Author Topic: Brooklyn rental question  (Read 1409 times)

Offline sguitarist18

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Brooklyn rental question
« on: June 14, 2022, 09:53:47 AM »
Hi, I'm trying to find out how much a large apartment/house in Brooklyn would cost. The areas we're looking for are Flatbush or Kensington

We're looking for a 6-8 bedroom apartment/house.

Does anyone have any ideas on numbers, or is there a real estate agent you would recommend that I can call?

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Re: Brooklyn rental question
« Reply #1 on: June 14, 2022, 11:20:23 AM »
Hi, I'm trying to find out how much a large apartment/house in Brooklyn would cost. The areas we're looking for are Flatbush or Kensington

We're looking for a 6-8 bedroom apartment/house.

Does anyone have any ideas on numbers, or is there a real estate agent you would recommend that I can call?

Short or long term? I donít think many apartments of this size exist. Would you consider fewer bedrooms if they were bigger?

What are your priorities with regards to price/space/condition/location? I donít have answers but answering these questions might help people direct you to the right place

Offline sguitarist18

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Re: Brooklyn rental question
« Reply #2 on: June 14, 2022, 11:49:55 AM »
Short or long term? I donít think many apartments of this size exist. Would you consider fewer bedrooms if they were bigger?

What are your priorities with regards to price/space/condition/location? I donít have answers but answering these questions might help people direct you to the right place

Long term. That's the ideal number of bedrooms, obviously final decisions will have to be made based on availability. Condition needs to be good, doesn't need to be brand new. Location might be somewhat flexible, depends on where options are located.

Offline WonderingYid

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Re: Brooklyn rental question
« Reply #3 on: June 14, 2022, 12:45:11 PM »
Hi, I'm trying to find out how much a large apartment/house in Brooklyn would cost. The areas we're looking for are Flatbush or Kensington

We're looking for a 6-8 bedroom apartment/house.

Does anyone have any ideas on numbers, or is there a real estate agent you would recommend that I can call?
A lot 😀

Offline sguitarist18

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Re: Brooklyn rental question
« Reply #4 on: June 14, 2022, 01:57:10 PM »
I know - trying to get a ballpark figure of just how much "a lot."

Offline ExGingi

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Re: Brooklyn rental question
« Reply #5 on: June 14, 2022, 02:08:55 PM »
Hi, I'm trying to find out how much a large apartment/house in Brooklyn would cost. The areas we're looking for are Flatbush or Kensington

We're looking for a 6-8 bedroom apartment/house.

Does anyone have any ideas on numbers, or is there a real estate agent you would recommend that I can call?

How much such inventory even exists on the market?
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Online AsherO

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Re: Brooklyn rental question
« Reply #6 on: June 14, 2022, 02:10:22 PM »
I know - trying to get a ballpark figure of just how much "a lot."

Basically, looking at Trulia it seems like 4brs in Midwood/Flatbush start at ~3k and go up to almost ~5k, see that as a floor. What youíre looking for is really hard to find because people who own these and rent them out would prefer to have 2-3 smaller rentals where they can collect ~$2k+/month on three, or $3k+/month on two instead of $6k+/month on one. So realistically itís likely $7.5k at very very least, but realistically closer to $9k if you can find something suitable.

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Re: Brooklyn rental question
« Reply #7 on: June 14, 2022, 02:11:18 PM »
How much such inventory even exists on the market?

I doubt there is anything. Itís a bad fit both supply side (as owner would make more selling or dividing to smaller units) and long term renter should consider buying at that point.

Offline ExGingi

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Re: Brooklyn rental question
« Reply #8 on: June 14, 2022, 02:18:16 PM »
I doubt there is anything. Itís a bad fit both supply side (as owner would make more selling or dividing to smaller units) and long term renter should consider buying at that point.

I am sure they exist. There are at least two signle family houses on my block that are rented out long term to families that are renovating or building their own houses. (both of those houses owned by real estate moguls). And now that I think about it there's a third one that has been rented out long term for quite a while.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

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Re: Brooklyn rental question
« Reply #9 on: June 14, 2022, 02:21:28 PM »
I am sure they exist. There are at least two signle family houses on my block that are rented out long term to families that are renovating or building their own houses. (both of those houses owned by real estate moguls). And now that I think about it there's a third one that has been rented out long term for quite a while.

What I should have said is I doubt there is much.

Offline Abebee

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Re: Brooklyn rental question
« Reply #10 on: June 14, 2022, 02:50:57 PM »
There is a small market for these especially the smaller homes in Midwood/Kensington area (6-8 bedrooms is a stretch, a lot of these style homes are 3-5 rooms). Like mentioned upthread, a 6-8 bedroom apartment in the neighborhoods you mentioned aren't to common and I would have to assume they are north of 6k.   

Offline Abebee

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Re: Brooklyn rental question
« Reply #11 on: June 14, 2022, 02:55:06 PM »
https://ostprorealty.com/property/5-bedroom-apartment-for-rent-16-41/

Maybe not. This is a 5 bedroom (Boro Park) for $3800

Offline gozalim

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Re: Brooklyn rental question
« Reply #12 on: June 14, 2022, 03:44:24 PM »
I am sure they exist. There are at least two signle family houses on my block that are rented out long term to families that are renovating or building their own houses. (both of those houses owned by real estate moguls). And now that I think about it there's a third one that has been rented out long term for quite a while.
the 3rd one is officially a 4BR

Offline ExGingi

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Re: Brooklyn rental question
« Reply #13 on: June 14, 2022, 04:02:53 PM »
the 3rd one is officially a 4BR

You are definitely more familiar with that one that I am.  ;)

They might all be, as this is how almost all of these houses were originally built. The point is that it's an entire house being rented out. Approximately 1800-2000 sf of livable area (excluding basement). Some might have finished basements, some might not.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline gozalim

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Re: Brooklyn rental question
« Reply #14 on: June 14, 2022, 04:05:43 PM »
They might all be, as this is how almost all of these houses were originally built. The point is that it's an entire house being rented out. Approximately 1800-2000 sf of livable area (excluding basement). Some might have finished basements, some might not.
can't say I've seen a 6-8BR anywhere in this neighborhood. would definitely involve extensive renovation, not the kind of stuff you do on a rental

Offline ExGingi

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Re: Brooklyn rental question
« Reply #15 on: June 14, 2022, 04:08:44 PM »
can't say I've seen a 6-8BR anywhere in this neighborhood. would definitely involve extensive renovation, not the kind of stuff you do on a rental

My house has than number of bedrooms (more or less) including the basement. In theory, if I were to buy another house and move to it (like one of the long term rentals on my block did) while renting out my current house, it would be such a house. There aren't many of them, buy they do exist. I wouldn't say it's too much of a stretch to say that on average there might be one on every common block (excluding the unique blocks).

The people renting these houses didn't buy them for rental purposes, if they renovated for themselves (or a tenant that stayed a few years renovated it) it could end up with that BR count.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline dovy2

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Re: Brooklyn rental question
« Reply #16 on: June 14, 2022, 05:26:44 PM »
Long term. That's the ideal number of bedrooms, obviously final decisions will have to be made based on availability. Condition needs to be good, doesn't need to be brand new. Location might be somewhat flexible, depends on where options are located.
For that amount of bedrooms, you probably need a full house. If you need it long term (+2-3 years), probably makes more sense for you to buy, and then sell when you need to move. A mortgage should cost you around 3-4K.
« Last Edit: June 14, 2022, 05:29:52 PM by dovy2 »

Offline Yehuda57

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Re: Brooklyn rental question
« Reply #17 on: June 14, 2022, 07:16:54 PM »
For that amount of bedrooms, you probably need a full house. If you need it long term (+2-3 years), probably makes more sense for you to buy, and then sell when you need to move. A mortgage should cost you around 3-4K.

Not disputing, just curious how you come to that figure? And how to factor in the risk of a market correction in the short term as inflated as it is right now?
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Re: Brooklyn rental question
« Reply #18 on: June 14, 2022, 07:24:11 PM »
https://ostprorealty.com/property/5-bedroom-apartment-for-rent-16-41/

Maybe not. This is a 5 bedroom (Boro Park) for $3800

That might be a first floor + basement, donít think thatís what the OP is looking for.

Offline yesitsme

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Re: Brooklyn rental question
« Reply #19 on: June 14, 2022, 07:37:35 PM »
For that amount of bedrooms, you probably need a full house. If you need it long term (+2-3 years), probably makes more sense for you to buy, and then sell when you need to move. A mortgage should cost you around 3-4K.

Always the case, buy and sell don't rent
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