Atlantans Speak Out on Rent Hikes... (Harlem, Hoboken: house, neighborhoods, purchasing)

[Aubie16]

Originally Posted by Gulch

Can't wait for the "rent control should be enacted" crowd to show up...

with zero understanding of economics...

[arjay57]

Originally Posted by cqholt

Supply and demand. There is a high demand in to live intown and a limited supply, that is why there are SO MANY new multifamily developments being built.

Yup. We are still in the middle of the pack compared to other big cities.

[UrbanConquistador]

Originally Posted by cqholt

Supply and demand. There is a high demand in to live intown and a limited supply, that is why there are SO MANY new multifamily developments being built.

Originally Posted by arjay57

Yup. We are still in the middle of the pack compared to other big cities.

Too much elbow room, I'd say.

[residinghere2007]

Originally Posted by ATLTJL

Or live on a part of town where this hasn't happened.

It's mostly an intown phenomenon.

Rents are increasing all over. But IMO people need to move into the neighborhoods where housing is actually still kind of cheap (west and south) in the city.

Only specific neighborhoods are super expensive and people only want to live in those neighborhoods due to (IMO) mostly irrational fears or "shopping/materialism" options.

Move to Vine City and West End, they are not as expensive even though the rents over there are increasing as well. But you can find places less than $1200 a month and even in the $600-$900 a month still.

I have a house I rented for $900 a month (4bd 3ba). Since our tenants are great and never miss a payment and I am still making a profit on that house, as long as taxes don't increase too much, we willl keep the rent the same for them for 2 years or longer.

[ElleKaye]

I agree that rent is ridiculously high. I don't know how I feel about rent control because I'm not from a place that had it in the sense that I understand it works in New York so I have not taken the time to think about it. However, there were limits on what percentage of increase a landlord could make at lease renewal time.

That is pretty much the point of locking in on a longer term lease. In Georgia, there appear to be no limits at all. They could increase it 500% and no laws are in place to stop it.

I'm paying way more than I want to in Midtown, but it's a decision I made. I think one of two things is going to happen or perhaps both. One - when the newer intown developments are completed, the older complexes will be forced to drop their rent costs. Two - the southside may become more desirable and result in a migration.

[bhammaster]

Might as well move to NYC if this keeps up....

[Dkeating]

Originally Posted by residinghere2007

Move to Vine City and West End, they are not as expensive even though the rents over there are increasing as well. But you can find places less than $1200 a month and even in the $600-$900 a month still.

Some good advice here, especially with respect to West End.

[Dkeating]

Originally Posted by ElleKaye

Two - the southside may become more desirable and result in a migration.

I definitely foresee this happening.

[Gulch]

Originally Posted by ElleKaye

I'm paying way more than I want to in Midtown, but it's a decision I made. I think one of two things is going to happen or perhaps both. One - when the newer intown developments are completed, the older complexes will be forced to drop their rent costs. Two - the southside may become more desirable and result in a migration.

The explosion in apartments and rental rates reminds me of a decade ago with the condo market. Sooner or later the rental market will have to level off (or worse crash).

[Iconographer]

Originally Posted by cqholt

Supply and demand. There is a high demand in to live intown and a limited supply, that is why there are SO MANY new multifamily developments being built.

There it is. Same thing is happening here.