FAQ Tenants* Apartment Pricing!
A- The answer to this question can depend on type of rental property you are actually renting. When it comes to a one bedroom apartment or a two bedroom apartment where the owner actually lives on the premises you can pretty much bet that the owner will be responsible for up keep. In other circumstances “especially in full house rentals” I always suggest that the owner takes care of the property! (THEY DON’T ALWAYS LISTEN TO ME) I find this is best to do so because the owner knows what to expect from a hired landscaping service. This can also avoid any conflict between owner and you the tenant .I have seen many cases over the last 15 years where the tenant says they will personally maintain a property (Meaning the tenant actually mows the lawn and trims the walk way ect.) and inevitably it is not done to the standard of the Landlord and an conflict arises. (Conflict can come from nosey neighbors that trickles back to the Landlord). Hey don’t get me wrong there are also many cases where the tenant does in fact maintain the lawn and premises and it all works out fine. It’s not uncommon for a tenant renting a full house to actually go ahead and hire a landscaping service in exchange for a reduction in rent. If you are dealing with a typical 60 x 100 property you can figure on the lawn care costing you approximately $600.00- $900.00 per year. This includes a fall clean up and a spring clean up and a weekly rate of approximately $25.00/$30.00 a week during the months April- November. (This all depends on trees on property and total amount of lawn)That being said a Landlord/Owner Should charge an additional $50.00 to $90.00 a month for Rent! Not only will it keep the peace between Landlord and Tenant but the next time the house is available for rent or should you for any unforeseen reason have to leave early, it will in fact have curb appeal and most likely rent faster so you can carry on with your life Click here for a lawn service estimate request for your rental.
Q- How much can I expect to pay for an Apartment Rental or Full House Rental?
NOBODY KNOWS THE RENTAL MARKET BETTER THAN ME….TRUST ME!
Below are true prices of what the market is in fact reflecting!-These prices are based on apartments that are updated,clean,with fresh,paint,clean,carpets or flooring ect.These prices reflect an all inclusive price!(Yes that includes cable and internet)-In this day in age Cable and internet are a factor for a tenant to consider. When given the choice of picking an apartment with or without this very important amenity a tenant will choose the apartment with it included every time!!!-If you are looking to price a dirty dingy basement apartment from 1980 or an apartment that has not been updated since 1990 (20 years ago)-Then “these estimates do not apply to you”, because I just don’t deal with apartments of this nature!
FREE STANDING UNITS SUCH AS “COTTAGES” AND “FULL HOUSE RENTALS” ARE 99.9% ALWAYS PRICED WITHOUT UTILITIES INCLUDED!!
**It is not uncommon to be charged an extra $50.00 per Air conditioning unit in the summer months!
AMENITIES THAT COMMAND MORE RENT!
Yard use is always a positive and proves to be a desirable amenity!
Off street parking (Driveway spot) and proves to be a desirable amenity!
Waterfront adds 10% increase to prices below.
Washer and Dryer add $80.00/$100.00 to prices below. (Not for 3bed & full house Rentals. Washer and dryer are expected in such size dwellings or a “washer dryer hook up” at a bare minimum!).
AMENITIES THAT DECREASE RENT!
10% Decrease for Apartments or Full house Rentals on main roads or located in the proximity of a commercial area!
STUDIO,ONE BEDROOM,ONE BEDROOM COTTAGE,TWO BEDROOM,TWO BEDROOM COTTAGE,THREE BEDROOM,FULL HOUSE RENTAL/THREE BEDROOMS OR MORE
A- Studio Apartment: Ok so you want to know what a realistic price is for a studio! Studio prices are as follows. If you are talking about a basic one room studio with the kitchen across one of the walls then you are looking at a price of about $800.00 to $850.00.Now if you are talking about a studio with a separate eat in kitchen you can see the market reflect a price of about $900.00 to $950.00.This is inclusive of all utilities cable and internet. If you are looking at studios priced at any higher of a price point than that you might as well shop around and score a cheap small one bedroom apartment for 950/1000.00-Yes they are out but they are very hard to find-Please keep in mind I’m not talking about a dingy basement!!
One Bedroom Apartments: The way it breaks down is like this…There are actually a few kinds of one bedroom apartments that we see in this market. The First kind of one bedroom apartment is the very basic two room apartment also known as the “living room kitchen combination” Now on the low end you would have a non dormered top of a cape (shared entrance) with a decent size bedroom able to accommodate a full to queen size bed. Something like this is priced at about $950-$1,000.00.Taking it up a step brings us to the ground floor “fully dormered obviously” living room kitchen combination. Separate entrance, some good flow to the apartment, perhaps a closet or two. The bedroom should be of good size, perhaps some yard use as well for around the $1,100.00/$1,150.00 mark.(Depending on closets and size of bedroom & overall living room kitchen combination size).
Now lets step it up even a bit more shall we? The infamous “true one bedroom apartment” A three room apartment!-Great size living room, separate eat in kitchen, excellent bedroom space that can possibly accommodate a king size bed, closets the whole sha bang!!!-This Apartment can come in at $1,200.00-$1,300.00.Every once in a while I may come across a duplex with a very cool custom layout and very modern appeal and feel to it. As long as it’s spacious owners can command a slight premium for it!-So where does this bring us? It brings us to the high end of the one bedroom market! Let me paint a picture for you. Let’s say you have a waterfront three room true one bedroom apartment. Amenities include wood floors, Granit, washer and dryer, skylights; separate entrance (maybe even the potential for dock space) with cable and internet included then and only then could expect to spend around $1,400.00/$1,500.00
ONE BEDROOM COTTAGE: Cottages in my personal opinion are one of the best deals to be had in this current market. Cottages are always in demand the first Cottage we are going to talk about is a one bedroom cottage a true one-bedroom cottage is certainly always desired in this rental market the price of a one bedroom cottage “excluding all utilities” (FREE STANDING UNITS SUCH AS COTTAGES AND FULL HOUSE RENTALS ARE 99.9% ALWAYS PRICED WITHOUT UTILITIES INCLUDED) is approximately $1,200.00-$1400.00-Depending on location!
TWO BEDROOM COTTAGE: Even more desirable(and more expensive) is a two bedroom cottage .A true two bedroom cottage is a four room apartment, separate living room separate kitchen two separate bedrooms and perhaps some storage. A washer and dryer should always be available in a two bedroom cottage and can bring the price up significantly because basically it’s a small house, let’s face it! Sometimes you’ll find the bedrooms are smaller in cottages and that can be a deal breaker, but nun the less it will defiantly rent! The current expected rent from a two bedroom cottage is from $1,800.00-$2,000.00
TWO BEDROOM APARTMENTS:Ok so here we are at the two bedrooms. Good two bedrooms are not always easy to come by especially with good storage. There are usually two kinds of two bedroom apartments. First there is the three room two bedroom. This consists of very basic living room kitchen combination and two decent size bedrooms-(Do not confuse this for the one bedroom with an office area or a tiny extra room that can barley fit a twin bed that is not a second bedroom)Hopefully this will have some decent storage. This could be priced at about the $1,550.00 to $1,650.00 range depending on yard use and over all condition.
Taking it to the next level we arrive at the all inclusive “four room” two bedroom apartment. Very good size living room, great size bedrooms with great amenities, such as closets, washer and dryer, yard use off street parking. This type of listing usually rents for around $1650.00-$1,800.00 range.
THREE BEDROOM APARTMENTS: Three-bedroom apartments are definitely very desirable due to the fact that they sometimes come with a full basement for storage. One and a half bathrooms or two bathrooms are a definite plus as is a yard .When a tenant has these amenities they will pay a premium for them because they are practically getting the space of a full house rental but not really paying the price of a full house rental. You can expect a rental price of $1900.00-$2300.00(All Utilities included) It is possible to come across apartments that fit this criteria for a somewhat cheaper price but they may be in need of what I call a “cut and a shave” (These are potential deals to be had) Let me put it to you this way in my 15 years I have come across above average size apartments and they may be priced significantly lower and may just need very basic quick fixes. Such as a paint job, bath tub corking or carpets…Now I know what you’re saying “Why the hell should I fix up a Landlords apartment”. My answer is this….Math does not lie!-If you score an apartment based on the sizes and criteria discussed on YourRentalMarket.com for what appears to be $150.00-$200.00 less a month then over the coarse of a year, you are $1,800.00-$2,400.00 ahead of the game! So do the math how much does some paint cost? Now look I’m not so ignorant as to think that it’s as easy as “getting some paint”-but my point is you can score a deal that offers a nice amount of space if your willing to think outside the box and get your hands a little dirty. Let me be clear. This form of reasoning does not apply for appropriately priced apartments or obviously overpriced apartments. It’s strictly for apartments that offer tons of space, amenities and desired location that are a bit rough around the edges.
FULL HOUSE RENTAL: (FREE STANDING UNITS SUCH AS COTTAGES AND FULL HOUSE RENTALS ARE 99.9% ALWAYS PRICED WITHOUT UTILITIES INCLUDED) Three to four bedroom houses in this rental market are a definite commodity but they have to be in good condition. I’m not talking about some dingy piece of junk that looks like an absolute nightmare and smells like dog pies*- I wish Landlords the best of luck finding a quality tenants in a listing like that!-That being said any decent three/four bedroom house in this local rental market will command the price of approximately $2100.00 $2400.00 max -Keep in mind waterfront property and bay front property are in complete class of their own!!-For instance if you look at a water front four bedroom house facing the open bay with stainless steal sub zero appliances, Granit fixtures, dock space two to three bathrooms & Jacuzzi –Then yes $2500-$3000.00 is a definite possibility. Newbie Owner/Landlords make the common mistake of way over pricing inland properties with this thought process “Well if I break up the house, I can get $1200.00 for the downstairs one bedroom apartment and $1900.00 for the top-why not just rent the whole thing(house) for $3100.00?-It doesn’t work that way!!!
Q-I HAVE A FRIEND OR A FAMILY MEMBER THAT LIVES OUT OF TOWN, I THOUGHT I WOULD JUST LOOK AROUND AND FINF THEM AN APARTMENT! WHY IS THIS SO HARD?
A-This is a scenario that I have seen come across my desk dozens of times .A person calls my office in response to an apartment I have advertised trying to rent it for a family member that lives out of town or friend that lives out of town. This is an impossibility and it never ever happens and the reason why is. I HAVE NEVER EVER MET A LANDLORD IN 15 YEARS THAT JUST RENTS AN APARTMENT TO A TENANT THEY HAVE NOT MET IT PERSON—PERIOD!!-AND I DON’T BLAME THEM, WOULD YOU IF YOU WERE AN OWNER? I thought not. My suggestion is instead of spending your time calling owners or Real Estate agents for apartments make some room on the couch and have them come a week or two or even a month early and physically get out there and look at apartments with your friend because the underlying fact is simple there are no owners that take a tenant without meeting the person and if they did what does that say about their decision-making process?
Q-I spoke to this Realtor and we had a tentative appointment .When I asked for the address for the Rental Apartment or Full House Rental he/she wouldn’t give it to me until an hour or so before the appointment…Why?-
A-Ok the reason for this one dates back as far as you can go and as a matter of fact there are a few reasons and it’s one of the very first things you learn as an agent as I did 15 years ago. Here we go….1-Unfortunately in this world there is never a shortage of dishonest people. There are situations where people(prospective tenants) can obtain an address and seek out the owner or the apartment manager in efforts to go around a Real Estate agent-If in fact the owner has a listing that is known as an “Open Listing”-(Where the owner reserves the right to rent the property his or herself, This type of listing is the furthest thing from an “Exclusive Right to Rent” in which case the listing agent is due a commission even if the owners mother ends up renting the apartment-Kidding-Actually I’m not)These cases do happen!-People do try and “go around the agent”-It’s hard to do because if a complete stranger randomly inquires about the rental by say knocking on the door. The owner usually ends up asking “well how did you hear about this apartment”?-It doesn’t take long to get to the truth and at that point the owner knows he’s dealing with a schnook the game is over and the jig is up. Not to mention there are so many ways to connect the dots these days due to caller Ideal addresses, phone records ect. 2-Respecting the privacy of the Owner/Landlord (Or current tenant) is a major priority! In most cases the owner doesn’t want the world to know that he or she has a potentially vacant property. There are literally hundreds of calls from the Internet and ad campaigns for any given apartment rental. The last thing the owner or present tenant wants is Jeffrey Domer creeping around the property -Ya know what I mean!!!-And last but not least!-An agent reserving the address till shortly before the appointment really dramatically cuts down the odds of the Agent dreaded “No show”-If it’s Monday and you are meeting an Me on Thursday at 12:00pm later In the week protocol would be to touch base with me by Thursday by say 10:30am ish- Weather it be a phone call, email,-In a meeting?-Great send a text, step out for a minute send a smoke signal anything!!-Just confirm shortly before and then meet at the Apartment Rental location!-And that’s why we don’t “normally”-give out the address. Wow you weren’t expecting all that were you? (Please bare in mind its not uncommon to discuss the location of the apartment rental or full house rental in relation to a well known land mark in the general proximity as to give the prospective tenant an idea of the location)
Q-I was thinking of getting a short term Rental till I really figure out what to do, or until that job lines up. Why is it so hard around here?
A-The answer to this one is easy guys!-Unless you are looking at Long Beach or perhaps the Hamptons, you can pretty much forget about a short term rental around here. Owners absolutely hate them. Owner Landlords have bills to pay taxes, Landlord insurance, maintenance etchant owner is not looking for a tenant that wants to stay 6-8 months and then leave. The last thing an owner wants is to go through the “Rental Process” again! Often people that are in the market for a short term rental apartment or house ask me ”Well why don’t we just say I’m interested in the rental property for a year and what ever happens happens”?-The answer to that is NO any Licensed NY Real Estate Agent with fiduciary relationship to the owner would never knowingly consent to that arrangement and if he or she did you would have to question their ethics morals and motivation.(because let’s face it, the apartment would be available for Rent again in a few months thus another commission opportunity right?) -An agent motivated by this is not practicing good business and the deal would be founded on a lie-That’s never good!-Sorry guys I’m just telling you how it is based on my years of experience!
Should I actually put money into an apartment to “Fix it up” ?
It is possible to come across apartments that fit this criteria for a somewhat cheaper price but they may be in need of what I call a “cut and a shave” (These are potential deals to be had) Let me put it to you this way in my 15 years I have come across above average size apartments and they may be priced significantly lower and may just need very basic quick fixes. Such as a paint job, bath tub corking or carpets…Now I know what you’re saying “Why the hell should I fix up a Landlords apartment”. My answer is this….Math does not lie!-If you score an apartment based on the sizes and criteria discussed on YourRentalMarket.com for what appears to be $150.00-$200.00 less a month then over the coarse of a year, you are $1,800.00-$2,400.00 ahead of the game! So do the math how much does some paint cost? Now look I’m not so ignorant as to think that it’s as easy as “getting some paint”-but my point is you can score a deal that offers a nice amount of space if your willing to think outside the box and get your hands a little dirty. Let me be clear. This form of reasoning does not apply for appropriately priced apartments or obviously overpriced apartments. It’s strictly for apartments that offer tons of space, amenities and desired location that are a bit rough around the edges.
Brandon Cusma is a licensed Real Estate Sales Agent in the State of New York. Currently his License is held with RE/MAX Innovations 3366 Park Avenue Wantagh NY 11793