Note: all stories are true, but I’ve changed the details to protect myself and the people in the story, and I receive permission to write about everything from landlords or tenants.
In 2018, I met a landlord who asked that I come and see the apartment that he was currently renovating.
It was a one bedroom apartment in Bushwick, conveniently located near the Knickerbocker M stop. It was a “railroad apartment” with a long hallway with a bedroom at one end, a room in the middle, usually used as an office, and then a living room / kitchen combination area at the opposite end. The layout actually provides a good amount of space.
The landlord was just about done with the work on the apartment, which included:
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adding exposed brick in living room
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adding a ceiling fan in the bedroom
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painting the bedroom and the middle room
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re-tiling the bathroom
He asked me how much he thought this apartment could rent for, and I replied: $2300, maximum, with you paying me the broker fee (vs the renter).
He was a little disappointed. With the amount of money he had put into the cosmetic renovations, he was hoping for more.
“I’m sorry, but this is what I think these types of apartments, in this area, are going for. It is a beautiful apartment, though.”
If you’re a landlord, and you want to get more money for your apartment, here are improvements that will increase your per month amount for your unit:
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Adding central air conditioning, like a split unit heating / cooling system to the apartment.
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Adding a dishwasher
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Adding laundry in the unit (best case scenario), or adding it in the building somewhere
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Adding a bedroom or a bathroom, if the space permits. If you’re going to add a bedroom, make sure the room can fit a queen size bed and at least one night table, plus space for a desk (people work from home a lot now) if the living room is very small. A closet would be helpful too, but it’s not 100% necessary.
What’s most important is that the unit looks clean and tidy.
A fresh coat of paint, clean floors and walls are all critically important. Of course, if tile is falling off the walls that should be fixed or if plumbing damage has left marks, by all means fix it. But expensive renovations should not be embarked on without consulting a rental agent who has current “in the field” knowledge about what renters really care about.
Landlords, if you want a recommendation of upgrades that will help make your properties more marketable at a higher rent, please call me at 203–209–3640 and I will provide you with an assessment.
Are you a property owner or landlord that wants to sell their asset or needs to rent an apartment in New York City? Call or text me: Sam Moritz, licensed real estate agent, 203–209–3640.