I like the area, but I cannot afford to rent an apartment here anymore!
In Bath Beach and Bensonhurst, the 11214 zip code, apartment rental prices have skyrocketed over the last few years. There are many reasons for this, including, a shortage of inventory, prospective buyers remaining as renters due to the current interest rate, and landlords warehousing apartments in rent stabilized buildings. The fact of the matter is that the cost of apartments has risen above what many long-time residents of the neighborhood can afford.
Still, by citywide standards Bath Beach and Bensonhurst are still more affordable than other neighborhoods. This is true despite the approximately 75 minute train ride to Midtown and not being a “trendy” neighborhood. As people get priced out of other Brooklyn neighborhoods, those neighborhoods that are further away have become more desirable. At present, 1 bedroom apartments are renting between $1700 and $2000. Contrast that with zip code 11217, Park Slope, where a one bedroom under $3200 is rare. In the larger picture of the New York City rental market, the prices are more “affordable”, but for whom?
Many days people call or enter our office looking for one-bedroom apartments in the price range of $1200 to $1500. Apartments in that price range are extremely rare and, even if you find one, the competition is fierce. That’s why individuals looking for an apartment need to have all their ducks in a row - all documentation ready to move. There’s nothing worse than an apartment hunter who drags their feet at providing supplemental documentation for a rental application and then is angry and surprised they didn’t get the apartment. My reaction is always, “What did you think was going to happen?”
There are other factors that make renting an apartment difficult. From an agent perspective, within the Bath Beach/Bensonhurst area the concept of “co-broking” does not seem to be one that registers with enough real estate salespeople. This means that a client of Broker A loses access to an available apartment listed by Broker B because Broker B would rather rent an apartment on their own to collect 100% of the commission, even if it takes longer to rent the apartment. The worst part is that apartment hunters in this neighborhood know this to be the case, so few are willing to work exclusively with one salesperson. This serves to minimize the incentive for many salespeople to even work in rentals. Why put in so much time for so little return? I have had many people call my office asking, “do you rent apartments because so many real estates in your area that I called say they don’t?”
From a landlord’s perspective, it is so difficult to evict a problem tenant in New York City that landlords have increasingly stringent demands with regards to financial requirements - and rightly so. Unfortunately, oftentimes this works against the rental applications of working class people, retired workers, and young adults just entering the workforce with recently established credit.
The result is that many people who have lived in Bath Beach/Bensonhurst for decades cannot afford to remain in the neighborhood. A common refrain I hear is “We need a larger apartment, but we can’t afford one.” Or, “my landlord raised my rent and I can’t afford a place in the neighborhood.” Or, “my landlord sold the building and the new owner wants me out to put their family members in the unit.” Where are people supposed to live if they cannot afford to live in what is considered an affordable neighborhood? It is a heart-breaking situation.
The sad reality is that there is no answer that will satisfy all parties; however, one solution for those without families (and perhaps some with families) could be renting a room. Co-living is often considered acceptable for young adults, but increasingly other age groups are seeking out roommates due to the ever increasing cost of living in New York City.
Our office does not rent rooms but there are websites that specialize in connecting roommates (not Craigslist - never use Craigslist to find an apartment or room!). Here are some:
If you are looking for an apartment, get all your documentation together for a rental application. Also, if you would like some assistance give me a call at the office, (718) 266-4400, and I will do my best to help you.
Your Friend,
John