Last night I went to check out a studio that has resurfaced on the market, for a lower price. The Sweet Swann Street Studio first came on the market about a month ago. About a week ago it popped back on the market for a lower price. I wanted to try and figure out why this place was back of the market and why the price had dropped. I answered the ad via email and set up a 7:30 showing.
As I walked up to the place, I noticed a guy hanging out across the street. He approached me and asked if I was the one showing the apartment. The case of mistaken identity was the perfect icebreaker. I figured if we were both going to wait for this guy to show up, we might as well make conversation. My new friend Marks had been waiting for THIRTY minutes for the owner to show up. Despite waiting in the cold, he had a fantastic attitude. Originally from Bolivia, he had made the journey from Arlington to see this place. He immediately told me that he was having a hard time finding an affordable place in the city. The studio was listed for $1475 and he needed to negotiate the price. I told him that the Croydon around the corner had studios for less. He explained to me that he must work with individual owners because many bigger buildings have income requirements. He simply wouldn’t qualify for a larger, professionally managed building. I really sympathized with him. Meeting him made me realize that qualifying for your dream place isn’t always a given. This is an added component of the renting process that I have taken for granted.
The owner showed at about 7:35 and was friendly. Turns out he owns the small apartment building and lives in one of the units. That is a huge plus! Having an owner on site that you can build a relationship with will only benefit you. We passed a resident in the hallway that he knew on a first name basis. He took the two of us into the apartment and the pictures were pretty true to form. The kitchen and bathroom are older but decent. I particularly like how there was a feeling of separation between the sleeping area and living area. One thing that you can’t really tell from the pictures is how far the unit is from the ground. This is a ground floor unit but you have to walk up a few stairs to get to the studio. These few stairs make a big difference. You don’t feel like you are on the sidewalk. Another interesting fact is that there is a window unit for A/C. I should have assumed that but you can’t tell from pictures.
Then things got interesting. Marks had many questions about what was included in the rent and the rental terms. He asked if the rent would go up after a year. The landlord gave a very honest response and said he raises the rent on the tenants he doesn’t like but doesn’t raise it for tenants he does like. Brutal. Marks also wanted to follow up on the phone because his cell phone doesn’t have email capabilities. The landlord said that he wouldn’t respond to phone calls. I then asked the question I had been wondering, why is this place back on the market? He said that the tenants he had lined up backed out and that he is very “particular” about his tenants. Very interesting phrasing if you ask me.
In the end, the place wasn’t the right fit for me. I liked the area and it felt safe. The apartment was just a little bit run down and no central air is a deal breaker for me. It was nice that the landlord lived on site. He mentioned that he had moved around within the building and had even lived in the vacant apartment. However, the fact that it was independently owned made me a bit uneasy.
Marks and I left and chatted about the apartment for a while as we walked. He was such a nice person and it was great to get insight on the rental market from a different perspective.
Here are the lessons learned:
- Small, independently owned buildings may have deals but be prepared to play by a different set of rules.
- It’s better to friend your competition. Everyone is desperate to find a place, there is no sense in trying to beat people out.
- It pays to wait. Marks waited to for 30 minutes to see this place. When you find a deal, it’s worth the wait.
- Boots on the ground sometimes works. Marks walked by the place and saw the small “for rent” sign in the window.
- Bring a friend. I was lucky to have friendly competition. If I was by myself with the landlord I think I would have been uneasy, especially because it was after hours.
