Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
A 1-bedroom could go as much as $1,300, but yet there are barely any high paying jobs in this city. My question is who is renting these pricey apartments?
A 1-bedroom could go as much as $1,300, but yet there are barely any high paying jobs in this city. My question is who is renting these pricey apartments?
Retirees and people moving from cities like NYC, SF, and Chicago—places where $1,300 for a nice apartment is comparatively affordable. A lot of the non-retirees moving to these apartments are probably bringing their own jobs. This is our new reality—and all the more reason for the city to drastically increase its supply of housing, IMHO.
The why is pretty easy. Housing here, particularly rentals, is a classic supply vs. demand issue. It has been as long as I've been here.
As such, I'm not sure it matters who is renting them. Che probably hit some of them, but there are also people who lost houses in the last recession, as well as people who took a bath selling themselves out from under a house they could not afford (or refinanced themselves into a hole by pulling money out). Many of those were not poor, they just bit off more than they could chew in real estate. They have to live somewhere, and renting is either their only option or the most palatable to them.
What I do know is as more luxury apartments get built, they get leased. If they hit a point where they can't lease them, either rents will come down or they will stop being built.
Given the price of land to build apartments on, I think it will be the latter. The cost of the land and construction I think makes it pretty unappealing for anyone in that business to risk building housing that will command much less. Land is also a supply vs. demand issue, with supply somewhat constrained by the terrain.
The vacancy rate is less than 1% for apartments. Even when a developer is willing to build a more modest apartment or condo complex, they will get outbid on the land by another who wants to build luxury units. I tend to agree that it's not going to get better any time soon. Housing here is problematic too, relative to wages. In a recent Citizen Times article they noted that 67% of potential buyers in the area are looking for $200k or less price range, yet only 25% of homes on the market are in that range.
The vacancy rate is less than 1% for apartments. Even when a developer is willing to build a more modest apartment or condo complex, they will get outbid on the land by another who wants to build luxury units. I tend to agree that it's not going to get better any time soon. Housing here is problematic too, relative to wages. In a recent Citizen Times article they noted that 67% of potential buyers in the area are looking for $200k or less price range, yet only 25% of homes on the market are in that range.
As someone who has been looking since May for land or a house you are right only about 25% of homes are $200K or less and a lot of those in that price range were built in the 60's, 70's, or 80's and need a lot of updating. I have seem a few that still have those huge microwave ovens in them and green carpet. If $200K is already your max and the house is $220, then you may get it for $200K, but it leaves you no money for update.
$200K seems like a lot of money to get decent land to build a home or a home already built, but it's not really. And we have widened our search to 45 minutes away from Asheville.
I think for us it is been harder due to things we are looking for, like not being in a subdivision and no restriction and not on the side of a mountain.
As someone who has been looking since May for land or a house you are right only about 25% of homes are $200K or less and a lot of those in that price range were built in the 60's, 70's, or 80's and need a lot of updating. I have seem a few that still have those huge microwave ovens in them and green carpet. If $200K is already your max and the house is $220, then you may get it for $200K, but it leaves you no money for update.
$200K seems like a lot of money to get decent land to build a home or a home already built, but it's not really. And we have widened our search to 45 minutes away from Asheville.
I think for us it is been harder due to things we are looking for, like not being in a subdivision and no restriction and not on the side of a mountain.
Have you considered looking over the border, in SC ? Areas like Traveler's Rest, Inman, Campobello, and especially around Greer and Greenville SC. Very nice areas, closer to the mountains 35 miles or so from the mountains. Or, buy within your budget in a good area, upgrade at your leisure and build up equity. Did you investigate the price ranges here before you relocated?
There are also very nice areas in southwestern VA that may be more affordable, and still in the mountain range. Of course, if you definitely need to be here for employment that is a different situation. No matter where relocation happens around the country, it is always a case of supply and demand. Simply, Economics. 101
Last edited by QuilterChick; 09-10-2015 at 10:12 AM..
Reason: Typo
And hence while I'm still a renter and likely will remain one if I want to stay in Asheville. I've managed to make it 16 years here and here's hoping for many more.
Have you considered looking over the border, in SC ? Areas like Traveler's Rest, Inman, Campbello, and especially around Greer and Greenville SC. Very nice areas, closer to the mountains 35 miles or so from the mountains. Or, buy within your budget in a good area, upgrade at your leisure and build up equity. Did you investigate the price ranges here before you relocated?
There are also very nice areas in southwestern VA that may be more affordable, and still in the mountain range. Of course, if you definitely need to be here for employment that is a different situation. No matter where relocation happens around the country, it is always a case of supply and demand. Simply, Economics. 101
My boyfriend works at the Biltmore and Mission, so that is why we are looking in the areas we are. Also I have lived in Asheville since 2009, and in WNC since 1998, so I am not relocating here. He is not going to drive more than 45 minutes. He is also not going to give up working at The Biltmore as he makes good money there.
My boyfriend works at the Biltmore and Mission, so that is why we are looking in the areas we are. Also I have lived in Asheville since 2009, and in WNC since 1998, so I am not relocating here. He is not going to drive more than 45 minutes. He is also not going to give up working at The Biltmore as he makes good money there.
Have you considered a condo or townhouse? (Also to build up some equity.)
Have you considered a condo or townhouse? (Also to build up some equity.)
We are a family of 5 and live in an apartment. I hate having people above me and on the side of me. My neighbors now either, thump their music too loud or walk very heavy and I hear them. I want to have a yard for my kids to run and play in and I don't have to worry about them being bullied.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
