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Bidding wars on rentals — Brooklynian

Bidding wars on rentals

dailyheights
dailyheights
edited November -1 in Prospect Heights
I'm hoping this may be just a Park Slope phenomenon, but I thought this is an important heads-up for anyone currently looking:

On calallillie.com

"Alexis and I spent the better part of this weekend snooping around new neighborhoods .... We began the day visiting an open house in Park Slope-- a beautiful 2BR brownstone floor through, nicely renovated with a great kitchen. The price was right, but when we got there, we realized that swarms of people had visited and that there would most likely be a rent bidding war. A bit crestfallen, we walked on, hitting South Slope/Greenwood Heights (is that really a neighborhood?) and Prospect Heights on Saturday, then the Gowanus area, Cobble Hill and Carroll Gardens on Sunday."

"End Result: Nothing is really available over this Labor Day stretch. Furthermore, since when do bidding wars happen with RENTALS?"

LINK: Searching for a New 'Hood [callalillie.com]

Comments

  • anonymous
    anonymous
    not surprising. the rental market gets very competitive when sale prices get this high.
  • flute
    flute
    keep your eyes on gowanus ... people who have already been bought out by Ratner are buying there ...
  • dailyheights
    dailyheights
    Kicking myself for not buying in Gowanus... Great area.
  • flute
    flute
    there is still time ...
  • emily
    emily
    I remember this happening in Spring/Summer 2000. I ended up living in a shitty sublet for two years because we couldn't compete against people with that kind of ready money (esp. for brokers' fees) or couples (as opposed to recent college grads).
  • anonymous
    anonymous
    It happened to me last weekend. My BF and I went to look at a place in Carroll Gardens and there were a few other couples looking as well. (This wasn't even an open house.) We applied for the place, even though the rent was a little higher than we wanted to pay, and found out in the morning that someone else got it, and offered the LL more than he was asking for.

    The inventory is really low right now, according to some articles I've read, and I think more people are renting because they can't afford to buy. I wish they'd stop building "luxury condos" and start building some "adequate rentals" for the regular folk!
  • cathleen
    cathleen
    I am a real estate agent, dealing mainly in rentals. And I've gotta say, bidding wars happen *all* the time. I can't tell you how many times I've had a client loose an awesome place because someone offered more. I'm a transplant from Phx AZ, so I was shocked too. Sad, but true!! :shock:
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