Sky's the limit for Atlanta rents - Ponce City Market leases are just a sampling (low income, apartments)

[LynnHarris]

Last week, the Flats at Ponce City Market, the complex's residential component, released its leasing rates: $1,225 and up a month for a 575-square-foot studio; $3,395 a month for a three-bedroom measuring 1,790 square feet. The rent is high. Realllllly high, particularly to us hoi polloi accustomed to paying $700 for a studio in the heart of the city.

There will be some PCM units deemed "affordable." A building spokeswoman tells us that 20 percent of the 259 units will start at the low, low rate of $998.

PCM's prices aren't the most expensive in Atlanta — a two-bedroom at the Four Seasons Hotel in Midtown is listed on Trulia for $7,500 a month — but they are indicative of the direction the city's headed. A tech professional priced out of Silicon Valley or New York would giggle with glee over the idea of living with such amenities at such a relatively low price. But for many of us Atlantans who've lived here more than five minutes, the rates were a wake-up call..."

Full Story: Sky's the limit for Atlanta rents | Opinion | Creative Loafing Atlanta

[noah]

Seems to me many of the new buildings are more expensive than PCM. One of their floorplans gets you 1500 sq feet for 1900. Even the Elan westside's announced prices are much more pricey for the space.

[CCATL]

Originally Posted by LynnHarris

Last week, the Flats at Ponce City Market, the complex's residential component, released its leasing rates: $1,225 and up a month for a 575-square-foot studio; $3,395 a month for a three-bedroom measuring 1,790 square feet. The rent is high. Realllllly high, particularly to us hoi polloi accustomed to paying $700 for a studio in the heart of the city.

There will be some PCM units deemed "affordable." A building spokeswoman tells us that 20 percent of the 259 units will start at the low, low rate of $998.

PCM's prices aren't the most expensive in Atlanta — a two-bedroom at the Four Seasons Hotel in Midtown is listed on Trulia for $7,500 a month — but they are indicative of the direction the city's headed. A tech professional priced out of Silicon Valley or New York would giggle with glee over the idea of living with such amenities at such a relatively low price. But for many of us Atlantans who've lived here more than five minutes, the rates were a wake-up call..."

Full Story: Sky's the limit for Atlanta rents | Opinion | Creative Loafing Atlanta

I recently contacted PCM to find out more information about their "affordable housing". I was looking around for somebody on disability and thought PCM would be a good option, since it was advertised that they have income based units. Now, I will start by saying I DO NOT think those who do not work (and are perfectly capable) should get an apartment at a cheaper price than someone who works for their money - I don't believe in handouts, and don't think handouts like that help anybody, including those people. However, my taxes are used to give PCM their tax breaks, and those rental units should go to low income folks who work, or have a reason not to work (disabled, etc.) as they advertised the apartments would. What they did not mention here is that even though there are units available for about $1000/month, in order to qualify, you have to make 3 TIMES THAT RENT. IMHO, $3000/month gross IS NOT a low income person. That's a take home of $36,000 per year, which cuts out a huge number of people, such as disabled veterans, mentally ill, and low-wage workers. I know a large number of healthy, educated persons beginning a career in public service who just barely qualify, and none of them would consider themselves a low income person. Personally, I find that ridiculous that my tax dollars can be given to a place on the notion that they will keep a certain number of rentals for low income, and then turn around and require an annual take home salary of $36K to qualify.

[ATLTJL]

Pie in the sky. Totally unsustainable.

They can ask for rents like that, but they'll change their tune in 6 months when they are at 30% occupancy.

[nature's message]

The comparisons to San Francisco and New York have absolutely no merit whatsoever because a.) population density is significantly lower and the lack of natural barriers that would otherwise affect rent control allows much more room to develop (there are countless upon countless numbers of undeveloped land in the urban core alone) and b.) outside of a select number of submarkets north of I-20, Atlanta is still dirt cheap.

[noah]

I hear what you are saying but would you want to accept a tenant that made less than 3x rent if you owned the property. That is a recipe for non payment, the other 66% of their gross income is needed to pay food, utilities, taxes etc. And from the tenant's perspective how do you expect one to live if they are paying more than 1/3 of their income on rent, remember this is grow income before taxes.

I always thought of low income in this context as exactly for the type of person you mention at the end - teachers, police officers, public servants.

As to the other comment mentioned on this board that no one will pay these rents - recent history with building leasing to 100% quickly tells us otherwise.

Originally Posted by CCATL

I recently contacted PCM to find out more information about their "affordable housing". I was looking around for somebody on disability and thought PCM would be a good option, since it was advertised that they have income based units. Now, I will start by saying I DO NOT think those who do not work (and are perfectly capable) should get an apartment at a cheaper price than someone who works for their money - I don't believe in handouts, and don't think handouts like that help anybody, including those people. However, my taxes are used to give PCM their tax breaks, and those rental units should go to low income folks who work, or have a reason not to work (disabled, etc.) as they advertised the apartments would. What they did not mention here is that even though there are units available for about $1000/month, in order to qualify, you have to make 3 TIMES THAT RENT. IMHO, $3000/month gross IS NOT a low income person. That's a take home of $36,000 per year, which cuts out a huge number of people, such as disabled veterans, mentally ill, and low-wage workers. I know a large number of healthy, educated persons beginning a career in public service who just barely qualify, and none of them would consider themselves a low income person. Personally, I find that ridiculous that my tax dollars can be given to a place on the notion that they will keep a certain number of rentals for low income, and then turn around and require an annual take home salary of $36K to qualify.

[onemanarmy]

Originally Posted by CCATL

I recently contacted PCM to find out more information about their "affordable housing". I was looking around for somebody on disability and thought PCM would be a good option, since it was advertised that they have income based units. Now, I will start by saying I DO NOT think those who do not work (and are perfectly capable) should get an apartment at a cheaper price than someone who works for their money - I don't believe in handouts, and don't think handouts like that help anybody, including those people. However, my taxes are used to give PCM their tax breaks, and those rental units should go to low income folks who work, or have a reason not to work (disabled, etc.) as they advertised the apartments would. What they did not mention here is that even though there are units available for about $1000/month, in order to qualify, you have to make 3 TIMES THAT RENT. IMHO, $3000/month gross IS NOT a low income person. That's a take home of $36,000 per year, which cuts out a huge number of people, such as disabled veterans, mentally ill, and low-wage workers. I know a large number of healthy, educated persons beginning a career in public service who just barely qualify, and none of them would consider themselves a low income person. Personally, I find that ridiculous that my tax dollars can be given to a place on the notion that they will keep a certain number of rentals for low income, and then turn around and require an annual take home salary of $36K to qualify.

The tax credits are for the developer to provide affordable housing, not low income housing. There is a difference. Also, the tax credits expire, and rents will normalize. Some are 10, 20, 30 years. Also, the taxpayer is not giving anything away, they are foregoing future taxes. It's the same thing taxpayers were doing while PCM was empty and dilapidated, foregoing taxes.

[Listennow32]

And it begins.. I don't understand why people didn't see this coming. They flashed pretty pictures of some walking trails with a little trolley going around it and call it a beltline. They then throw in the words like "affordability" or "mixed income" for good measure. But the entire time the mixed income community they are planning for is one where the guy making $80,000 is living next door to the couple making over 6 figures.. Oh yea.. and that single guy making $60,000 is getting the affordable housing... realll affordable.

[AnsleyPark]

Welcome to the real world folks.

[samiwas1]

Originally Posted by noah

Seems to me many of the new buildings are more expensive than PCM. One of their floorplans gets you 1500 sq feet for 1900. Even the Elan westside's announced prices are much more pricey for the space.

True. Most of the new places on the Westside have 2 bedrooms starting at $1,500 or so.

• Collier Lofts will have 2 bedrooms starting at $1,400s
• The Reserve at Collier Hills has 2 bedrooms starting at $1,505, and 3 bedrooms (1,302 square feet!) at $2,305, and it doesn't even have a deck!
• Elan Westside's 2 bedrooms start at $1,715 for 1093 square feet, and goes up to over $2,000.
• Walton Westside's 2 bedrooms start at $1,490 for 1089 square feet and go up to over $2,000.

That's just some of them. Yep…the rent's getting too damn high.