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I know the same is true all over the country, but I can remember when I moved here, and you could get a nice apartment, in a safe area for around $700 for a 2 bedroom. Now I am paying almost a grand to live in a decent apartment in a decent are, with the rent expected to rise after the first year special is over. Even some of the bad area's around south blvd, think ashford place, want $849 with the special last year. I'm just venting more than anything, and I know right now that it is more affordable to buy vs rent. But it just seems like the price for what you get in most cases is ridiculous.
Yep, same down in Fort Mill. Rent has went up there $200/mo since the end of 2011. New apartment buildings are asking $1400/mo for 3 bedrooms and then all the older complexes jacked up their prices too. Not sure what we'll do as it's very hard to make it through closing in buying a house these days. Not to mention property taxes keep going up, HOA fees and homeowners insurance.
Very true. There's a place I rented when I first moved here in Blakeney (a section in SE Charlotte) and it was for $795. Compared to Florida, I thought it was unbelievably cheap!
I saw that same place up for rent a few weeks back and it was $1695. Same real estate company, no upgrades according to the pictures. (just standard appliances etc). So yeah, I agree, it's going waaaaay up around here. Glad I just bought my house!
I've been warning newcomers about this and almost every time I do somebody will post behind me that I'm exaggerating. Current average rent in Charlotte for a one bedroom apt is $900.
Since the recession ended rents have definitely skyrocketed. I don't look for them to ever go back to what they were in the past.
I've been warning newcomers about this and almost every time I do somebody will post behind me that I'm exaggerating. Current average rent in Charlotte for a one bedroom apt is $900.
Since the recession ended rents have definitely skyrocketed. I don't look for them to ever go back to what they were in the past.
Well of course they will. In areas that is completely opposite of what the OP usually wants. And yes a deal can be found here and there, but rare. And you usually get what you pay for it.
I was living off highway 51 in a 1 BR for $820 a month, but my lease renewal this summer was for the same price. The complex said vacancies had been creeping up - folks moving out to buy houses. (I did too). I think all the new constructionsupply coming online along the rail line may also cause prices to top out soon, if they haven't already.
But I agree with the above, that the Charlotte forum seems to attract a lot of inquiries that are about $100 a month off the mark from what is realistic.
As we know from past experiences, the cycle of apartment building is at an all time high. Reminiscent of the 80's boom. It took about 10 years before we were considered "over-built" in apartments back then and very few "new" apartments were built here for a very long time. Then the condo boom started, and then came 2008......
My point here is that the current explosion in rent will eventually stabilize, probably in another 5 years when we will (once again) be over-built in apartments (as will many other cities). You will start finding specials and more competitiveness among newer apartments to get renters within 5 years from now. I predict that many of the nicer units being built today will probably be converted to condo within 5-10 years.
I've been warning newcomers about this and almost every time I do somebody will post behind me that I'm exaggerating. Current average rent in Charlotte for a one bedroom apt is $900.
Since the recession ended rents have definitely skyrocketed. I don't look for them to ever go back to what they were in the past.
Just to give an example the apartment I rented in 2006 for $649 now rents for $1050, I believe they have have done some modernization to them but I was shocked to see it that high.
Seems like apartment complexs are popping up all over the place...I guess there is still a huge influx of people?...Are the job numbers growing like crazy as well?
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