Occasionally readers will submit questions about developments and real estate in Harlem that we can’t answer, so we post the questions to the site and allow our highly intelligent readers to offer their insight and knowledge. Today’s question:
I’m looking to move from my Harlem studio into a one bedroom and wonder if
anybody has thoughts on how to realistically assess fair market value on
Harlem rentals? Nevermind all the downtown-centric hoopla, I’ve noticed
that there’s tons of availability in Harlem but the rents quoted by both
local brokers (e.g., Suggs) and “bigger” brokers (e.g., PDE) seem to be out
of whack. It seems like long-time residents somewhat undervalue current
rates, but the brokers I’ve talked to are asking ridiculous amounts for
locations that I know don’t justify those prices (e.g., $1500 for a
one-bedroom on 145th b/t St. Nick and Convent). I’m told that traditionally
many owners handle their own rentals and stock turns over by word of mouth,
so I shouldn’t expect a fair sense of what the market will bear from broker
ads (and the long-time vacancies of several apartments on my block repped by
Corcoran and Prudential seem to bear that out). But there has to be some
way to figure this out. Right?! -Dasit
Justin
March 7, 2007
check http://www.rentometer.com
NAT
March 6, 2007
Check out the NYC HUD site at
http://www.nyc.gov/html/hpd/html/apartment/mitchell-lama.shtml
They have a lot of housing information from Rentals to Condos.
Good Luck
Anonymous
March 6, 2007
In my opinion between natefind.com and craigslist you can get a decent sense of the market.
The market is not set for this person asking the question, the market is set for the displaced UWS renter (for example) and new Manhattan arrival person w/their first Manhattan job, etc. and has little to do with Harlem folks such as the person asking the question.
If I were the person I’d reexamine my studio and explore how to make it more enjoyable/tolerable. There are sites that cater to this such as
http://www.apartmenttherapy.com/
There are lots of people all over Manhattan making robust/effective use of 450 sq’ and under studios. Take a look at the winners of the “smallest cool apartment contest”.
http://www.apartmenttherapy.com/scc.php