Market Conditions in 10036>Question Details

Michele, Other/Just Looking in New York, NY

How do I find out the market value for my apartment?

Asked by Michele, New York, NY Sat Sep 15, 2007

I have been a tenant in my apt for 4 years and hope to renew another year come Oct. My rent is going up 12% but before attempting to negotiate with my management company, I would like to know what my apartment is worth in my neighborhood. How do I find this information?

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22
This is pretty simple - first of all, see if there are any similar apartments for rent in your building, the same line, size with similar renovation - you can look on streeteasy.com or on my website http://www.rakitarealty.com by setting a free user account,

After that you look in your neighborhood for similar type of buildings that offer the same types of apartments (number of BR/BA, Size, etc. ) You may also want to call them and ask if they offer any incentives at that time, such as free rent, etc. This way you will have a good picture of what to expect if you had to rent a new place and can decide if it makes sense to extend your current lease.
1 vote Thank Flag Link Tue May 29, 2012
Mitchell Hall participates on the Trulia board. Here is a link to his profile. He has some excellent advice and answers to Questions posted about NYC. You can read his answers by visiting his profile. He might be able to help you with your valuation. Feel free to contact him through his links.

http://www.trulia.com/voices/profile/Real_Estate_Pro-New_Yor…


Good Luck
1 vote Thank Flag Link Sat Sep 15, 2007
Deborah Madey, Real Estate Pro in Brick, NJ
MVP'08
Contact
North Liberty, IN 46554 16 unit apt complex gross income of 115,000 per year. currently 100% occupied 97% occupied for the last 5 years.
0 votes Thank Flag Link Thu Jan 14, 2016
A good place to start looking at the value of your apartment is looking at the price of similar apartments in the same area with very similar renovations and amenities. You can at least get a general idea of the value of your apartment. However, you might also find an other apartment that is very similar for a better price. That could be a bonus of looking around a little bit. Hopefully you can find the apartment you need for the right price. Best of luck! http://Wynnresidential.ca
0 votes Thank Flag Link Tue Nov 25, 2014
You could ask a real estate agent what properties in your neighborhood had rented for.
0 votes Thank Flag Link Mon Nov 24, 2014
I have been in my apartment for 2 years going on 3 years. There have been no upgrades to this apartment since it was built. I want to know what the market value is for a 3 bedroom apartment at Hawthorne Groves Apartments in Orlando FL. How do I find out that information
0 votes Thank Flag Link Thu Oct 23, 2014
I am renting this apartment but I am don't sign the lease for another year because I told them that I want to move out but I have not find a place. I finally found a place and I go and tell them . They told me I should give them 30 days notice and know they want me to pay a market rate fee for apartment. I ask them how much it is was going to be? They replied to me and says that they don't know until the first of the month.
0 votes Thank Flag Link Thu Aug 28, 2014
Check Streeteasy.com and see what comps are available

chris
0 votes Thank Flag Link Sun Aug 3, 2014
Hi Michele
Please give me a call and I would be more than happy to answer any and all questions custom to your specific scenario. Mobile: 212.433.0049
0 votes Thank Flag Link Fri Aug 1, 2014
Hi Michele.

The best thing to do is to contact a real estate professional that will run a Comparative Market Analysis report for you. This will give you all information on similar units in not only your building but area as well.
0 votes Thank Flag Link Sat Mar 1, 2014
Hi Michele,

The best way would be to contact a real estate agent who will run a comp report for you of similar apartments on the market in your area. I specialize in your area, and am available to speak if you would like to discuss - 917-727-1456, brooke@nestseekers.com
0 votes Thank Flag Link Mon Feb 3, 2014
Michele : I've rented the same place for 4 years now as well. In that time the rent has increased about 15 % . My apartment does include heat , which may be a contributing factor as well. I think its a pretty accurate reflection of the increased cost of living in the past 5 years. Beware of rentals that lure you in with a lower rate for the first year lease. That happened to me once. I became good friends with a neighbor and found out she was paying almost 100 dollars more for an identical apartment. The next year - so was I !
Just study the market and make a calm logical decision. If you're a 4 yr tenant who consistently pays on time they probably prefer to keep you. Turnover does cost them money. So a little negotiation might be possible as well.
Will
0 votes Thank Flag Link Fri Jan 31, 2014
what will be the market value of gardenia house apartment, 227/1/a, a.j.c.bose road, kolkats-20, size of the flat in 8th floor 1220 sq.ft. with open garage 100 sq. ft.
0 votes Thank Flag Link Sat Oct 5, 2013
I LIVE IN CHELSEA WITH NYCHA IN A 2 BEDROOM APARTMENT WHAT IS THE MARKET VALUE FOR MY APARTMENT
0 votes Thank Flag Link Fri Oct 4, 2013
You may talk to a local real estate agent to get the most reasonable information about markret price.
0 votes Thank Flag Link Sat Dec 29, 2012
Hi there Michele, as a Rental agent i can help you with finding out what apartments are worth in your neighborhood. I have been working with rentals in NY for a long whikle now, so i would say your best bet would be to contact an agent that has great knowledge in the rental market.

Than i would also suggest looking around on propertyshark.com and streeteasy.com for checking other apartments comparable to yours in your neighborhood.

If interested in more help feel free to contact me
josephc@calibernyc.com(best option) or 718-344-5562
0 votes Thank Flag Link Thu Dec 27, 2012
I would suggest running comps on street easy, property sharks, ny times within your area "and" then contact an agent much like myself that can give you their comps and you compare. If you're too busy I'd be happy to assist, feel free to contact me anytime and best of luck.

TONY LARA
Licensed Real Estate Salesperson
Rutenberg Realty
tlara@crrnyc.com
0 votes Thank Flag Link Tue Mar 1, 2011
The Easy Way: Search craigslist.org for properties similar in size and location. Craigslist is still the most popular site in NYC for apartment renters and a quick survey of it will give you a good estimate for asking rents. If you're still curious visit a few of the most similar properties and see if you think the rent compares well with your proposed increase or not. Factor in the time and money it costs to move and you have a good estimate of the relative value. With that info you can make a well-informed decision.
0 votes Thank Flag Link Fri Jan 21, 2011
12% increase have you reviewed what you expense if in following area(s)
1. Cost of moving
2. Security deposit(s)
3. Your time
4. Reconnect of utilities
5. Packing and moving materials

When you net this out could be less expense to stay.

Rent values is individual based on property owner expenses. If taxes, insurance, repairs were increased that is a reduction in net profit of the owner.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Wed Dec 29, 2010
I am a licensed real estate broker in NYC and have access to all the comparables for rentals as well as sales in the city: I would be happy to research the market value of your apartment though you may try to find this information for yourself by looking to see what other places are renting/selling for in your immediate neighborhood by looking for a similar place on line in such places as the NYTimes.com or other websites which provide advertised listings for sale or rent. Very best regards, Happy new year! Maggie Hopp, CEO, Hopp Property LLC, Maggie@hoppproperty.com 212 947 0578
0 votes Thank Flag Link Wed Dec 29, 2010
One option is to hire an appraiser. Jonathan Miller's firm has a great reputation.
0 votes Thank Flag Link Tue Sep 18, 2007
Contact a realtor. Realtors know the market value of apartment rentals as well as sales. Since you are in NY, you can also check out craigslist for a general idea, or ask other people in your building what they are paying.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Sat Sep 15, 2007
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