**Whats with the high rents these days in Spokane and in N Idaho? (Seattle: real estate, apartments)

[folkguitarist555]

Considering leaving western WA for Spokane, N Idaho area. I noticed the rent in both places...Post Falls, Spokane are thru the roof on par with the far suburbs of Seattle these days? I remember just a few years ago looking at rents on Craigslist for the inland empire and they were around 700 to 900 for a 1 bdrm. Now they are going for anywhere from 1100 to 1300 for a 1 or 2 bdrm. Why have the rents gone up so high so fast? Is it the result of all the Seattle ites and Californians who have moved to Spokane in recent years?

[Boxkicker]

The roots of Spokane’s rental shortage lie in the Great Recession, as well as demographic shifts that have increased the number of people looking for rentals.


When the housing market collapsed in 2007 and 2008, new construction halted and many homes lost as much as one-third of their value.


After the market settled down, many people had lost their homes to foreclosure. Others were wary of becoming homeowners after witnessing the chaos of the recession. Some saw their credit ratings fall and were no longer eligible for mortgages.


“Since then, there’s been a preponderance of people that are renting as opposed to purchasing,” said Rawley Harrison, the owner of Watson Management.

[Boxkicker]

Spokane home market is a seller's market right now so the rental market is tough along with it.

I went under contract for a new build that in February 2016 the base was $204K. That same base today is starting at $237K.

That home cost me $245K with the upgrades. If I got the same upgrades today it would cost $278K.

[oregonwoodsmoke]

Part of it is that your money just doesn't buy what it used to buy, and that includes housing.

[folkguitarist555]

I mean I looked at rents in rapid City....Boise....Spokane....Missoula..etc. Rents are all 1000 and up even in those places. Something fishy going on Nationwide. Looks like only cheap rents in America are in places like MO, Ky, TN, ....mainly southern states, and maybe the rust belt.

[ShadoAngel]

Originally Posted by folkguitarist555

I mean I looked at rents in rapid City....Boise....Spokane....Missoula..etc. Rents are all 1000 and up even in those places. Something fishy going on Nationwide. Looks like only cheap rents in America are in places like MO, Ky, TN, ....mainly southern states, and maybe the rust belt.

How is that at all 'fishy'? The rural south, especially Appalachia, is experiencing a massive drug abuse crisis and a lot of industry is slowing down and moving out. People are too. If you want to live in a hot humid jungle in the middle of mostly nowhere, Mississippi has always been cheap living. The only exceptions are the large cities like Atlanta and Charlotte that are driving strong population growth in their states. And the lower prices attracts price-conscious people forced out from other locations.

Missoula, Boise, Spokane, etc. are beautiful places with plenty of city amenities but also close to a ton of outdoor activities. As someone looking to move in that direction, it's a no-brainer that other people are looking to move too and the price of real estate is going up. Fewer houses and apartments with greater demand = higher rent.

Also in most western cities real estate and rent have always been higher. Space is in greater demand when you're boxed in by mountains or reliant on costly water rights to develop new communities. It's dirt cheap to build and expand southern cities and the desirability is lower, so it's cheaper.

Lastly, the other main consideration is that Millenials are getting older. As the largest generation they represent a huge demographic - young people in their 20s and 30s looking for apartments and small houses. If a location or house-type is in high demand by Millenials, it's going to be expensive.

[Llep]

What am I missing here? I am heading out to apartment shop in Spokane in a few days. I am using a well known apartment app. I am looking for a simple one bedroom and there appear to be ample supply all over the area for 800 ish. I want to start a little frugally until I learn more about the area (and perhaps get a job!). And then maybe get a nicer place or buy.

[Sandpointian]

I bsg to differ. In CDA much of the housing has dramatically improved over the past decade plus. Added to factors already discussed and recognizing that the increases in rent have been very modest since 10 years ago, and nothing is fishy.

Also lots of housing for the upper middle class has come on the market.

That said, there are parts of each of these cities where the prime lots are just do few in number, hence the boom in prices.

[The Singularity]

Originally Posted by Llep

What am I missing here? I am heading out to apartment shop in Spokane in a few days. I am using a well known apartment app. I am looking for a simple one bedroom and there appear to be ample supply all over the area for 800 ish. I want to start a little frugally until I learn more about the area (and perhaps get a job!). And then maybe get a nicer place or buy.

That is what I thought until I moved here, most of the cheap places have income restrictions, the apartment apps do not tell you this. The cheap places without income restrictions have no vacancies. Middle class looking to rent in Spokane, prepare to get hosed.

[Meseeks]

Originally Posted by The Singularity

That is what I thought until I moved here, most of the cheap places have income restrictions, the apartment apps do not tell you this. The cheap places without income restrictions have no vacancies. Middle class looking to rent in Spokane, prepare to get hosed.

So how do we know which ones are income based? We are moving to Spokane area soon and have been looking at apartments as well. Using the apartment apps, I've seen several of the apartments in the $800-900 range that we have considered. Any suggestions or tips are welcome.