I agree. That’s why I paid a bit of a premium for the nicer property. Nothing in life is a guarantee, but you can sure as hell hedge your bets.
As a pulse check on rental market, we have an extreme level of interest on the $1,000/mo 2BR and a moderate amount of interest on the $1,200/mo 2BR. The $850/mo 1BR was rented before we published it via referral. We have over a half dozen showings in the upcoming days when combining both apartments and a 2nd showing in a couple of hours to a tenant who will likely end up taking one of the two today.
I’d say that I might be a little lean on the $1,000/mo 2BR pricing but there’s no off-street included and the apartment is significantly less nice than the 2nd floor 2BR, although still nicer than most rentals in Buffalo. We just closed on this property less than 3 weeks ago so I am looking to get occupancy ASAP. Next time I get tenant turnover I will probably spruce up the 1st and 3rd floor apartments and raise rents accordingly if the market stays strong.
Good info. Josh, thanks a lot. I too have a few 2 BR apartments N. Buffalo. They are off Delaware, and all vary in rent between 800-900 per month. They are all very nice apartments. I thought for a while there I was right in the wheelhouse, maybe even on the higher end of rents for the area - but the rents have risen at a rate faster than I have ever seen. Some of the current tenants are coming due for renewal this summer, and if they renew, I will likely keep them at their current rates (they are all great tenants). However, if they leave, this may be my opportunity to reset again with the new market rate…