11-12-2021, 09:05 PM
(11-12-2021, 07:45 PM)Lens Wrote:(11-12-2021, 03:37 PM)BruceAshe Wrote: 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...
So, in that scenario, those people with $75K of income can now sign up for a flat at Market Flats (at $1630) and the people with less income will be able to get the one at $1400.
Regardless of where this is on the price spectrum, it still helps to relieve the pressure.