At least in our area, the new apartments and townhomes are crazy high rent.

Jan 28, 2023
5:00:04pm

blackandblue Truly Addicted User

Comparable to single family homes per square foot.

All of our rentals are single family. And all have been new builds. So demand has been very high.

This message has been modified

Originally posted on Jan 28, 2023 at 5:00:04pm

Message modified by blackandblue on Jan 28, 2023 at 5:07:57pm

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blackandblue

Bio page: blackandblue
Joined: Aug 12, 2011
Last login: May 2, 2024
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Messages

Author

Time

Seeing posts about people being underwater on their homes already after buying a year ago, but if their monthly payments

Mike Honcho All-American

1/28/23 2:04pm

Nothing really matters until you try and sell.

mudpupper

1/28/23 2:07pm

I'm more concerned about the car industry. That is the real cliff.

ordinary tri guy

1/28/23 2:08pm

You’re right. If they are underwater after a decade, that’s a concern.

All-American

1/28/23 2:09pm

The reason it’s concerning for them is they can’t go get the HELOC.

dwhitebud

1/28/23 2:14pm

Same concept with other investments. You can still make money buying high and

JAGA97

1/28/23 2:15pm

Are the ones who are underwater I’m assuming don’t have

JohnnyC

1/28/23 2:19pm

Keep in mind RE peaks in the summer months and the market cools down after

blackandblue

1/28/23 2:22pm

In a regular market condition. Prices should go up some this summer?

JohnnyC

1/28/23 2:26pm

Im not a RE expert. But movement is always higher in the spring/summer.

blackandblue

1/28/23 2:47pm

This is correct. If prices fall in the spring it will continue into the fall.

dwhitebud

1/28/23 4:28pm

Regular yes but with rates high they won't go up this summer

johnnybyu

1/28/23 4:55pm

Gotta make those payments. At least in a rental you can walk away and live with

777

1/28/23 2:23pm

That shouldn't be a problem with current rental rates in most places. If you

JAGA97

1/28/23 2:33pm

That's true.

777

1/28/23 2:37pm

Love with parents what adult thinks that’s an option?

germ1

1/28/23 2:33pm

52% of them apparently...

777

1/28/23 2:36pm

I bought three rentals in October-December.

blackandblue

1/28/23 2:48pm

There are a ton of apartment/condo/townhome units that are going to flood the

kotacoug

1/28/23 4:31pm

Location is key.

blackandblue

1/28/23 4:41pm

I’ve got a rental house just a 5 min walk to BYU so hopefully that should

kotacoug

1/28/23 4:46pm

Maybe but maybe not.

rad dawg

1/28/23 4:47pm

I can not believe how many units I see in construction both here in PHX and

kotacoug

1/28/23 4:51pm

1.7 million apartment units under construction nationwide.

rad dawg

1/28/23 4:57pm

At least in our area, the new apartments and townhomes are crazy high rent.

blackandblue

1/28/23 5:00pm

I expect that will remain the case for a little while.

rad dawg

1/28/23 5:18pm

Yeah, nothing is for sure.

blackandblue

1/28/23 4:56pm

I don’t think condos/apartments are as close of a substitute as some people assume. Families want SFHs. Townhomes are

Mike Honcho

1/28/23 5:00pm

Condos/townhomes are the new SFH. Going forward I think this will be the norm

kotacoug

1/28/23 5:11pm

More common is multigenerational SFH. Two of ours have this.

blackandblue

1/28/23 5:14pm

Maybe, I doubt it, but even if so that probably means SFHs still aren’t impacted by condo rental prices

Mike Honcho

1/28/23 5:15pm

That’s what I hope.

kotacoug

1/28/23 5:46pm

This all depends on the SFH. It has to have the amenities. I've seen many young

777

1/28/23 6:07pm

Its a big IF and only one factor of the equation. My anecdotal experience so far

rad dawg

1/28/23 3:05pm

Inflation should overcome downward pressure on real estate in the next 10 years.

johnnybyu

1/28/23 4:46pm

Yup. Inflation could be the one thing that throws everything off.

rad dawg

1/28/23 6:19pm

It only matters if they need to move

Swish

1/28/23 4:07pm

Agreed. Real estate is forging in the long run. I had some rentals that went

johnnybyu

1/28/23 4:42pm

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