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Bed Stuy Rental Market:2 Years Later
July 7, 2008

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Here’s my own personal state of the rental market in Bed Stuy.

Two years ago when we put our newly restored duplex on the market, it took us two weeks to find tenants. True, we started showing it while it was under construction on July 4th weekend, but we did get some traffic. Most of the prospective renters were white hipster roommates. And the feedback we got went as follows:

“Is the neighborhood safe?”

“The neighborhood is a bit too rough for me.”

“It’s not the type of neighborhood I’m looking for.”

And so on. I’m pretty sure their statements were just code for “Hello. I’m a racist.”

We ended up with 4 roommates who got $100 off our monthly asking price of $2500.

This July 4th weekend when we showed the same apartment at $2600 (roommate filth and all) it rented in less than a New York minute with back up applicants. And to a couple, no less.

Has the neighborhood really changed that much in 2 years or is it just people’s perceptions of Bed Stuy? My main problem with the neighborhood is lack of decent amenities. I guess a few new places have popped up since we’ve been here, but we still have to go to Clinton Hill or Fort Greene for a really good meal. (Oh yeah, amenities=food. What else?)

I have a bitty theory as to why more folks are discovering the neighborhood BECAUSE of the lack of restaurants. More people are entertaining in their homes. Dinner parties are fairly popular because people have lovely spaces to show off. So, the friends come out to the Stuy and find out it’s actually an awesome neighborhood. And so on and so on.

Let’s not forget to give credit to blogs such as Bed Stuy Blog, Brownstoner and Bed Stuy Banana for calling attention to the neighborhood. Perhaps even that Reclaimed Home blog.

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posted @ 6:48 am Comments (17)