Will we continue to see renal prices rise so quickly? (Pittsburgh: real estate market, to rent)

[Aqua Teen Carl]

Originally Posted by Hopes

Rent is increasing everywhere, even the less desirable neighborhoods.

Not in all of them.

[eschaton]

Originally Posted by Aqua Teen Carl

Not in all of them.

After taking into account Section 8, I'm sure rent is higher these days even in Carrick. After all, demand for apartments is higher, even if lower-income people are driving it.

[creepsinc]

yeah, kidney in the first post. good job.

[robrobrob]

Originally Posted by jea6321

Do people here think that the current pace of rental prices climbing will continue or flatten out?

I feel that certain areas of the metro have risen quite quickly ( maybe just catching up to where they should be) but are going to flatten off for a while now.

I just cant see how prices can continue on the pace they are, unless some influx of new jobs happens or wages all of a sudden begin to tick up as well.

just 2-4 years ago. it seemed that a decent ( not super high end) 1 bedroom in most of the pretty good areas ( I keep track of these specific areas, rg sq, sq hill, lawrenceville, shadyside, mt washington, s side,) was going for about 600 and 2 bedroom for about 900. Now currently I see the same or lower grade apts going for about 700-800 and 1100-1300.

so roughly 25-35% increase in 2-4 years.

Im not here complaining, as a landlord Im am just astounded at the demand and price jump. I cant believe that the % change that the past few years has shown could repeat over the next few years. But hey, I wont complain if it does.

thoughts?

10 years ago I paid 650 a month for an average at best apartment in Shadyside. I don't think it was as cheap as you remember.

[jea6321]

Originally Posted by Hopes

The $700 rent you describe for one bedrooms isn't anywhere near comparable to the rents in the Shadyside.

pittsburgh apts/housing for rent classifieds "shadyside" - craigslist

Let me put this into perspective for you. Rent is increasing everywhere, even the less desirable neighborhoods. I think you're just impressed with how high you have been able to raise your rent and therefore you think you own property in a neighborhood that is comparable to Shadyside and Squirrel Hill. I'm not saying that Washington isn't a great place to live. I'm just saying that it isn't among the most sought after, most desirable places to live. It will never command the same rental prices as Shadyside, except for Grandview. It just doesn't have the business district. It's median income slightly lower than Etna's. Considering Etna doesn't have the extreme wealth Grandview has, that means Mt. Washington has significantly more poverty.

thanks for the perspective. If you were to go back and read my first post, I state that I keep track of certain areas. And I have been for about 5 years on a weekly/monthly basis. I never said that mt washington is as good as shadyside. This is not a "my area is better than yours" thing. I love the east end and almost purchased a building there last year. I will most likely buy my next building somewhere over that way ( friendship, highland park or point breeze most likely).

I think the common theme here is that rents will continue to rise, and we really dont know how fast. So anyone wanting to debate how this area is better or worse than that area, its all yours now. Ill stay out of it.

[Hopes]

Originally Posted by jea6321

I think the common theme here is that rents will continue to rise, and we really dont know how fast.

They'll definitely continue to rise, but they will flatten out eventually in some neighborhoods because the residents won't have the income to pay increasingly higher rent. In the better neighborhoods, some people will start leaving for the next up and coming neighborhoods and those neighborhoods will continue to increase. Mt. Washington has a good chance of being one of those neighborhoods. It could go either way though----it may flatten out eventually because people can't continue paying higher rent, or it may continue to rise as people flee most popular neighborhoods. Only time will tell if it flattens or continues to increase, but I'm confident that rent won't decrease in Mt. Washington. It may continue to have significant poverty, but certain areas it will also continue to attract wealth because of the view.

And this isn't better/worse neighborhood debate. We can't project rental increases without weighing the possible potential for each neighborhood. Rents are increasing everywhere----even Turtle Creek and Forrest Hills----but they won't continue to increase dramatically everywhere. That's why it's relevant to compare neighborhoods to give a fair guestimate for your question.

[Perryview22]

I have definitely noticed the rise. I think there are too many people watching HGTV and getting the idea that they need to milk renters dry for maximum cash flow. That is why I developed a distaste for one program in particular on that network.

[Copanut]

I'm curious as to how many posters are landlords.

[SteelCityRising]

Originally Posted by Perryview22

I have definitely noticed the rise. I think there are too many people watching HGTV and getting the idea that they need to milk renters dry for maximum cash flow. That is why I developed a distaste for one program in particular on that network.

Are you talking about House Hunters?

"Oh, Winchester, the kitchen counters are corian! I want granite! Where's the ensuite for the kids' playroom? What, no media room? This pool doesn't have an attached hot tub, so it won't do!"

I really wish they would feature SOME prospective homebuyers that don't use the word "yacht" as a verb.

[SteelCityRising]

Originally Posted by Copanut

I'm curious as to how many posters are landlords.

I know retiredcoach is. I wonder if he blows a whistle and makes his tenants climb a rope in order to qualify for one of his units?