Advice regarding rent amount for apartment...

We have an apartment in the basement of our house... It's in the hamptons and it has a separate entrance, 2 bed, 1 bath, new kitchen, new carpet in 1 bed and pergo flooring in 2nd bed, tile through LR and bath..... included are cable, internet, electric, water, heat, garbage pickup, washer/dryer.. we currently rent it for $1200... my DH thinks it's not enough... opinions...
and to add, originally it was rented to 1 tenant, now her BF is living there
I only have pic of the kitchen (ignore the table, that's been tossed)

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Re: Advice regarding rent amount for apartment...

If you think its not enough... raise the rent to 1300 after the lease is up.

The BF living there now really shouldn't be an issue since it is a 2br rental anyways.

Re: Advice regarding rent amount for apartment...

Wow! It sounds really nice!! And looks beautiful.
I don't think this will be too much help, but about 4 years ago, DH and I were living in a 1ish BD (bigger then a studio, but small) apartment above a garage in Southampton. It had wood floors and was very bright, which I loved, but was very drafty. I believe cable & electric were included. We moved in in 1999 and moved out in 2002 and paid $800/month, but right before we moved, he told us he was going to have to go up to $900.

So, for what it sounds like you are talking about, I think you probably could get more. I remember when I was looking and was having such a hard time finding anything under $1000 - and that was 7 years ago!
Do you have someone in there now? If you do and they are good tenents, I'd try and consider that in the equation. Maybe see if they could afford a little more.

Re: Advice regarding rent amount for apartment...

Re: Advice regarding rent amount for apartment...

Posted by JennChris

Posted by DjPiLL

If you think its not enough... raise the rent to 1300 after the lease is up.

The BF living there now really shouldn't be an issue since it is a 2br rental anyways.

it wouldn't normally be an issue, but when the original rent was going to be higher (we assumed 2 people to be living there) but she said it was just her so we gave her a break, figuring one person uses less electricity, hot water, washer/dryer etc... plus I liked the idea of a quiet single person living there.... how much is fair to raise it though.. i don't want to be mean

Re: Advice regarding rent amount for apartment...

How long has the bf been living there? Long enough to see a change in the electricity, etc. bills?

Regardless, I don't think it's unreasonable to raise the rent $100 b/c of the "extra" person.

What were you going to charge originally for 2 people?

Re: Advice regarding rent amount for apartment...

Posted by DjPiLL

Posted by JennChris

Posted by DjPiLL

If you think its not enough... raise the rent to 1300 after the lease is up.

The BF living there now really shouldn't be an issue since it is a 2br rental anyways.

it wouldn't normally be an issue, but when the original rent was going to be higher (we assumed 2 people to be living there) but she said it was just her so we gave her a break, figuring one person uses less electricity, hot water, washer/dryer etc... plus I liked the idea of a quiet single person living there.... how much is fair to raise it though.. i don't want to be mean

This is why you should just have a "set price" instead of pricing by the number of occupants.

If you give people a break... then you are stuck policing their actions to see who is coming in and out... etc. And thats not a good thing to do.

Raise it $75 buks if you want to raise it. Thats like a 6% raise approximately.

Re: Advice regarding rent amount for apartment...

I would think that you could be getting more than that since all of the utilities are included.

Re: Advice regarding rent amount for apartment...

I definitely think you could get more. Like 1400 however since you already gave her one price--it's kind ofhard to change it unless you're ready to lose this tenant. You could also consider asking her to get her own cable or whatever she is sharing with you thats not too hard to install and keep the price the same