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Kingsport - Johnson City - Bristol The Tri-Cities area
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Old 04-16-2015, 11:57 AM
 
981 posts, read 1,617,311 times
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For what this region has to offer, the apartments are so prohibitively overpriced. I cannot understand it.
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Old 04-16-2015, 01:05 PM
 
Location: Tri-Cities, TN
185 posts, read 288,179 times
Reputation: 177
My opinion, at least for Johnson City? College students.

But honestly, I've lived in worse areas where rentals cost a LOT more. Also, keep in mind that typically markets price at what can be handled. If rental owners are getting people to pay what they want, they have no incentive to lower the price. If they charge $800 a month and find people to pay that and their apartments aren't staying empty, why lower it?
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Old 04-16-2015, 01:06 PM
 
Location: Johnson City, TN
677 posts, read 1,068,133 times
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Supply and demand. If people weren't paying those rents they wouldn't be so high. I can only really speak for Johnson City but I saw recently where occupancy for the city was at something ridiculous like 90-95 percent. Some places have raised rents and are still seeing high demand. There are a number of factors, IMO, causing this.

First, there is of course ETSU. The school is becoming less commuter-based than in years past with this projected to increase as the school works to recruit more outside the region to offset the expected drop in local enrollment due to Tennessee Promise.

Second, my generation (I'm 29) tends to be more transient in their career and might only expect to stay in a location for a few years before moving on. They don't want to be weighed down by a mortgage. Also, many just want the convenience of not having to worry about lawn care and maintenance. Johnson City has a younger population than the rest of the region which is a contributing factor to the high demand for apartments.

Third, contrary to what is often posted here, there are quite a few decent paying jobs in JC in the medical, education, and finance/banking fields and many of these individuals want a nice, newer place to live but don't want or can't afford one of the newer $300,000 houses. Paying $1,000-$1,200 per month in rent will get you a very nice 2-BR apartment.

Are rents high throughout the Tri-Cities or is it just really applicable to Johnson City?
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Old 04-16-2015, 01:40 PM
 
33,016 posts, read 27,392,179 times
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Q: Why Are Apartments So Overpriced?

A: Because We Can.
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Old 04-16-2015, 01:42 PM
 
33,016 posts, read 27,392,179 times
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Quote:
Originally Posted by Rangerred View Post
Supply and demand. If people weren't paying those rents they wouldn't be so high. I can only really speak for Johnson City but I saw recently where occupancy for the city was at something ridiculous like 90-95 percent. Some places have raised rents and are still seeing high demand. There are a number of factors, IMO, causing this.

First, there is of course ETSU. The school is becoming less commuter-based than in years past with this projected to increase as the school works to recruit more outside the region to offset the expected drop in local enrollment due to Tennessee Promise.

Second, my generation (I'm 29) tends to be more transient in their career and might only expect to stay in a location for a few years before moving on. They don't want to be weighed down by a mortgage. Also, many just want the convenience of not having to worry about lawn care and maintenance. Johnson City has a younger population than the rest of the region which is a contributing factor to the high demand for apartments.

Third, contrary to what is often posted here, there are quite a few decent paying jobs in JC in the medical, education, and finance/banking fields and many of these individuals want a nice, newer place to live but don't want or can't afford one of the newer $300,000 houses. Paying $1,000-$1,200 per month in rent will get you a very nice 2-BR apartment.

Are rents high throughout the Tri-Cities or is it just really applicable to Johnson City?

Econ 101 says that when prices go up, supply increases. Where the increased supply?
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Old 04-16-2015, 02:04 PM
 
Location: Tri-Cities, TN
185 posts, read 288,179 times
Reputation: 177
Quote:
Originally Posted by freemkt View Post
Econ 101 says that when prices go up, supply increases. Where the increased supply?
You haven't seen all the new apartments going up around Johnson City?
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Old 04-16-2015, 02:19 PM
 
Location: TN/NC
34,944 posts, read 31,087,664 times
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I think ranger's comments are pretty well accurate. JC is viewed as the most desirable place to live in the area. Apartments in the other towns or outlying areas are much more reasonable.
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Old 04-18-2015, 04:50 AM
 
Location: Kingsport
195 posts, read 274,142 times
Reputation: 185
The current expansion of apartments started in Johnson City and is spreading to Kingsport and Bristol. Kingsport already has quite a few complexes but more are in the pipeline. There has been a steady infill of smaller complexes for a year or so. Some of the older Kingsport complexes have raised rents two or three times the inflation rate for three years now and it hasn't dampened demand. Bristol just approved a new complex and like Kingsport more are in the pipeline. Some of the expansion was a combination of demand (Johnson City students) and the availability of financing which was readily available when it was and still is difficult to obtain a mortgage. As Ranger pointed out its an issue supply and demand.
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Old 04-18-2015, 12:30 PM
 
Location: Franklin, TN
6,662 posts, read 13,299,084 times
Reputation: 7613
Quote:
Originally Posted by freemkt View Post
Econ 101 says that when prices go up, supply increases. Where the increased supply?
Unless demand is increasing at a faster rate than supply.

But that's econ 102.
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