasing slightly.

The "real" numbers from someone who makes a living from higher rents are like asking a sunscreen salesman if tomorrow is going to be sunny; obviously his answer is yes.

Posted on: 2009/3/23 13:42
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Re: Is the rental market downtown crazy slow?
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Rental Update from the frontlines. Not the BS you hear in the NY Times or from the debby downers on this board.

This weekend I just rented 2 of my own (moderatley renovated) approx 600 sq ft 1 brs for just under $1000 per month in the heights heat and hotewater inc. Its closer to JSQ. I showed 3 times saturday and got 2 takers. In the "good market" I was getting slightly over $1000. they arent even vacant until march 31st.

as a realtor representing the owner I just rented a 1 br ogden condo apartment for $1400 approx 750 sq ft. sep utilities.I showed it to 2 people. the 1st person called back and took it the next day. landlord paid the 1 month fee.

last month I rented one of my 1 br in the heights for almost $1100 near lightrail with sep utilities. approx 650 sq ft. fairly renovated.

2 months ago I rented one of my a 4 br 3 bath luxury units with parking for $2700 in the heights with sep utilities.

Everyone relax,The rental market is fine if you are priced right.

Posted on: 2009/3/23 3:16
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Re: Is the rental market downtown crazy slow?
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I wonder if that $795 storefront could make a good used bike store like re-cycle in Brooklyn.

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new2jc wrote:
We too are trying to rent out two Storefronts near the Grove Street PATH.

The larger is only $1095 per month and is currently a Law Office, but it is perfect for any Office, Store, Studio, Gallery etc...

The smaller Storefront is only $795 per month and is perfect for a small Professional Office, Store or Studio.

Call us at 201.282.7320

Posted on: 2009/3/15 22:25
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Re: Is the rental market downtown crazy slow?
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I think that a small apartment with no washer/dryer in Paulus Hook at about $1.3K is reasonable. In this environment, getting a good renter in immediately beats holding out hope for a slightly higher rent. For instance, the opportunity cost of carrying an empty apartment for a month means needing a rent of $1.4K. Waiting it out for two months would require a rent of $1.5K, which seems a bit risky.

Quote:

wibbit wrote:
Quote:

phDog wrote:
we have never had a problem getting our places rented in paulus hook. last night we found a tenant for a top floor, 600sf apt with a tiny bedroom and no W/D or dishwasher for 1250.


that's because your rent is below market. 1250 for a 600sqf 1br in paulus hook is extremely cheap.

You know the rental market is hurting when the high and mighty lefrak newport rentals are actively spamming the craigslist to peddle their fake luxury rentals.

Posted on: 2009/3/15 5:45
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Re: Is the rental market downtown crazy slow?
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We too are trying to rent out two Storefronts near the Grove Street PATH.

The larger is only $1095 per month and is currently a Law Office, but it is perfect for any Office, Store, Studio, Gallery etc...

The smaller Storefront is only $795 per month and is perfect for a small Professional Office, Store or Studio.

Call us at 201.282.7320

Posted on: 2009/3/15 2:07
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Re: Is the rental market downtown crazy slow?
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Hi, I am renting my apartment. I am being relocated to Florida and I have to rent my place. I have an add on the JClist classified Ads. Let me know if you need more information.
Thanks!!

Posted on: 2009/3/15 1:19
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Re: Is the rental market downtown crazy slow?
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Seeing some of the rental prices in this thread, methinks I'm paying too much in rent. ($1700 for a 1 bdr duplex near Hamilton Park).
We got our place in Sept before the S really hit the fan in the financial markets.

Posted on: 2009/3/15 0:48
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Re: Is the rental market downtown crazy slow?
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Quote:

NewHeights wrote:
Brewster

Its not illegal to ask for additional rent. Its illegal to ask for additional security deposit. Realtors can ask for any type of fee they want as well.

If someone has bad credit and they are denied with a formal denial letter from the realtor , property manager or landlord its completely legal.

At that point you can say i'll still rent you the apartment although you were denied or if the potential tenant asked to waive the credit check.

as far as 60 day notice, It might not hold up in court but its not illegal.


I think you're on thin ground saying that wanting the last months rent up front doesn't amount to a security deposit addition. We'd all do it if we thought we could get away with it, since every tenant wants to use the security for the last month, leaving you with only 1/2 month for possible physical damage.

Posted on: 2009/3/14 23:16
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Re: Is the rental market downtown crazy slow?
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I finished complete "gut renovation" project about a month ago. Nobody ever lived in this apartment before.

http://jclist.com/modules/classifieds/index.php?pa=viewads&lid=307

I am inclined o think that rental market has slowed down a bit.

Posted on: 2009/3/14 19:51
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Re: Is the rental market downtown crazy slow?
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Brewster

Its not illegal to ask for additional rent. Its illegal to ask for additional security deposit. Realtors can ask for any type of fee they want as well.

If someone has bad credit and they are denied with a formal denial letter from the realtor , property manager or landlord its completely legal.

At that point you can say i'll still rent you the apartment although you were denied or if the potential tenant asked to waive the credit check.

as far as 60 day notice, It might not hold up in court but its not illegal.

Posted on: 2009/3/14 18:58
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Re: Is the rental market downtown crazy slow?
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NewHeights wrote:
A month is not long for an apartment to rent. even in good markets I sometimes would go 6-8 weeks to rent units.

If it sits for another month i'd be a little worried. Is it as nice as you say?

Here are some of my tricks. Some i can't divulge

1. Craigslist: as i'm sure you already know, this is a great way to spead the word, If someone calls try and show it as soon as they want to see it.

2. I am not a stickler for credit checks. I tell tenants if they give last months rent in addition to the 1.5 month security upfront and we can avoid the credit check.I do make sure they have a decent job on the books. Non-payment Rental evictions in NJ are cake.

3. I give what I call the Flex-Lease. Its a month to month lease with a minimum 60 day notice. Yesterday, I just slam dunked a tenant for a 1 br for $1400 per month in the heights.

If you would like to know my secret tricks you can buy my book....


Actually, 2 and 3 are both illegal under state law. But it's JC where it's not what's legal that matters, it's what you get caught at. If someone agrees to those terms, it shouldn't become a problem.

Posted on: 2009/3/14 16:07
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Re: Is the rental market downtown crazy slow?
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I should have put a disclaimer that I have an uncanny ability to judge people.

There is a huge pool of workers form other countries with no credit history but good IT jobs etc.

Lets just say I own 40 plus apartments and havent had to do an eviction in over 2 years. They also never pay late.
I have great tenants. Only bad tenats I ever have are ones I inherit from a previous landlord.

other landlords I know go 3 plus months because they look for the perfect tenant.

Borris you absolutely have to have a thoroughly cleaned apartment that has a fresh coat of paint. I figured you already did that.

Wibbit hows your rental track record. Wibbit you strike me as someone that is very well read and has become a self-proclaimed expert in a lot of fields but has never actually stepped on the field.

Are you one of those guys at a Yankee game telling Jeter how to swing the bat too?

Posted on: 2009/3/14 15:48
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Re: Is the rental market downtown crazy slow?
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NewHeights wrote:
2. I am not a stickler for credit checks. I tell tenants if they give last months rent in addition to the 1.5 month security upfront and we can avoid the credit check.I do make sure they have a decent job on the books. Non-payment Rental evictions in NJ are cake.

If you would like to know my secret tricks you can buy my book....


Please do yourself a favor and dont listen to newheights bullshit. You absolutely never want to skip a credit check. It's more than a financial check, and is the most accurate way of telling you what type of tenant the renter will be. Meaning whether they will pay rent on time and keep the place relative intact vs pouring concret down your drain and toilet.

1) Credit check
2) 1 month paystub with a quick call to the employer for verification
3) How you "feel" about the tenant

Your asking price for that location is very good, so either your ads isnt effective or you not telling us something. Sometimes a fresh coat of paint and a can of bleach can do wonders....

Posted on: 2009/3/14 6:06
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Re: Is the rental market downtown crazy slow?
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KOCTEP wrote:
NewHeights, can you please share your wisdom with me? How do you find your tenant?

I can't find anyone for 1 bedroom(has second small bedroom and walk-in closet) in Downtown for a month. I am asking $1300 for the unit that real nice finish, W/D in the unit. No takers.

Yo Boris,
Fix up your apartments and you'll have no trouble renting them for $1500. The location of your apts are prime. Your apts are not, however.

If I've mistaken you for another Boris, my apologies. But the Boris I know has below-par apartments.

Posted on: 2009/3/14 2:25
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Re: Is the rental market downtown crazy slow?
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Thanks for the tips.
In my observations most of the traffic come from Craig's List and the big red "For Rent" sign.

I learned that I have to arrive at least 10 minutes in advance. Some arrive earlier. About 25% never show up for the appointment, it was really upsetting at first.

Do you think agent is good idea? What is ISBN for your book ?

Posted on: 2009/3/14 0:30
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Re: Is the rental market downtown crazy slow?
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A month is not long for an apartment to rent. even in good markets I sometimes would go 6-8 weeks to rent units.

If it sits for another month i'd be a little worried. Is it as nice as you say?

Here are some of my tricks. Some i can't divulge

1. Craigslist: as i'm sure you already know, this is a great way to spead the word, If someone calls try and show it as soon as they want to see it.

2. I am not a stickler for credit checks. I tell tenants if they give last months rent in addition to the 1.5 month security upfront and we can avoid the credit check.I do make sure they have a decent job on the books. Non-payment Rental evictions in NJ are cake.

3. I give what I call the Flex-Lease. Its a month to month lease with a minimum 60 day notice. Yesterday, I just slam dunked a tenant for a 1 br for $1400 per month in the heights.

If you would like to know my secret tricks you can buy my book....

Posted on: 2009/3/13 21:49
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Re: Is the rental market downtown crazy slow?
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Quote:

KOCTEP wrote:
NewHeights, can you please share your wisdom with me? How do you find your tenant?

I can't find anyone for 1 bedroom(has second small bedroom and walk-in closet) in Downtown for a month. I am asking $1300 for the unit that real nice finish, W/D in the unit. No takers.


if you can somehow include heat and hot water i can guarantee you it'll get snatched up.

Posted on: 2009/3/13 16:41
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Re: Is the rental market downtown crazy slow?
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NewHeights, can you please share your wisdom with me? How do you find your tenant?

I can't find anyone for 1 bedroom(has second small bedroom and walk-in closet) in Downtown for a month. I am asking $1300 for the unit that real nice finish, W/D in the unit. No takers.

Posted on: 2009/3/13 16:25
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Re: Is the rental market downtown crazy slow?
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wow those are low rents. soon 1 brs will be going for $500 downtown !

I just got $975 for a studio in the heights sep utilities. I also got $1090 for a 1 br no upgrades also in the heights.
I must be a great salesman.

It is taking a little longer to rent though and I do see prices coming down a bit more.

Posted on: 2009/3/12 3:56
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Re: Is the rental market downtown crazy slow?
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I am having a tough time renting a refurbished one bedroom with its own washer dryer on Grove Street, for April 1st. Price $1450. And for my Studio, I had 30 people through before I rented it out fo 950.

Posted on: 2009/3/12 0:28
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