(11-12-2021, 03:37 PM)BruceAshe Wrote:(11-12-2021, 01:00 PM)tomh009 Wrote: More rental properties will help keep those increases down. Ophelia, Civic 66, Drewlo, 387 King and the new Duke/Madison project cannot come soon enough. At least Market Flats should be ready for occupancy in the next six months. Ophelia and Civic 66 sometime next year maybe?
Market Flats has been advertised on Facebook Marketplace for a couple of weeks and the ads say January occupancy. One bedrooms start at $1630+ and two bedrooms start at $2195+.
Expect every new rental building being built right now to exceed these rents. In an ideal world that would release pressure lower in the market but our vacancy is so tight that it won't do anything. I recall a previous company I worked for had a 2 bedroom unit available in an old building that was renovated but definitely not high end. The rent was about $1400 but the types of applicants they got were making $75,000+ simply because there were no higher end units or condos available at that time. Essentially what happens is people on the lower price spectrum are competing with EVERYONE else for any available unit, no matte the quality or condition. I don't think I need to explain how bad this is for our housing situation...