Downtown rentals going going gone! (Pittsburgh, Wilson: apartments, condos, mortgage)

[nuwaver88]

Downtown Pittsburgh apartments filling up

Downtown is still sleepy after hours most of the time. This will change as the demand continues to rise for more housing to be developed. I am hoping the conservative Cultural Trust sees this and at least starts Riverparc, and builds on that primo land it owns by The Encore on Fort Duquesne Boulevard. I expect to hear some news on this in the coming months. If you noticed, the more moderately priced apartments are the ones selling the best. I have said this for years. They need not be priced too low, but still should not have catered stricty to the the affluent as they have in the past.

[Hopes]

Originally Posted by nuwaver88

If you noticed, the more moderately priced apartments are the ones selling the best. I have said this for years. They need not be priced too low, but still should not have catered stricty to the the affluent as they have in the past.

I have been saying this for years too. The rents could stand to be lower too.

$750 for an efficiency is too high for middle class families when they can buy a entire house with a mortgage payment in the $750-$1,300 range.

Downtown shouldn't be only for the affluent and single/childless professionals. It will be more vibrant when it attracts middle class, families, and artists too.

[Geeo]

Downtown was pretty hopping Saturday night, and I'm sure it wasn't from just the folks who live there. There are several hundred thousand people within a few miles' radius for whom it takes but five or ten minutes to get downtown. We went to an event at the August Wilson Center, then for drinks with friends at a bar on Liberty Avenue after that. As we left around 11:30 and walked to the car, it was amazing how many people were out and about up and down Liberty. Quite a contrast to 20 years ago, when it was mostly the people who patronized the adult book stores and massage parlors of what was then the Red Light District.

[hnsq]

I almost bought downtown.

I would only have gotten a small 1br/large studio for the price I ended up paying for a townhouse in Bloomfield, but it would be great. It is great that there is starting to be some REAL city condos in Pittsburgh.

[onepoint]

Originally Posted by Hopes

I have been saying this for years too. The rents could stand to be lower too.

$750 for an efficiency is too high for middle class families when they can buy a entire house with a mortgage payment in the $750-$1,300 range.

Downtown shouldn't be only for the affluent and single/childless professionals. It will be more vibrant when it attracts middle class, families, and artists too.

I tried jumping on a few different studios in some of the renovated downtown complexes in the $800-1,000 range within the last year or two, and they wound up having waitlists of a few months.

While I would always prefer lower rents, apparently they're having zero problems moving these units and I wish I had foreseen the demand earlier. Though I have noticed a number of extended vacancies for 1br units above roughly $1,250 or so...

[pman]

good news, there are plenty of empty upper floors.

[Hopes]

Originally Posted by onepoint

I tried jumping on a few different studios in some of the renovated downtown complexes in the $800-1,000 range within the last year or two, and they wound up having waitlists of a few months.

While I would always prefer lower rents, apparently they're having zero problems moving these units and I wish I had foreseen the demand earlier. Though I have noticed a number of extended vacancies for 1br units above roughly $1,250 or so...

My point is that downtown is unaffordable for many people who want a place that's larger than a studio.

If studios are $800-$1,000, a two or three bedroom will be out of reach for most middle class families.

Especially when you consider an entire house can be bought in the suburbs for a mortgage payment that's not much more than a studio costs downtown.

I'm not saying that people won't rent at the high prices (afterall, the article proves that people will rent at those prices.)

I just think it would be better if downtown was affordable to more diverse groups of people than affluent or professionals without children.

[hnsq]

Originally Posted by Hopes

My point is that downtown is unaffordable for many people who want a place that's larger than a studio.

If studios are $800-$1,000, a two or three bedroom will be out of reach for most middle class families.

Especially when you consider an entire house can be bought in the suburbs for a mortgage payment that's not much more than a studio costs downtown.

But many, many young professionals would love to live downtown, and wouldn't mind paying that price for a studio/smaller 1br.

Downtown isn't catering towards families. It is catering towards the younger/trendier generation, and it is doing a great job.

[Hopes]

Originally Posted by hnsq

But many, many young professionals would love to live downtown, and wouldn't mind paying that price for a studio/smaller 1br.

I never said young professionals won't pay that price for a studio. I was elaborating on nuwaver88's long held belief that rents needed to be lower----and this recent trend of the lower priced rentals filling to capacity is proof that nuwaver was always right. I've always felt the same as nuwaver about downtown rentals. And I was adding that I believe that places for slightly lower rent would do equally well for the area.

Originally Posted by hnsq

Downtown isn't catering towards families. It is catering towards the younger/trendier generation, and it is doing a great job.

Am I the only person who read the article? It mentioned an area attracting families is a tipping point for reaching critical mass. That's why I'm commenting about families.

[onepoint]

Originally Posted by Hopes

My point is that downtown is unaffordable for many people who want a place that's larger than a studio.

If studios are $800-$1,000, a two or three bedroom will be out of reach for most middle class families.

Especially when you consider an entire house can be bought in the suburbs for a mortgage payment that's not much more than a studio costs downtown.

I'm not saying that people won't rent at the high prices (afterall, the article proves that people will rent at those prices.)

I just think it would be better if downtown was affordable to more diverse groups of people than affluent or professionals without children.

I understand your point, it's just that I don't see a translation to reality. I guess the market/socio forces will work their magic.

I've never imagined downtown living as very attractive to a larger percentage of families; then again I don't really catch myself thinking about living with a family often