Home Buying in Great Kills>Question Details

Jessica K., Home Buyer in New York, NY

What is the state of the rental market in southern staten island? Thinking of buying a 2bdrm to rent...

Asked by Jessica K., New York, NY Wed Oct 26, 2011

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Christopher Burdzy’s answer
JK,

The demand for rentals is at all time high. Two bedroom places rent on the South Shore for anywhere from $1,200-1,500/month. For example, I've just rented a 2 bedroom condo in Great Kills, for a client of mine, for $1,400/month and the tenant pays all of the utilities. Let me know if I can be of help to you.
Web Reference: http://www.718forsale.com
1 vote Thank Flag Link Wed Oct 26, 2011
Jessica,

The rental market is very strong right now for various reasons. The first is that many people who were once qualified for mortgages no longer are due to tightening credit requirements...but, they still need to live somewhere. Secondly, many people are either in distress, have lost their home, or are simply looking to downsize to gain better control of their finances. If you have the ability to purchase a rental property, then go ahead and do so. The interest rates are at an all time low, so you'll get a lower payment accordingly. As far as renting a two bedroom unit, no problem. If you need additional help feel free to contact me or any of my agents at 718-667-8000.

Good Luck!

Frank
0 votes Thank Flag Link Wed Oct 26, 2011
Good morning Jessica,

Due to recent changes in mortgage lending standards, many people who were once able to qualify for a mortgage are not considered qualified candidates to banks any longer. Underwriting guidelines are more strict, forcing these once mortgageable buyers to put place their home purchase on hold while preparing themselves to meet said guidelines in the coming years while saving more money for their down payment. Although they may not qualify for a mortgage loan at the moment, many of these tenants are good & qualified to be considered as rental applicants. Therefore, in answer to your question, the rental market is very stable & in high demand in the recent years. In my experience, landlords have become more picky with applicants & have done so confidently because of the more abundant supply of qualified tenants seeking to rent homes or apartments. No more than ever, its a great time to invest in real estate!
Let me know if I can be of assistance to you.

Good luck,
Joe Lebron
0 votes Thank Flag Link Wed Oct 26, 2011
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