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Old 01-27-2009, 08:43 AM
 
Location: South Park
228 posts, read 650,624 times
Reputation: 65
My friends old apartment complex(which was very nice) In Cornelius was full a year ago. She moved out about a month ago and currently of the 12 units on her side of the building, only 4 are occupied. Not agreeing to either side, just tossing that out there.
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Old 01-27-2009, 08:47 AM
 
Location: Yellow Brick Road
35,381 posts, read 42,380,166 times
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Quote:
Originally Posted by jmm051 View Post
My friends old apartment complex(which was very nice) In Cornelius was full a year ago. She moved out about a month ago and currently of the 12 units on her side of the building, only 4 are occupied. Not agreeing to either side, just tossing that out there.
I would really like to know why people moved out. Did they find some place else to rent - same space at a lower price? Or did they buy homes? Did they get jobs elsewhere and leave the area? Did the rent go up and so people felt they could get something more reasonable elswhere?

It would be interesting to know why people moved out. Kind of a mini case study on housing, LOL!!!
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Old 01-27-2009, 10:04 AM
 
Location: Monroe, NC
2,540 posts, read 3,878,041 times
Reputation: 1261
Quote:
Originally Posted by anifani821 View Post
LOL! Well so much for my theory. If rents in desirable parts of Manhattan are going down, maybe it is time to think about relocating. I never felt I could afford a decent sized (1200 plus sq. ft) apartment in Manhattan.
ani - You have to look beyond that "effective rent number". That $2700 will get you a two-bedroom, two-bathroom apartment in Wayne which is 20 miles away from Manhattan. In Manhattan itself, that amount might get you a 550 sq ft studio in a more desirable area. If you want 1200 sq ft in Manhattan, your going to be spending more like $4K a month!
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Old 01-27-2009, 10:13 AM
 
11,766 posts, read 17,990,663 times
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I think that rather than seeing rents drop, there will most likely be a rise in arson.
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Old 01-27-2009, 11:47 AM
 
Location: caribbean island
5,353 posts, read 4,951,266 times
Reputation: 1870
Quote:
Originally Posted by anifani821 View Post
I would really like to know why people moved out. Did they find some place else to rent - same space at a lower price? Or did they buy homes? Did they get jobs elsewhere and leave the area? Did the rent go up and so people felt they could get something more reasonable elswhere?

It would be interesting to know why people moved out. Kind of a mini case study on housing, LOL!!!
Probably the most important question/point of this entire thread. And that includes any of the gibbrish I posted!
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Old 01-27-2009, 12:09 PM
 
9 posts, read 7,799 times
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The unique thing about the market we are in now is that with the building craze we just went through there is an increase in inventory for all types of property. Apartments, single family homes, commercial everything. And although there will be fewer buyers due to income, credit and savings. There are still too many units on the market. If the inventories were reasonable I would agree that there should be in inverse relationship between home buyers and rents, but not this time. You will also have a large number of people who own their home and will have to rent it out if they relocate instead of selling because they are underwater, or rent it out to avoid foreclosure. Again adding to the inventory.

Last edited by imjustdub; 01-27-2009 at 01:12 PM.. Reason: spelling
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Old 01-27-2009, 12:58 PM
 
Location: Charlotte, NC
624 posts, read 1,278,265 times
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I'm curious to see which side is correct. I'm in the process of renegotiating my current lease which doesn't end till the end of May. When viewing the complexes website, I also see at least 5 of each type of apartment available "now" (type being 1 bed/1 bath up to 3 bed/2 bath).

I first inquired on 1/16, and the person in the office gave me a price that was about a 100 dollars MORE than what I currently pay, though the person immediately said, I don't think this number is right and I'll check with my manager. The current lease prices on the website are in line with what I pay now.

I'm still waiting on the price and will update whether it went up/down/stayed the same. I suspect the office has been tied up because of the water pipes breaking on 1/17. Right now I think I'd accept down or stayed the same, but up might give me the motivation to downside even though my income actually increased.
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Old 01-27-2009, 02:16 PM
 
Location: Union County
5,084 posts, read 4,778,841 times
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I can understand the logic behind thinking rents would increase based on the demand increasing... However, there's no way that the economy can support an increase in living expenses. We're not talking about just any living expenses here, rent is the single biggest check people write every month.

Think about the overall impact of increasing that big payment and squeezing people even more? It would just drive the economy further into the ground.

Doesn't make sense when you really think it through.
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Old 01-27-2009, 11:35 PM
 
1,367 posts, read 3,513,670 times
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I wonder how apartment vs. house rents will fare. I was wondering if, since it's more difficult to get mortgages for homes, if there will be more people that don't want to live in apartments so will rent single family homes instead.

(I don't know anything about this, it's just conjecture, so don't jump on me!)

I sort of hope my theory is correct, at least in a couple years, since we will need to rent out our house possibly!
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Old 01-28-2009, 02:08 AM
 
4,753 posts, read 3,877,861 times
Reputation: 2026
I understand your logic, John, and that's usually how it works.

However, my wife manages an apt complex and the truth of the matter is that the market is NOT reacting that way this time around. I don't know why, but that's the reality. Her rents are down marginally and vacancy is up considerably. The same is true for all of the comps in her area.

It goes against the norm, but there it is.
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