Where our tenants are coming from

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Regular readers know that I approve all of our tenants personally.

Why?

Well, I’m the one who’s going to have to deal with going to eviction court if they turn out to be screw-ups, so it’s best that I sign off on them upfront.

But there’s another reason, too: Reviewing all the tenant applications gives me insight into the kind of people our units attract.

And right now, the key insight is that something like 10-20% of our applicants are creatives coming from Brooklyn.

Not NYC as a whole; Brooklyn.

To me, this says the Eastside is starting to see an influx of relatively well-educated, well-paid renters coming from a market with much higher rents than our own. You can guess what I think that will do to asking rents over the medium term.

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