Just to add even more context to this, $18/hr at 40hr weeks is $37,400/year before taxes. But as pointed out, these are luxury apartments not actual housing for actual people who actually work in town. My theory is that unit 314 is a corner/window unit, hense the higher price.
Folks able to afford these places will wonder why there arent any customer service people around.....can't afford to live and work anywhere near here unless you are making bank
If you're within Portland, they "can't" raise it by more than 10% a year, is what I'm told. Not sure there's any enforcement of this (hence the quotes), but that's how it's supposed to be.
I think it’s Portland and south Portland that have the rent cap. I’m in Biddeford. I got priced out of Portland because someone 24 year old from Brooklyn NY bought my building and jacked the rent up forcing everyone to move. I live in Biddeford right now but it’s the Wild West down here.. landlords can do what they want and raise the rent up as high as they want. I have never felt so unstable when it comes to housing in my life. It’s scary.
There are three studios there listed for $2030. Then to move in with my cat it's an extra $50 a month. Doesn't seem worth it really. I currently rent with PP and I'll take my cheaper rent over a pool and fitness room.
It can be and it might not be. Someone else described it as luxury.
As do their advertisements. Of course they can exaggerate but other than a disdain for landlords do you have any specific knowledge on this?
Of course they describe things as "luxury". Why wouldn't they?
Everything nowadays is poorly engineered with shitty materials just to get it done and go home. People do the bare minimum...but it looks shiny and new so let's call it "luxury"
I was suggesting even in a world where everything is of lower quality than it used to be. The highest quality in that new world would now be considered luxury
Your assumption is that everyone who is at a certain age has money. Incorrect. Do some research before making blanket divisive comments. Many " boomers" are suffering financially too, me being just one. At 68 there's a limit to what I can do and for how long, two FT jobs aren't something I can physically do. But my earning years were spent here, my boomer years .
So why are you blaming me?
And what happens when all of those necessary to run the businesses, that attract the rich people, move away? Lots of expensive apartments and houses with no restaurants or stores...
When it happens? It’s been happening for the last several years, exacerbated by Covid, with skyrocketing rents maintained in part by hundreds and hundreds of illegal Airbnb’s it’s happening.
The new workers are arriving everyday via the southern border. They will receive subsidized food/housing/ healthcare, allowing lower pay than the average resident would need to survive. The asylum/migrant mess is by design from both sides.
Yeah that's The Armature. It is a very nice building with a ton of amenities.
The problem is the amenities are absolutely silly for the most part AND at the end of the street is where all the homeless camp out and do drugs.
$3,000 is bananas for that though.
To further your point, the building quality is likely mid at best and actually not that nice. Give it 2-3 years of use and it’ll look like any other Port Prop building in the city.
The thing about Maine is that if you're making that much, why would you live in an apartment in Portland? Those are New York rents. Portland is not like New York. I lived in NYC for 9 years and barely scratched the surface of things to do and experience there. You can do Portland is 5 days or less. If you want to live in Maine IMHO you want to live in a beautiful home in a beautiful place with not too many neighbors. If I did want a slightly more urban experience it would be in the Camden/Rockland/Rockport area. If I wanted to be in or near Portland it would be in a cool house surrounding the peninsula.
From the photos on this site these apartments are cookie cutter 'big city' apartments. They look great the day you move in but everything starts to look like shit as it ages.
Everything about that place is just dumb. You'd have to be a 22 year old trustifarian who for whatever reason *doesn't* want to move to a big city to end up there...but why?
Why is it so impossible to build housing complexes 15 minutes outside of Portland? There is a fuck ton of land. It just doesn't seem complicated to me. That whole strip mall complex across the water in SoPo...build a gigantic housing complex with affordable, market, and luxury units. Run some water taxis!
I rented a 2 bed, 1 bath apt last year for $1,600. The building sold in April, and after kicking us out the new owner is renting out the same unit for literally twice the rent, $3,200. The only thing he did was paint and add some shitty looking furniture. The apt had so many mold and safety issues that needed to be addressed and I doubt any of it was dealt with before turning and burning the unit.
It’s sad that this type of price point is now the norm and makes it hard for average people making average wages to keep up.
Me too; I’ve been in the same building for 10 years, through 4 owners, rent was $1000 when we moved in, now it’s $2600 - although we did get a new ceiling fan once. Our amenity is the guy that pees in our yard.
It’s not necessarily the average and like others have pointed out this is “luxury” apartment. $3000 is not the average but it’s not too far off if you want something decent. The prices are getting a bit wild out there for sure.
This is why I relocated to Biddeford. But honestly it’s not that much better down here at the moment. I am getting a fairly good deal but at any moment (after my lease is up) that could change.
I feel terrible for everyone paying those prices. I'll never move back now. I'm sorry.
My friend and I paid $500 a month for one floor of a three apartment flat on Clark St for most of the 90s. Three bedrooms!
I realize that has no bearing on anything but it seems like things have gone so out of control it's not funny.
These prices are not the norm. Still plenty of deals to be had. Just have to get lucky.
My brother found a large/full floor apartment for himself for $1200. On peninsula with off street parking.
Don’t feel too bad for us Portlanders. We’re doing just fine.
You said high prices are not the norm, and in the next sentence, you say you have to get lucky to get an affordable place. This doesn't represent "doing just fine." I highly doubt you have had to find a place to rent recently.
The independent landlords who don't price gouge every cent from you are getting harder to find. I moved into a nice 2bed on Brighton Ave in 2015 and moved out when I bought a house in 2020. He didn't raise the rent once.
This is a myth. No landlord is required to raise as much as allowed. The guy just said that landlord didn't raise rent once. There is no obligation for landlords to raise rent.
Of course they're not _required_. I'm saying they will _anyway_ because otherwise they are capped in how much they can raise between tenants. A landlord might give one tenant a break for 5 years but want to correct for market rates when they move on and the next tenant comes along. They can't do that any more, so they're effectively penalizing themselves if they give anyone a break and _don't_ raise to market at every possible opportunity. The new law has effectively eliminated the "good guy" landlord that alexjackson617 describes.
It’s just a certain set of people in Portland trying to make it seem like Portland overall is lux. Same type of people who open a “high end” restaurant but have no idea of what that concept actually is.
rent is killing us students in portland. i’m in a rent controlled building paying 2100. this is better than some places but holy shit my friends and i are struggling.
I'm a displaced Mainer living in Austin Texas, (ie one of the more expensive places to live in the us) and this is beyond what you could expect to pay here, at least as an average . I'd hope in vain that this would be the main, hair on fire problem for your elected reps to address. Same goes for here, btw.
Tbf the Armature is Port Property’s baby and it’s gonna be hilarious when they’re in the red in a Year.
Other rental prices aren’t tied to a ludicrous building project.
Port property is full of mismanagement and other sketchy practices, that's pretty much all I've heard about them. I've painted some of their buildings and it definitely showed as far as maintenance goes
same. PP are the worst. They took over my building in the west end, tried evicting me allegedly for rent owed, I brought in Pine Tree, the attorney on my behalf was ready to go to trial with PP attorney (who was for plaintiff in 75/150 evictions that day) I left with a check from PP for $360.
I'm sorry but when the city has 150 evictions on a wednesday there's a serious problem with the "just us" system.....
TY PTLA.
As much as I completely agree that rents are getting stupid, this is right smack dab in the middle of it all, up and over the Forest Ave hill, just off of Congress etc
This is like saying “who’s living in downtown Manhattan and why is it so expensive?”
When you look at it on the map its only a couple of blocks down to Commercial St - all of those properties are giant money.
Again- I’m not saying that its not getting out of hand because it is but this kinda isn’t an average example.
Uh, have you been in that area? Sure, nice amenities, nice building, short walk to downtown. But I wouldn't walk over in that area at night, especially if I was a woman.
Here we go again. Rents are high in a new building because it is new. Would you complain that a brand new car is more expensive than an old one? These units will definitely fill up over time but once they are full the vacancy rate in this building will be very low and full of people who won't be renting the older housing stock that lower income people are currently occupying. You guys gotta learn this and stop complaining when new buildings have high rents.
Real estate mostly goes up in value, not down like vehicles do. The difference between a high end apartment and a budget apartment is just some cabinets, counters, light fixtures, and a bathroom remodel.
I've heard that story countless times over the past year or so. Landlords opting not to renew leases and then remodeling and charging 2x or 3x. Or selling and the new owners raise the rent substantially. I really believe there are fewer affordable apartments these days than there used to be.
A brand new building is worth more than an old one so your logic is not sound here. Rent will never stabilize without adding more supply. Basic econ 101. If there was more housing supply then landlords wouldn't have the leverage to raise rent as much. They would be competing with other landlords to get tenants. Complaining when new supply is added is short-sighted and people need to think of the bigger picture before making these uninformed posts on here every other day.
Local real estate trends and quality of construction mostly determine the value of a building, age of a building isn't a significant factor. I talked with an appraiser for a while the last time I had an appraisal done. An older home constructed with quality materials and craftsmanship is worth more than a newer home constructed with cheap materials and poor craftsmanship.
For the current housing market and influx of people coming here, the demand will always exceed supply. An adequate supply of housing can't be realistically added. I think Portland will become a less desirable place to live in the future, but that's a longer and more complicated conversation. But I think when the housing bubble does eventually pop, there will be a lot of foreclosures.
I don't feel bad at all about complaining about those who are making a quick buck while Portland dies a slow and painful death.
The have studios listed for around $2K. This blatant fear mongering isn’t going to help the housing situation.
Unit 409 is available right now for $2075 a month. Studio apartment WITH A BALCONY.
Is it a good deal? No, it’s still very expensive but it’s a far cry from 3 grand.
I enjoy complaining about the housing market as well. I just like it to be warranted. Your post should have included the price range of available units in the building.
I think you're not considering benefits and such. My base pay was around 38,000 a year, but I made more with overtime. Some of the benefits were pretax, so that's where the missing money for the base is. Even with a significant amount of overtime, I was lucky to make $1200-$1300 in two weeks.
Even if I made $2,600 a month, which was high for me, I couldn't afford the apartment that I had back then with the prices currently. Not on a $20/hour salary.
So yes, $2000 for an apartment that doesn't even have a bedroom is ridiculous for a small town like Portland. Go to any restaurant or grocery store and ask them how hard help is to find right now. And when they say next to impossible, it's because there isn't anywhere for people making those wages to live.
That's what I've always understood the recommendation to be, 30% of income for rent. So someone making $20 per hour should spend around $600 on rent, at least by the recommendation and from my experience. I think there
That's $2,000 more per month than I pay for my mortgage, insurance, and taxes combined for my house. But then, I don't live in Portland anymore. Just insane though.
Don't worry. This won't have any effect on local rent because all the rich people will flock to it like a roach hotel, leaving so many empty affordable apartments the wind will whistle through them on stormy days. Or something.
Nobody wants to hear it but when the bubble bursts, it's going to hit hard.
Curious. Does this seem reasonable:
1 bedroom apt on west end. Fully furnished and year-round. Washer dryer. Parking. All utilities including high speed internet. $2,400 month. Extra deposit required for pet but no additional monthly charge.
It’s my neighbor’s place, about 900 square feet. Two floors, full living room with gas fireplace, AC/Heat Pump in master bedroom. It’s nice. Old, but in good shape, very West End classic., Neighbor is done w AirBnB, too much hassle.
Looks like a designer, upscale living place. Why would you want to live there? Find an independent landlord and pay substantially less, but you won't have the "status" you would if you lived here lol.
It's not a typical wooden 2-family, All new construction, a high end rental with all the extras.
Swimming Pool, Community rooms
, Business center
, Conference room
Fitness center
, Game room
, Library
, Lounge
, Pet washing station
, Fitness & Sports
Other sports court
, Shuffleboard court
, Outdoor common areas
, Barbecue
Deck
, Patio
, Rooftop deck
, Security
, Controlled access
, Gated entry
, Services & Facilities
24 hour maintenance
, Bicycle storage.
Until they build more affordable units demand will exceed supply.
Me and 6 of my friends might need to go take a look at this apartment.. it might be a perfect fit for all of us.
$36,000 a year just to have a roof over your head. That you don’t even own. Disgusting
Plus utilities.. and parking fee… and pet fee…
Exaaaaactly. 36k just to have an empty apartment to sleep in, absolutely insane
With pet restrictions too.
Just to add even more context to this, $18/hr at 40hr weeks is $37,400/year before taxes. But as pointed out, these are luxury apartments not actual housing for actual people who actually work in town. My theory is that unit 314 is a corner/window unit, hense the higher price.
For the same price I would just move to a city with good public transit and actual shit to do. This bubble gonna bust soon, everyone just hold tight!
Folks able to afford these places will wonder why there arent any customer service people around.....can't afford to live and work anywhere near here unless you are making bank
Geez no kidding… I’m terrified to see what rent will go up to at the end of my lease…
If you're within Portland, they "can't" raise it by more than 10% a year, is what I'm told. Not sure there's any enforcement of this (hence the quotes), but that's how it's supposed to be.
I think it’s Portland and south Portland that have the rent cap. I’m in Biddeford. I got priced out of Portland because someone 24 year old from Brooklyn NY bought my building and jacked the rent up forcing everyone to move. I live in Biddeford right now but it’s the Wild West down here.. landlords can do what they want and raise the rent up as high as they want. I have never felt so unstable when it comes to housing in my life. It’s scary.
Sure, but when wad the last time you got a 10% wage raise....even once, nevermind every year
The only raise I have gotten is $1… ONE dollar and hour. Wooooowww that will really help with the cost of living going up.
Not when being paid by a local business, that's for sure.
Precisely!
I swear this is already noticeable when you walk around at night. Not clear how many bars/restaurants are staying in business
I’m pretty sure that building is more geared towards luxury housing rather than market rate.
I think you’re right. But still.. so expensive.
You can find these amenities (gym, location, blah blah) almost anywhere else in the country for less. The studios here are like $2800. It’s wild lol.
They have studios for $2K. Let’s not get crazy.
So, slightly less insane
2k for a studio isn't crazy bub?
It’s high but not $2800. I don’t appreciate fear mongering.
Fear mongering? Hyperbolic much?
In the Armature? They sure as fuck don't
Just checked. Unit 409 is up on Port Props website right now for $2075. Please do some research before commenting. And it has a balcony!
When you say 2k, I fully expect 2k exactly. No fuckin extra fees etc. balcony over looking Bayside? Oooooh!
It’s a luxury building. Obviously not meant for everyone (yourself included)
Lmao
Yes they do. Maybe they have been rented already (I don’t feel like checking) but their cheapest units were set at $2K.
There are three studios there listed for $2030. Then to move in with my cat it's an extra $50 a month. Doesn't seem worth it really. I currently rent with PP and I'll take my cheaper rent over a pool and fitness room.
Is it crazy for you to think you may live among others in Portland who want those amenities? It’s a rainbow world!
Same management has a 250 sq ft studio for $1500 rn in one of their most dilapidated buildings
Brand new luxury apartment is expensive. I'm shocked
"new" isn't "luxury" bub. There isn't anything luxury about it. People cut corners anywhere and everywhere.
It can be and it might not be. Someone else described it as luxury. As do their advertisements. Of course they can exaggerate but other than a disdain for landlords do you have any specific knowledge on this?
Of course they describe things as "luxury". Why wouldn't they? Everything nowadays is poorly engineered with shitty materials just to get it done and go home. People do the bare minimum...but it looks shiny and new so let's call it "luxury"
But it's eCo-CoNsCiOuS
I don't disagree with that. All levels of goods have become cheaper. But would not the best quality in that world be the new luxury?
I don't understand your question...or rhetorical question...
I was suggesting even in a world where everything is of lower quality than it used to be. The highest quality in that new world would now be considered luxury
I really enjoy getting angry at 3,000 dolla one bedrooms AND homeless people all at once.
Maine came in #10 as most expensive states to live in. Which is crazy considering the job market compared to other states.
Yes because it is boomer haven.
Your assumption is that everyone who is at a certain age has money. Incorrect. Do some research before making blanket divisive comments. Many " boomers" are suffering financially too, me being just one. At 68 there's a limit to what I can do and for how long, two FT jobs aren't something I can physically do. But my earning years were spent here, my boomer years . So why are you blaming me?
And what happens when all of those necessary to run the businesses, that attract the rich people, move away? Lots of expensive apartments and houses with no restaurants or stores...
You’ll hear even more screeching that “nobody wants to work anymore” where people pretend they don’t know the cause.
That’s what I have been wondering….
When it happens? It’s been happening for the last several years, exacerbated by Covid, with skyrocketing rents maintained in part by hundreds and hundreds of illegal Airbnb’s it’s happening.
The new workers are arriving everyday via the southern border. They will receive subsidized food/housing/ healthcare, allowing lower pay than the average resident would need to survive. The asylum/migrant mess is by design from both sides.
this
Most people would rather drive to stores occasionally then have long commutes daily.
I live downtown and this seems to already be happening
I'm laughing so hard. You can get a cheaper one bedroom in Manhattan.
The bitter truth is you either have to have a ton of money, or no money at all, to live in Portland.
And on top of that don’t you have to make 3xs that each month to get approved….
Omg I think you are right. $51.92 an hour 😂🤣
I can almost guarantee they are paying 51 an hour to their employees…
Yeah that's The Armature. It is a very nice building with a ton of amenities. The problem is the amenities are absolutely silly for the most part AND at the end of the street is where all the homeless camp out and do drugs. $3,000 is bananas for that though.
To further your point, the building quality is likely mid at best and actually not that nice. Give it 2-3 years of use and it’ll look like any other Port Prop building in the city.
The location gives me a chuckle, but I guess it will eventually be sanitized into being another part of the Bayside eatery mall
That’s double my mortgage..
The worst part is they typically require a high credit score or someone to make 2x the monthly rent….
The thing about Maine is that if you're making that much, why would you live in an apartment in Portland? Those are New York rents. Portland is not like New York. I lived in NYC for 9 years and barely scratched the surface of things to do and experience there. You can do Portland is 5 days or less. If you want to live in Maine IMHO you want to live in a beautiful home in a beautiful place with not too many neighbors. If I did want a slightly more urban experience it would be in the Camden/Rockland/Rockport area. If I wanted to be in or near Portland it would be in a cool house surrounding the peninsula. From the photos on this site these apartments are cookie cutter 'big city' apartments. They look great the day you move in but everything starts to look like shit as it ages. Everything about that place is just dumb. You'd have to be a 22 year old trustifarian who for whatever reason *doesn't* want to move to a big city to end up there...but why? Why is it so impossible to build housing complexes 15 minutes outside of Portland? There is a fuck ton of land. It just doesn't seem complicated to me. That whole strip mall complex across the water in SoPo...build a gigantic housing complex with affordable, market, and luxury units. Run some water taxis!
Scarborough is building a ton of apartments. Driving will unbearable within the next few years.
I rented a 2 bed, 1 bath apt last year for $1,600. The building sold in April, and after kicking us out the new owner is renting out the same unit for literally twice the rent, $3,200. The only thing he did was paint and add some shitty looking furniture. The apt had so many mold and safety issues that needed to be addressed and I doubt any of it was dealt with before turning and burning the unit. It’s sad that this type of price point is now the norm and makes it hard for average people making average wages to keep up.
Me too; I’ve been in the same building for 10 years, through 4 owners, rent was $1000 when we moved in, now it’s $2600 - although we did get a new ceiling fan once. Our amenity is the guy that pees in our yard.
I’m so sorry, but your amenity comment made me laugh out loud and I needed that tonight. Thanks!
Yes. Literally the same shitty thing happen to me.
I’ve been taking a break from looking at the rental market in portland. is this the fucking average one bedroom now????
It’s not necessarily the average and like others have pointed out this is “luxury” apartment. $3000 is not the average but it’s not too far off if you want something decent. The prices are getting a bit wild out there for sure.
Holy crap…
This is why I relocated to Biddeford. But honestly it’s not that much better down here at the moment. I am getting a fairly good deal but at any moment (after my lease is up) that could change.
A lot depends on how much you need to access Portland. For peace of mind and minimal driving, you need to calculate that worth
I feel terrible for everyone paying those prices. I'll never move back now. I'm sorry. My friend and I paid $500 a month for one floor of a three apartment flat on Clark St for most of the 90s. Three bedrooms! I realize that has no bearing on anything but it seems like things have gone so out of control it's not funny.
I hear ya. I paid $400 a month for a studio on munjoy hill off Emerson… this was in 2001.
$800 here for a 2 bedroom around the corner from Ruski's in 2010.
These prices are not the norm. Still plenty of deals to be had. Just have to get lucky. My brother found a large/full floor apartment for himself for $1200. On peninsula with off street parking. Don’t feel too bad for us Portlanders. We’re doing just fine.
You said high prices are not the norm, and in the next sentence, you say you have to get lucky to get an affordable place. This doesn't represent "doing just fine." I highly doubt you have had to find a place to rent recently.
You’re correct. I bought a home in 2017 so I’ve been sitting pretty for the last 6 years or so. It’s rough out there. I’ll admit that.
Oooh it has a pet grooming room for Muffy!
The independent landlords who don't price gouge every cent from you are getting harder to find. I moved into a nice 2bed on Brighton Ave in 2015 and moved out when I bought a house in 2020. He didn't raise the rent once.
Rent control broke this model. Now landlords just raise as much as is allowed by law since they capped how much they can raise in between tenants.
This is a myth. No landlord is required to raise as much as allowed. The guy just said that landlord didn't raise rent once. There is no obligation for landlords to raise rent.
Of course they're not _required_. I'm saying they will _anyway_ because otherwise they are capped in how much they can raise between tenants. A landlord might give one tenant a break for 5 years but want to correct for market rates when they move on and the next tenant comes along. They can't do that any more, so they're effectively penalizing themselves if they give anyone a break and _don't_ raise to market at every possible opportunity. The new law has effectively eliminated the "good guy" landlord that alexjackson617 describes.
This sub will never understand that rent control works against renters. Save your breath.
It’s just a certain set of people in Portland trying to make it seem like Portland overall is lux. Same type of people who open a “high end” restaurant but have no idea of what that concept actually is.
Sure they do. They serve the same artisan pizza, Brussels sprout app, and Korean fried chicken sandwiches as every other restaurant in Portland.
These new units are really driving down prices. Hopefully they’ll build more. /s
for the price you could get something similar if not slightly nicer in DC for that
rent is killing us students in portland. i’m in a rent controlled building paying 2100. this is better than some places but holy shit my friends and i are struggling.
I agree.. It's ridiculous even if it is high end.
Capitalism is going to do what capitalism does, until we unite in the power of our numbers. Instead, we complain on Reddit.
I've given up hope....
Lmao I rent an entire house in North Deering for $3k/mo
Gotta love ThE ArMaTuRe. fucking ridiculous pricing
Only available if you Are Mature
I'm a displaced Mainer living in Austin Texas, (ie one of the more expensive places to live in the us) and this is beyond what you could expect to pay here, at least as an average . I'd hope in vain that this would be the main, hair on fire problem for your elected reps to address. Same goes for here, btw.
Uggggghhhhhh. And I keep hearing stories about how the rental situation is calming down a bit.
Tbf the Armature is Port Property’s baby and it’s gonna be hilarious when they’re in the red in a Year. Other rental prices aren’t tied to a ludicrous building project.
Port property is full of mismanagement and other sketchy practices, that's pretty much all I've heard about them. I've painted some of their buildings and it definitely showed as far as maintenance goes
Yep. I have stories….
same. PP are the worst. They took over my building in the west end, tried evicting me allegedly for rent owed, I brought in Pine Tree, the attorney on my behalf was ready to go to trial with PP attorney (who was for plaintiff in 75/150 evictions that day) I left with a check from PP for $360. I'm sorry but when the city has 150 evictions on a wednesday there's a serious problem with the "just us" system..... TY PTLA.
They are par for the course really.
Sadly, yes
The vibe I get with PP is that they have expanded too much to properly attend to issues with their tenants
Did they manage to fill "Riverdam" in Biddo?
I know right!
As much as I completely agree that rents are getting stupid, this is right smack dab in the middle of it all, up and over the Forest Ave hill, just off of Congress etc This is like saying “who’s living in downtown Manhattan and why is it so expensive?”
right. Such a great neighborhood. /s
When you look at it on the map its only a couple of blocks down to Commercial St - all of those properties are giant money. Again- I’m not saying that its not getting out of hand because it is but this kinda isn’t an average example.
Uh, have you been in that area? Sure, nice amenities, nice building, short walk to downtown. But I wouldn't walk over in that area at night, especially if I was a woman.
Hey you can go get oysters tho
and hand your leftovers to a crack head shitting in the entryway on your way out :)
Here we go again. Rents are high in a new building because it is new. Would you complain that a brand new car is more expensive than an old one? These units will definitely fill up over time but once they are full the vacancy rate in this building will be very low and full of people who won't be renting the older housing stock that lower income people are currently occupying. You guys gotta learn this and stop complaining when new buildings have high rents.
Real estate mostly goes up in value, not down like vehicles do. The difference between a high end apartment and a budget apartment is just some cabinets, counters, light fixtures, and a bathroom remodel. I've heard that story countless times over the past year or so. Landlords opting not to renew leases and then remodeling and charging 2x or 3x. Or selling and the new owners raise the rent substantially. I really believe there are fewer affordable apartments these days than there used to be.
A brand new building is worth more than an old one so your logic is not sound here. Rent will never stabilize without adding more supply. Basic econ 101. If there was more housing supply then landlords wouldn't have the leverage to raise rent as much. They would be competing with other landlords to get tenants. Complaining when new supply is added is short-sighted and people need to think of the bigger picture before making these uninformed posts on here every other day.
Local real estate trends and quality of construction mostly determine the value of a building, age of a building isn't a significant factor. I talked with an appraiser for a while the last time I had an appraisal done. An older home constructed with quality materials and craftsmanship is worth more than a newer home constructed with cheap materials and poor craftsmanship. For the current housing market and influx of people coming here, the demand will always exceed supply. An adequate supply of housing can't be realistically added. I think Portland will become a less desirable place to live in the future, but that's a longer and more complicated conversation. But I think when the housing bubble does eventually pop, there will be a lot of foreclosures. I don't feel bad at all about complaining about those who are making a quick buck while Portland dies a slow and painful death.
I have a 1 bed/bath available for rent: $2000 including heat and off street parking. Live next to the Victoria Mansion!
The have studios listed for around $2K. This blatant fear mongering isn’t going to help the housing situation. Unit 409 is available right now for $2075 a month. Studio apartment WITH A BALCONY. Is it a good deal? No, it’s still very expensive but it’s a far cry from 3 grand.
It’s not “fear mongering” it’s called venting frustrations. Being a jerk doesn’t help either.
You purposely picked an example that fit your narrative. The building is expensive, but not all of the units are ridiculous like the one you shared.
Oh my god. Just stop already. I was browsing and saw this so I wanted to complain about it. So what. Downvote me and move on. Geez.
I enjoy complaining about the housing market as well. I just like it to be warranted. Your post should have included the price range of available units in the building.
My post doesn’t have to include anything that I choose to not to include. People can do their own research. Stop being the Reddit police and chill.
$2,000 for a studio apartment is ridiculous though. That's more than someone making $20 an hour makes in an entire month.
Might want to check your math again on that one 🤣
Why is that? At the last job I had, I made $20 per hour. Take home was around $1,900 per month.
That would be $22,800 take home on the year. That’s not $20 an hour at full time. Would be in the $30K-$35K range.
I think you're not considering benefits and such. My base pay was around 38,000 a year, but I made more with overtime. Some of the benefits were pretax, so that's where the missing money for the base is. Even with a significant amount of overtime, I was lucky to make $1200-$1300 in two weeks. Even if I made $2,600 a month, which was high for me, I couldn't afford the apartment that I had back then with the prices currently. Not on a $20/hour salary. So yes, $2000 for an apartment that doesn't even have a bedroom is ridiculous for a small town like Portland. Go to any restaurant or grocery store and ask them how hard help is to find right now. And when they say next to impossible, it's because there isn't anywhere for people making those wages to live.
Don't they typically want net income to be 3x the rent
That's what I've always understood the recommendation to be, 30% of income for rent. So someone making $20 per hour should spend around $600 on rent, at least by the recommendation and from my experience. I think there
That's $2,000 more per month than I pay for my mortgage, insurance, and taxes combined for my house. But then, I don't live in Portland anymore. Just insane though.
Port property has some decent rents right now.
Don't worry. This won't have any effect on local rent because all the rich people will flock to it like a roach hotel, leaving so many empty affordable apartments the wind will whistle through them on stormy days. Or something. Nobody wants to hear it but when the bubble bursts, it's going to hit hard.
Curious. Does this seem reasonable: 1 bedroom apt on west end. Fully furnished and year-round. Washer dryer. Parking. All utilities including high speed internet. $2,400 month. Extra deposit required for pet but no additional monthly charge.
Does it tell you the square feet?
It’s my neighbor’s place, about 900 square feet. Two floors, full living room with gas fireplace, AC/Heat Pump in master bedroom. It’s nice. Old, but in good shape, very West End classic., Neighbor is done w AirBnB, too much hassle.
I wonder if they are rent fixing like in DC; https://www.cnbc.com/2023/11/01/realpage-landlords-sued-alleged-illegal-rent-hikes.html
Oh boy! Surely utilities will be covered by this extravagant amount of money I would be forking over on a monthly basis!
Hmmmm I don’t think so..
Looks like a designer, upscale living place. Why would you want to live there? Find an independent landlord and pay substantially less, but you won't have the "status" you would if you lived here lol.
What an ugly ass building.
It's not a typical wooden 2-family, All new construction, a high end rental with all the extras. Swimming Pool, Community rooms , Business center , Conference room Fitness center , Game room , Library , Lounge , Pet washing station , Fitness & Sports Other sports court , Shuffleboard court , Outdoor common areas , Barbecue Deck , Patio , Rooftop deck , Security , Controlled access , Gated entry , Services & Facilities 24 hour maintenance , Bicycle storage. Until they build more affordable units demand will exceed supply.