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With all of these apartment projects going on around Cameron village and glennwood south are they going to be affordable or over 1000 dollars for a small one bedroom. I live in north Raleigh now and want to live in a walkable area. I don't want to depend on a car all the time. Does anyone know if any of these projects affordable or all luxury? When are the completion dates on these project too? I only see two of these project getting built.
I live downtown, and after looking myself and hearing from my friend's, you won't find an apartment or condo to rent for under $1000. Better luck in finding a rental house in one of the neighborhoods as well as small one bedroom attachments. The bigger developments are going to be $1200+.
i think you have to look at non-complex properties in that price range. MiamiBlue tends to be the expert in this topic. She lives DT but not in the major complexes.
Cameron Village condos - the 2 story buildings north and east of the shopping center - rent for $700 for a 1 bedroom flat/efficiency and around $1000 for a 2 bedroom 1 bath 2-story.
If you are really determined you can find something. After a few months of searching I found a one bedroom condo downtown that rents at $900 / month. That seems to be roughly the floor rental price from what I have come across. Outside of that you need a roommate or are going to have to settle with an older rental property.
There's some over between Broughton High School and Cameron Village that were renting in the $700 range, but they don't have AC.
What about the stick built apartments going up now by pullen park?
My guess would be that anything that's going up now is going to be on the higher end of the market. For example, 712 Tucker is stick built and it's expensive.
The best case scenario for the rental market prices to soften is for the supply to exceed the demand. There will be a lot of rental product coming on the market in the next couple of years.
Right now it's just not worth it to live downtown for most people for what you would have to pay. I've been working downtown for 8 years and have thought about it. Before I bought my house, while in my house and now that I'm renting again still thinking. But downtown honestly does not have the shops, food stores, etc. etc. to make it a good choice. If I'm going to pay that, might as well live at North Hills. There are a few older apartments here in there but finding them is a mission!
Right now it's just not worth it to live downtown for most people for what you would have to pay. I've been working downtown for 8 years and have thought about it. Before I bought my house, while in my house and now that I'm renting again still thinking. But downtown honestly does not have the shops, food stores, etc. etc. to make it a good choice. If I'm going to pay that, might as well live at North Hills. There are a few older apartments here in there but finding them is a mission!
Aren't you just speaking for yourself? The market will determine what is and isn't too much to pay.
You are part of that "market" but not every part of that "market" since the properties downtown are renting for rates higher than you are willing to pay.
As for the shops, etc. that you'd like to see before making DT your home, that's a symbiotic relationship. The more people that live downtown, the more those things will come. Just sit tight and wait. Others are paving the way for you.
I think that some of these places getting built today are able to charge more than they would be able to get if Raleigh had a more mature downtown rental market. Right now, they're able to get more money out of their buildings than they would otherwise because (1) they're very new, and new apartments always command a premium, and (2) the supply in downtown is very tight right now.
Some of the places, particularly stick built ones, will eventually come down in price as they age, some of the shine wears off, and more competition that is newer, has more amenities, is higher quality construction, and just has more "sex appeal" get built. I have to imagine that once a place like Skyhouse is built (the 24 story 320 unit building planned near City Market) that it will absorb the top end of the market, who presently have no choice but to live in places like 712 Tucker. That will force rents elsewhere down somewhat.
Elsewhere on a different forum I put the following numbers together to give an idea of what this "urban apartment boom" looks like. The question is, is this going to result in a "glut"? Is this basically filling latent demand that has always been there? Does the fact that our population is growing and is projected to keep doing so mean that even if everything propsed gets built, there will still be room for more?
Downtown:
712 Tucker (179 units - completed)
Hue (208 units - completed)
425 N Boylan (250 units - under construction)
FMW @ Hillsborough/Morgan (249 units - under construction)
600 St Mary's (145 units - under construction)
Apartments at West (153 units - proposed)
Seaboard Apartments (112 units - proposed)
The Gramercy (209 units - proposed)
Edison Apartments (239 units - proposed)
Skyhouse Apartments (320 units - proposed)
TOTAL: 2064 units
Center city neighborhoods:
Valentine Commons (277 units - under construction - student)
Valentine Commons Phase 2 (126 units - proposed - student)
Gallery at Cameron Village (282 units - under construction)
401 Oberlin (250 units - proposed)
TOTAL:935 units
Mid-rise mixed use infill but not quite 'urban'
Alexan North Hills (297 units - completed)
Park and Market (North Hills East) (409 units - completed)
Oberlin Court (370 units - completed)
Manor Six Forks (298 units - completed)
TOTAL: 1374 units
COMPLETED: 1761
UNDER CONSTRUCTION: 1203
PROPOSED: 1409
GRAND TOTAL: 4373
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