Charlotte's apartment market on the rise.....(CBJ article) (Raleigh, New Bern: apartment complex, foreclosures)

[pink caddy]

This trend is nationwide. I have tenants wanting to pay 3 months in advance for apts. that are subject to renewal options at the end of the one yr. term and they don't want to screw it up.

Last year's $1200/month....now getting $1500.

[pink caddy]

Originally Posted by urbancharlotte

Correction. Fewer folks are qualified to buy because of the banks becoming more strict with lending practices (thus the occupy movement; we bailed them out and they reject those who are interested in buying).

True....but read your "occupy" comment again. "Fewer folks are qualified" and ""they reject those who are interested in buying." Isn't that what they should have been doing in the first place?? (Rejecting those that are not qualified)

[pink caddy]

You are entitled to your opinions according to the TOS of this forum board.

[XcapefromNJ]

All this is telling me that buying rental property as an investment should be looking better. Purchase prices aren't going up, but rents are... the numbers should look pretty good for the investor.

[topchief1]

Originally Posted by XcapefromNJ

All this is telling me that buying rental property as an investment should be looking better. Purchase prices aren't going up, but rents are... the numbers should look pretty good for the investor.

Until the next housing boom, and nobody wants to rent anymore

[USCRugbyNo1]

Originally Posted by topchief1

Until the next housing boom, and nobody wants to rent anymore

Then you sell your investment property!

[rnc2mbfl]

Originally Posted by topchief1

Until the next housing boom, and nobody wants to rent anymore

...then you'll find that the urban apartment developers will convert their complexes to condos. As a construction indicator, if you see an urban apartment project being built out of concrete instead of wood frame, you can bet your bottom dollar that conversion is intended for its future.

Raleigh's seeing the same trend in apartments. 7 urban midrise complexes are under development in downtown or at its western edge.

[urbancharlotte]

Here is what I like most about this particular project.

“Our goal is to create a unique project at New Bern Station which will be an asset to the City of Charlotte and the South End neighborhood,” said Proffitt. “We will develop a Class-A apartment community, and our lower cost basis will allow our rental rates to be attractively priced versus the existing properties in South End and Uptown. The site is immediately adjacent to a light rail station; we believe this is a great competitive advantage.”
Fountains at New Bern Station - Proffitt Dixon Partners

^^^Could this be the city's first TOD with units starting at less than $1,100 per month?

[amploud]

Originally Posted by topchief1

Until the next housing bubble, and nobody wants to rent anymore

Fixed.

[rnc2mbfl]

Originally Posted by urbancharlotte

Here is what I like most about this particular project.

“Our goal is to create a unique project at New Bern Station which will be an asset to the City of Charlotte and the South End neighborhood,” said Proffitt. “We will develop a Class-A apartment community, and our lower cost basis will allow our rental rates to be attractively priced versus the existing properties in South End and Uptown. The site is immediately adjacent to a light rail station; we believe this is a great competitive advantage.”
Fountains at New Bern Station - Proffitt Dixon Partners

^^^Could this be the city's first TOD with units starting at less than $1,100 per month?

One of the reasons it's cheaper is that it has surface lot parking instead of decks. This project looks like Raleigh's "Hue" project downtown but with a quasi-suburban adaptation.