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Baltimatt

Demand for downtown apartments remains strong

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http://www.baltimoresun.com/business/bs-bz-apartment-report-20170926-story.html

 

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The demand for living in downtown Baltimore remains so strong that the city’s urban core can continue to absorb thousands of new units, according to a new study released Wednesday by the Downtown Partnership of Baltimore.  The analysis conducted for the partnership by the consulting firm Zimmerman/Volk Associates found that downtown can support at least 6,700 new rental and for-sale units over the next five years.

The number may sound surprising to anyone who has been watching as old office buildings are converted into new apartments and residential towers join Baltimore’s skyline, bringing thousands of new units to a city with a slow-growing population.

But the report, a five-year analysis of market rate housing demand in the downtown area and surrounding neighborhoods by the New Jersey-based real estate consulting firm, rebuts concerns often raised that a construction boom in Baltimore is over-saturating the downtown area’s housing market.

 

Good news.  There's a lot of construction in the city, despite what the doomsayers who insist the city is circling the drain say.

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What sucks is that everything new is "luxury" meaning $1900+ a month in rent for a tiny one bedroom.

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One of my kids lives in a downtown apartment. Ain't cheap! Here's hoping that new units coming on the market keep the prices under some control.

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1 hour ago, ivanbalt said:

What sucks is that everything new is "luxury" meaning $1900+ a month in rent for a tiny one bedroom.

 

51 minutes ago, regularguy said:

One of my kids lives in a downtown apartment. Ain't cheap! Here's hoping that new units coming on the market keep the prices under some control.

Please don't ask me for a link, but my thought is that this reflects the biggest Baltimore growth problem. There are few middle class areas; much of the city seems to be below or well above truly affordable housing.

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1 hour ago, Struds said:

 

Please don't ask me for a link, but my thought is that this reflects the biggest Baltimore growth problem. There are few middle class areas; much of the city seems to be below or well above truly affordable housing.

Does seem either or doesn't it.

But I wonder.....is having all this high end development might not become the critical mass that draws .....eventually.....a demand for more modest places. I don't think it is a stretch to think that is how most cities got started in the first place?

I mean....investors move in (money)....build stuff.....rich people move in.....and less rich move in......then on the outer edges the less less rich move nearby.....to be nearby for a job....to support the critical mass.

 

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11 hours ago, Guido2 said:

Does seem either or doesn't it.

But I wonder.....is having all this high end development might not become the critical mass that draws .....eventually.....a demand for more modest places. I don't think it is a stretch to think that is how most cities got started in the first place?

I mean....investors move in (money)....build stuff.....rich people move in.....and less rich move in......then on the outer edges the less less rich move nearby.....to be nearby for a job....to support the critical mass.

 

That's a possibility.  

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14 hours ago, ivanbalt said:

What sucks is that everything new is "luxury" meaning $1900+ a month in rent for a tiny one bedroom.

Exactly! I just spent six months visiting apartments with a co-worker friend. He is not a highly compensated employee, but he's not entry level either. He budgeted $1,200/month maximum for a one-bedroom. It was appalling to me what $1,200/month rent nets. Ugh. He finally found a house apartment, not great, but not the worst either. I should mention that this apartment is not downtown near the harbor. It's uptown and the neighborhood isn't all that great either.

Edited by Sprightly

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My nephew who had a house in Fells decided to rent that house out when he bought another in Locust point.

Rented it out for 3k within hours of listing it.  It had 4 bedrooms and those don't last long because you can get multiple sub renters. 

 

Where he moved to in Locust is McHenry row and that neighborhood is very nice in comparison to fells.  

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2 hours ago, Sprightly said:

Exactly! I just spent six months visiting apartments with a co-worker friend. He is not a highly compensated employee, but he's not entry level either. He budgeted $1,200/month maximum for a one-bedroom. It was appalling to me what $1,200/month rent nets. Ugh. He finally found a house apartment, not great, but not the worst either. I should mention that this apartment is not downtown near the harbor. It's uptown and the neighborhood isn't all that great either.

I kinda feel for those that have to rent....I really do. When I was starting my career....you could get a very nice rental and have money to put aside for eventually buying a home. Now, I look at the rental costs.....and honestly....when a rental .... is twice what I used to pay per month on our mortgage.....well SMH. I paid my home off in the  mid-late 90's so yes it was about 20 years ago but my God.

Talk about being caught in a vicious loop.

Maybe ....with luck....the availablility of apartments will increase to the point that prices will begin to drop. That the old 'supply and demand' thingy will re-balance.

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On 9/28/2017 at 5:07 PM, ivanbalt said:

What sucks is that everything new is "luxury" meaning $1900+ a month in rent for a tiny one bedroom.

Gentrification at it's "finest".

Now that is the real reason they relocated the people from those Apartment buildings.  They didn't care about the situation those tenants were living in.....they saw the vision of money. However, they had to disguise it as something else.......like "they are helping the people".

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2 hours ago, EgyptKang said:

Gentrification at it's "finest".

Now that is the real reason they relocated the people from those Apartment buildings.  They didn't care about the situation those tenants were living in.....they saw the vision of money. However, they had to disguise it as something else.......like "they are helping the people".

Relocated what people?

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Posted (edited)

17 hours ago, Baltimatt said:

Relocated what people?

Darn you matt.....stop confusing him with fact reliant questions..... you know it makes him get migraines. :lol:

Edited by Guido2

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