When it comes to most despised persons in New York, the landlord, or at least the generic idea of “the landlord” is definitely high up there. But would knowing that Brooklyn is the 4th worst city in America for landlords to get a return on their rental investment Change Everything You Feel About Landlords? No? Well, maybe it will at least get you to stop listening to “Let’s Lynch the Landlord” every day.
The folks at RealtyTrac took a look at both how much the median sales price for a piece of property is all over America, how much a fair market rent is and then how much that yields them. It turns out that Brooklyn, where the median purchase price is $573,000 and the average fair rent is $1,852 per month, gives landlords just a 4% return on your investment. Obviously, since no one gets into being a landlord because they’re trying to be charitable, that doesn’t sound fun.
That being said, it’s hard for us to feel that much sympathy for landlords. Imagine not just being able to own your own place to live, but also being able to own a place where someone else lives. For most of you (us included) the odds of that ever happening to you are probably as low as winning the Powerball and throwing a perfect game in the same day.
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Landlords must be even more broke since the average rent of a subsidized apt is $995