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Also it's not only transplants that are causing rents to go high, but lest we forget the housing and recession of just a couple years ago. Many of people came out of houses for various reasons and buying homes isn't as easy as it was before all of that. So apartment supply for a while was lagging. So more people are choosing or having to rent. Also this area has a high college and recent grad population more so that many other areas because of the high number of colleges and universities. And so it reasons that the students and the 20 and 30 somethings with no families really have valid reasons not to buy especially if they are not sticking around for the long haul unless they are looking for investment properties. The more apartments they build though hopefully will help prices moderate some.
Ok looks like I opened a can of transplant Yankee hate, I'm already here everybody else stop coming. Mixed with transplant self consciousness. Neither was the point. As a native I'm a little concerned about what's going on. I actually like ALL the transplants coming here. Raleigh needed the new blood. But somewhere down the line the everything luxury is going to blow up on us. One way or the other. It's as simple as that. By the way it's not political to be concerned about your city and the people who have less. It's natural for me to be concerned. Especially seeing as how not to long ago I was one of the have nots.
Ok looks like I opened a can of transplant Yankee hate, I'm already here everybody else stop coming. Mixed with transplant self consciousness. Neither was the point. As a native I'm a little concerned about what's going on. I actually like ALL the transplants coming here. Raleigh needed the new blood. But somewhere down the line the everything luxury is going to blow up on us. One way or the other. It's as simple as that. By the way it's not political to be concerned about your city and the people who have less. It's natural for me to be concerned. Especially seeing as how not to long ago I was one of the have nots.
If/when that happens, those "luxury" places will fall into decline and the rent and demographic will follow. As someone else stated, it's all cyclical. The market has a way of working things out.
I share your opinion that the influx of new blood is a net-positive. Sure there are some downsides, but I choose to see the overwhelming upside of the influx. I wish I could cherry-pick the attributes that *I* want, but that's just not how it works. (I can only pick where I live, and I picked here....)
Also it's not only transplants that are causing rents to go high, but lest we forget the housing and recession of just a couple years ago. Many of people came out of houses for various reasons and buying homes isn't as easy as it was before all of that. So apartment supply for a while was lagging. So more people are choosing or having to rent. Also this area has a high college and recent grad population more so that many other areas because of the high number of colleges and universities. And so it reasons that the students and the 20 and 30 somethings with no families really have valid reasons not to buy especially if they are not sticking around for the long haul unless they are looking for investment properties. The more apartments they build though hopefully will help prices moderate some.
Unfortunately, most of the new apartments are for high income tenants.
Ok looks like I opened a can of transplant Yankee hate, I'm already here everybody else stop coming. Mixed with transplant self consciousness. Neither was the point. As a native I'm a little concerned about what's going on. I actually like ALL the transplants coming here. Raleigh needed the new blood. But somewhere down the line the everything luxury is going to blow up on us. One way or the other. It's as simple as that. By the way it's not political to be concerned about your city and the people who have less. It's natural for me to be concerned. Especially seeing as how not to long ago I was one of the have nots.
It's not totally the fault of the transplants.
The greed of the real estate industry was not controlled by government to make sure growth was orderly and infrastructure was created before problems arose.
Now, we have a mess in transportation and are stupidly building more roads instead of getting on the ball with rail mass transit.
The sprawl will make trains tough to implement but it might still be possible. If not, road building must end to stop growth in outlying counties creating more long distance commuters.
By bribing companies such as Met Life to abandon their home communities, NC will most likely lose many of the firms when another state or country offers a better bribe. These companies are like unfaithful spouses who make poor candidates for successful later marriages.
Unfortunately, most of the new apartments are for high income tenants.
$1,000, even $1,500 a month is in no way a "high income tenant". $900/month for a luxury apt (in the OP) is a steal, and if truly "luxury" with granite etc. that's an awesome deal.
Most apt communities want 1/3 max income to rent. So $1,500 a month in rental costs = $54,000 a year income req'd, again hardly "high income".
It seems like every new apartment being built has luxury somewhere in the description. Along with a luxury rental rate to match. From what I could find. Average rent in Raleigh 1 bedroom 805 2 bedroom 935. It seems with all the growth in the area someone forgot about lower income folks. Maybe I'm missing something. I hope so. Not everyone can pay these prices. Not everyone can afford luxury.
With all due respect I think you would do well to understand that like any product or service, the seller is going to attempt to present the item in the best possible light. Is the laundry detergent really "new and improved"? Are they serving the "finest" fried chicken anywhere? Will that movie be the most "exciting" film you'll ever hope to see?
Same with the term "luxury", maybe it is, maybe it isn't but don't count on seeing advertising offering a description along the lines that "Our carpets are average"..."We have rude customer service"... "The water runs"..."Our apartments are utilitarian"
As for affordable, unless you choose to dig into some census or economic statistics and pin some arbitrary number on housing prices, what exactly constitutes affordable? Is it beyond the means of 90% of the population? 50%? Just you? How much of your income do you consider within your means for housing? 5%, 10%, 20%, 30%?
Sorry, too many questions left unanswered to consider the tone of your complaint much more than whining, an inflated sense of entitlement, coming to grips with reality or it's just a class warfare beef. I hope I'm wrong and you're simply frustrated in finding a place you're comfortable with. We've all been there. Best of luck.
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