What is a fair rent for this size & condition apartment in Kew Garden Hills?

Asked by Patricia M, Flushing, NY Tue Jan 24, 2012

My apartment is a huge 1 BR (822 sq.feet), with lots of windows and 5 closets, hardwood floors. The bathroom is moderate condition/style- remodeled less than 7 yrs ago. We completely remodeled the kitchen <1.5yr ago, (appliances are a few years old but work great & coordinate well). Apartment will be freshly painted prior to new tenant.

It's located on the 3rd floor of 7 in an elevator co-op building on a quiet tree-lined street. Laundry in building. 1.5blocks to bus (a 7min ride to E or F), 3 blocks from express subway. 2 blocks from stores, 3 from grocery.

I have tenants until mid-June (they will have been there for 21 months by then). We gave them a good deal to get someone in place quickly, charging $1225 for the 1st 12mos, $1275 for the 9mo. renewal. We are looking to rent it out closer to fair market value this time.

What do you think is a fair rent?

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Answers

9
Joseph Hasti…, Agent, Bayside, NY
Sun Jan 29, 2012
Hi Patricia. After some brief research, I would agree with my fellow Realtors® that the price range in your area for a one bedroom rental can be between $1300 to $1500. I would expect an apartment in pristine condition if I were looking on the high side of those figures.

Since market value has a range of price, you need to determine what price point serves your needs better in terms of renting. I would think you'll get more inquiries at a more reasonable price point. You probably don't want to let the place sit vacant if priced too high. Still, June is the height of the rental season and you could likely get a very good price. Good luck with whatever you decide.
0 votes
Robert Flor, , New York, NY
Wed Jan 25, 2012
Hi Patricia,

You are very welcome. Looks like a good location, depending on the condition of the apartment I'd say anywhere from $1350 to $1500.
0 votes
Jolie Muss, , Upper West Side, New York, NY
Wed Jan 25, 2012
It's really hard to tell without seeing it but you've already received great answers from local agents. I think a more important question is will your coop board allow you to rent it out again? (because as as far as i know here in Manhattan there are restrictions on how often you can do that.) Also if the tenant's need to be approved by the board that could be another factor. Good luck!
0 votes
Patricia M, Home Owner, Flushing, NY
Wed Jan 25, 2012
I just noticed a typo. Instead of 3 blocks to express subway, it should read 3 blocks to express bus to Manhattan.
0 votes
Patricia M, Home Owner, Flushing, NY
Wed Jan 25, 2012
Hi everyone, thank you for your answers!

The apt. is located at 149-05 79th Ave, Robert.
0 votes
Fajardo Dela…, Agent, Flushing, NY
Wed Jan 25, 2012
Patricia M
It sound as you have a very desirable apartment and you should
have no difficult renting it out for about $1400 $1500. If you have
any more questions or need further help please if free to call me @ 347932-0609.
0 votes
Steve Jhee, Agent, Bayside, NY
Tue Jan 24, 2012
822 sqft is enough for 2 bedrooms size, between $1200 to $1500, linked my KW searched page with IDX ready for all LI MLS listings. Let me know if you have any question. Welcome to sign in my site, you may get better, fair market value for your rent.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Tue Jan 24, 2012
To check out area competition check out http://www.mlsli.com
0 votes
Robert Flor, , New York, NY
Tue Jan 24, 2012
Rents range anywhere from $1225 to $1500. I would need the address and pictures of the apartment to better assess a good price point. Please let me know if I can be of assistance. My services are free for you and I will advertise and screen tenants for you. My email is rflor@citi-habitats.com.
0 votes
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