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Old 12-08-2016, 09:34 PM
 
Location: Atlanta
5,244 posts, read 4,374,197 times
Reputation: 2723

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Quote:
Originally Posted by jsvh View Post
Going for the $2.9/SF rent in Alpharetta?
Probably more like Smyrna, unfortunately. It's not a terrible place but it just kinda makes me sad, like I'm giving up on youth. But I'd rather save and retire early than pay absurd rental prices. Reality may win over my ideal living location \_(ツ)_/
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Old 12-08-2016, 11:53 PM
 
6,795 posts, read 6,588,241 times
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Quote:
Originally Posted by tikigod311 View Post
Probably more like Smyrna, unfortunately. It's not a terrible place but it just kinda makes me sad, like I'm giving up on youth. But I'd rather save and retire early than pay absurd rental prices. Reality may win over my ideal living location \_(ツ)_/
It says you live in College Park...I don't think that will get super expensive as far as leasing anytime soon...maybe the little downtown area, but that's it.
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Old 12-09-2016, 06:34 AM
 
Location: Atlanta
5,244 posts, read 4,374,197 times
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Yeah, we seem to be fairly immune in CP. I'm currently in a 3 bed house for right around 1k. I would stay but my commute sucks, just 9 miles away from work and it takes 35-40 mins to get there in the morning, and the wife works up near Smyrna. I'm looking for housing that improves, or at least doesn't add to, my commute and keeps her off the interstate (particularly 285).

Seems like ridiculous places like Woo keep driving the rent up in the areas that fit this definition to unacceptable levels. This guy isn't going to be too upset whenever a (the) downturn in the economy happens and these rental prices are corrected.
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Old 12-09-2016, 07:47 AM
VJP
 
Location: Decatur, GA
637 posts, read 1,398,577 times
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Quote:
Originally Posted by tikigod311 View Post
I have had that same thought, who are these people? I work in the tech industry and other than executives, no one I know can afford this mess. It just seems like making well over 100k is assumed for anyone that wants to live in any new intown apartments. I mean, how much would it take to "afford" this place? 300k income seems like you would be stretching it.

I know 300k isn't rich, but its just surprising developers expect this much of a market for this income level.

The rule in some of the larger cities (NYC particularly) is yearly income = 40x rent, minimum. So around $225-240k would leave you with the ability to spend 6k on rent. Now, that definitely means you'll be cash poor if you also want to do things like save money, travel, retire one day, etc.

I work in tech and I know plenty of people who can afford something like this. Most of them are very specialized customer facing sales and systems engineers and their management, which is a natural progression if you're so inclined. You'd also be surprised to know that in smaller companies you can end up doing multiple jobs and making some multiple of a salary you'd earn in a large company. I've been there and it has its negatives but pay isn't one of them, again, in a very specialized product or service category.

By and large though, the people who can and do afford rents like that work in biglaw (we have thousands of biglaw jobs in ATL) and people who work in investment banking, wealth management, private equity...where it's not unheard of to earn more than the numbers I just threw out as a bonus over a year; And you can do all of this between age 28-35 in many cases.
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Old 12-09-2016, 07:57 AM
 
Location: Atlanta
5,244 posts, read 4,374,197 times
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Quote:
Originally Posted by VJP View Post
The rule in some of the larger cities (NYC particularly) is yearly income = 40x rent, minimum. So around $225-240k would leave you with the ability to spend 6k on rent. Now, that definitely means you'll be cash poor if you also want to do things like save money, travel, retire one day, etc.

I work in tech and I know plenty of people who can afford something like this. Most of them are very specialized customer facing sales and systems engineers and their management, which is a natural progression if you're so inclined. You'd also be surprised to know that in smaller companies you can end up doing multiple jobs and making some multiple of a salary you'd earn in a large company. I've been there and it has its negatives but pay isn't one of them, again, in a very specialized product or service category.

By and large though, the people who can and do afford rents like that work in biglaw (we have thousands of biglaw jobs in ATL) and people who work in investment banking, wealth management, private equity...where it's not unheard of to earn more than the numbers I just threw out as a bonus over a year; And you can do all of this between age 28-35 in many cases.
Appreciate the insight but none of this is worth a 6k apartment.

If someone opts to stay in a 6k a month apartment in Atlanta at the expense of saving they are an idiot. That's not subjective, straight up idiot. So even w/ a 240k salary, you can't afford Yoo on the Park.

Again, I get that there is housing meant for folks making WAY over 240k. I am just surprised there is this much of a market for these luxury apartment/condos. I hope this is developers overestimating the market and there is a significant correction. The affordability aspect of Atlanta is becoming a joke
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Old 12-09-2016, 08:13 AM
 
Location: NW Atlanta
4,995 posts, read 3,474,509 times
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Quote:
Originally Posted by tikigod311 View Post
Yeah, we seem to be fairly immune in CP. I'm currently in a 3 bed house for right around 1k. I would stay but my commute sucks, just 9 miles away from work and it takes 35-40 mins to get there in the morning, and the wife works up near Smyrna. I'm looking for housing that improves, or at least doesn't add to, my commute and keeps her off the interstate (particularly 285).

Seems like ridiculous places like Woo keep driving the rent up in the areas that fit this definition to unacceptable levels. This guy isn't going to be too upset whenever a (the) downturn in the economy happens and these rental prices are corrected.
What is an acceptable 1BR rental rate to you?
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Old 12-09-2016, 08:27 AM
 
Location: Atlanta
5,244 posts, read 4,374,197 times
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It really depends where it is, but 1,400 would be the high end. I think 1,500 to 1,700 for a 2 bed not right on Peachtree or at PCM is acceptable. Honestly even those prices seem high.
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Old 12-09-2016, 08:35 AM
 
Location: NW Atlanta
4,995 posts, read 3,474,509 times
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Quote:
Originally Posted by tikigod311 View Post
It really depends where it is, but 1,400 would be the high end. I think 1,500 to 1,700 for a 2 bed not right on Peachtree or at PCM is acceptable. Honestly even those prices seem high.
If that were the going market rate for new apartment construction in Midtown, developers would be taking a bath.
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Old 12-09-2016, 08:42 AM
 
Location: Alpharetta, GA
284 posts, read 158,150 times
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Quote:
Originally Posted by Pemgin View Post
Are there really that many suckers paying that to live in Alpharetta?
I'd harbor a guess that they're the same sort of suckers who'd pay $3/sqft to live in Midtown, only they too like to be close to work.

Granted, the $2.9/sqft is at the Haven at Avalon, so it's in a mixed use development, so I'd imagine that's where that premium comes from.
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Old 12-09-2016, 09:06 AM
 
Location: Alpharetta, GA
284 posts, read 158,150 times
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Quote:
Originally Posted by tikigod311 View Post
It really depends where it is, but 1,400 would be the high end. I think 1,500 to 1,700 for a 2 bed not right on Peachtree or at PCM is acceptable. Honestly even those prices seem high.
To be clear, this apartment is 1,900sqft - larger than your average home. I would however, certainly agree with your point that $6,000/mo for something that's say, 950sqft is ridiculous.

1BR/1BA's fetch 1100-1500 even up in Buford, Suwanee, Alpharetta, Cumming etc.
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