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So I guess it logically follows that I'll get a higher rent to price ratio in PBG and Cincy? It just seems strange to me that in these more compact cities with higher rents, house prices would not be higher which seems to be what you are implying here. Unless there's some other dynamic that coincidentally increases the price/rent gap in those cities.
But I'm sure this would be dependent on a number of factors. Seems like something that would go for 65k as a foreclosure wouldn't command such a high rent.
This was in Indy? Do you know where?
I'm pretty sure Indiana is the only one with a statewide cap on property taxes, which definitely appeals to me.
First home will be a primary residence for the time being, with a room or two rented out. Full rental properties come next.
I was planning on getting landlord insurance regardless. Probably go for the DP-3 policy so I'm well covered for everything.
I've done quite a bit of research on Zillow - are the rent estimates generally accurate though you think? The reason I ask is that for foreclosures in the sub 100k range, rent estimate is pretty consistent at 700-900, at least in Indy and Columbus.
Indiana foreclosure laws are insane in terms of how long the house stays in foreclosure. Very very VERY long time so prices drop the longer a house sits. 65k foreclosure price in the area I'm in (there is a foreclosure recently released back on the market going for that price) was probably in and around 115-120k built from the ground up a few years ago. Nothing structurally wrong with the house as far as anyone can see, unless the occupants just tore up the inside.
Buying a foreclosure and renting same foreclosure aren't the same. Not every foreclosure is in mass disrepair or in a bad neighborhood. Indianapolis outer townships are subdivision heavy which is where a lot of foreclosures happened when the market tanked. Nice neighborhoods, nice neighbors, etc. owner just couldn't hang on due to lack of job, etc. Rental market for those (as long as HOA covenants allow) is good even though the investor bought the house for cheap.
99% is a major stretch and fudging of the numbers there. 2011 Downtown CBus occupancy averaged 93.1%, jumping 7% in what a year/year and a half is not likely as the population has stayed around the 3k people range until new units come online (downtown only, not including German Village, Short North where there has always been a higher demand than downtown Columbus). According to Reis Inc. occupancy rate is 95.5%. 95% is ideal with anything above that showing there is demand. That 99% would literally mean it's the hottest market in the US, it isn't. In contrast, downtown Cleveland is 95%, Downtown Pittsburgh average year over year was 95.9% (Source: State of downtown Pittsburgh annual Report), Indy 96.5% year over year (Source: Indydt State of downtown report) and Cincy is over 95% (CBD + OTR) per their annual downtown report. Both reports for Indy and PBG released within the last couple of months as many cities release their annual reports. Surprisingly, not one for Columbus that was easy to find.
Not saying it's not true, just saying it's well highly unlikely and falls along the lines of its competitor cities. CBD population, CBus is the smallest followed by Cincy (13k if you added OTR), PBG at 7600+, Cle at 13k and Indy (minus jail population) 17k. Adding Short North and GV of course adds to CBus population figures just like adding OTR to Cincy.
All of these locales have waiting lists for housing within the CBD.
The occupancy rate in downtown Cincinnati and surrounding neighborhoods is extremely high, with some buildings having waiting lists of over 100 people. Demand is definitely outpacing supply. Between now and the end of this year they will be breaking ground on over 1,100 apartments in the CBD alone, not including Pendleton or Over-the-Rhine.
If that's the data, then that's the data.. still surprises me though
As far as the buzz on the street, or the feel of the city, Columbus has so much more energy than Indy, at least from the standpoint of a young urbanite or recent college grad.
Yes Columbus has more buzz in its urban neighborhoods surrounding downtown. The high rents being sought in and around downtown now are due to the gentrification of hip districts/neighborhoods, these are seperate from OSU. These are young professionals, adults 30 and up, and retired people. A very diverse make up of people demanding innercity Columbus, urban living.
Comparing CBDS does little to show the buzz where it is actually centralized in Columbus, its the neighborhoods north and south of downtown (mostly north and NW) that have all the buzz. These places are in stages of gentrification that are far beyond where anything in Cincinnati currently is. I like Over the Rhine and those places, but anyone who has been to both knows The Short North is in full final gentrification stage (i.e. high end hotels are now being built in the neighborhood like a le meridian)
Also, there is a huge demand further north in the city in the "university district" that is fueled by students and that is nothing new.
Yes Columbus has more buzz in its urban neighborhoods surrounding downtown. The high rents being sought in and around downtown now are due to the gentrification of hip districts/neighborhoods, these are seperate from OSU. These are young professionals, adults 30 and up, and retired people. A very diverse make up of people demanding innercity Columbus, urban living.
Comparing CBDS does little to show the buzz where it is actually centralized in Columbus, its the neighborhoods north and south of downtown (mostly north and NW) that have all the buzz. These places are in stages of gentrification that are far beyond where anything in Cincinnati currently is. I like Over the Rhine and those places, but anyone who has been to both knows The Short North is in full final gentrification stage (i.e. high end hotels are now being built in the neighborhood like a le meridian)
Also, there is a huge demand further north in the city in the "university district" that is fueled by students and that is nothing new.
I'm guessing you never been to over the Rhine, don't make such a big deal out of short north, no offense but it wasn't all that, I was disappointed...I was very impressed by Cleveland, oho hip neighborhoods though.
The occupancy rate in downtown Cincinnati and surrounding neighborhoods is extremely high, with some buildings having waiting lists of over 100 people. Demand is definitely outpacing supply. Between now and the end of this year they will be breaking ground on over 1,100 apartments in the CBD alone, not including Pendleton or Over-the-Rhine.
The point i was trying to make is all 4 cities being discussed have high occupancy rates. Never suggested otherwise. I did say the 99% rate for cbus is just bogus and used two other sources. One from 2011 showing at 93% and more recent showin 95%. 99% would put it well above a city like austin and that is just not going to be the case as austin is outdoing just about everyone at this point in time. All mentioned are around 95-96%. A lot of cities have orgs that track that such as indydt, downtown cincinnati, metrojax, etc. Cbus's strengths are in the surrounding hoods of downtown (sn, gv). Indy is downtown centric, everything is within those borders. Cincy is the more balanced of the three with downtown and otr. They work very well together. Now personal preference is just that, no right or wrong answer, just personal choice. The numbers though are in line with one another. Like a lot of other places, the cores are seeing major investment.
Each city has things that help, osu is a god send to cbus, it brings a lot of young people as that's what universities do especially a 50k student campus. Cin, pbg and indy bring multiple professional sports. It brings people downtown for things other than work. Cincy has a few big events every year that brings a 100k people downtown during x timeframe. Don't know of any for cbus and pbg so someone from those places would have to enlighten. Indy has more than a few.
The midwest gets dogged and midwesterners here spend day after day going back and forth about who is better even though we are running the same more or less, just different focus. The cities should try to work together. I used to live a straight shot down 74 to cincy. Less than an hour my style of driving on a very bland i74. No reason jazzfest can't coordinate with ibe with summer celebration or zoo discounts between cincy and indy zoo (cincy big cats and indy dolohin show or something). Co-opting is very effective advertising.
I'm guessing you never been to over the Rhine, don't make such a big deal out of short north, no offense but it wasn't all that, I was disappointed...I was very impressed by Cleveland, oho hip neighborhoods though.
I'm not sure there's anything in Cleveland that compares to Short North though. I have to admit that Short North is really becoming a great American neighborhood, and is one of the better "uptowns" in the Midwest.
To the columbus cheerleader who left the comment on a rep because your to scared to leave your name man the &*%$ up and say what you have to say in the open!
Hahaha, although I always love data with a source, I have a feeling that the OP likely isn't planning on investing in any Class A office space, which generally rents at over $25/SF and costs many multiples more than that!
Yeah... that's not gona happen anytime soon for me.
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