Apartment Pricing

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The Critic

The Critic

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I am currently in the market for a 1bd/1ba apartment or a similar in-law unit.

In this area, the price for a passable (not great) 1bd/1ba apartment is $1300-$1600/mo. The nicer ones are closer to $2k/mo.

Now I see why shared apartments and houses are so popular -- although they aren't drastically cheaper.

What kind of prices are you folks seeing in your local rental market?

When you were younger and starting out, how much did you pay to live on your own?
 
Wow, that's a bay area/silicon valley phenomenon. Crazy.

Prices are accelerating somewhat recenty here in the PNW. You might have to look a little bit, but you can still find places for not much more than $1 per square foot month.
 
In 1995 I paid $750/month for a very nice and new but small apt. 700 sq ft iirc. Had a washer and dryer, free parking, and even a nice area where you could wash your car. This was also in a very nice part of town.

My neighbors rent the house they live in, about 2000 square feet with a one car garage in a ten yr old house in a great neighborhood. They pay $1750/ month and have to pay all utilities.
 
Back in 2002 I had a good roomate and we found a 2BR/2BA unit with a lot of floor space for $800/mo. It went up $20/year. It was in a suburban area about 30 miles outside of Philadelphia.

I think my brother pays $1600 or 1700 (but may be wrong) for a 1br/1ba right on the Chicago river in Chicago... He was paying 1/3 of that for a small room in a decent apartment with two roomates in DC (not known for cheap real estate either).

Bay area of course is crazy, but sharing common areas and some of the other overhead can pay off. It pays to shop around. Also consider that the more "value oriented" the prices are, the more undesirables you may run into.

WHere I lived, the place was great, safe, quiet, had gated access, all for the price I mentioned. Thing was, with 2BR/2ba units and a lot of kitchen and common space as well as a big extra walk in closet (was practically the size of a small bedroom), a lot of Indians moved in and moved whole families and extended families in. Now I dont have ANY issues with Indians, and they were quiet and generally kept to themselves, but it was quite obvious that some units were way overfilled with people who worked and came and went. They werent a problem, but I could see how it could be a safety/hygeine issue. Id imagine this is happening more and more, especially in CA and the bay area.
 
Yikes!! Down in Austin 10 years ago it was $5xx for a single $6xx and according to a friend it went up drastically after I left. I bought a good used 5th wheel vs the apartment. The campground was $250ish and the rv payment was in the hundreds.. a little cheaper with no being right next to noisy neighbors. It's not for everyone though.
 
My apartment out of college(20 years ago) and making $28k/year was $650 1bed/1bath(condo) but water view but nothing nice however walking distance to town full of bars/restaurants (Portsmouth NH). It now rents for $1500/month. I remain friends with landlord.

No parking so I resorted to leaving in city parking garage ($1/hr) in winter due to parking bans. However getting it out was a set $40 for "lost" ticket so I'd rarely use it(once or twice a month). So an additional $100/month for that game.
 
In college 3 of us shared a small off-campus apartment. It cost (if I remember correctly) each of us about $25/month. After college I moved into a rental house that was $100/month plus utilities.

My wife and I met while I was living there and once we were married we scrimped and saved until we purchased our first home. We were in the rental house about 4 years.
 
1998, $400 a month for this two-bedroom. Followed an ad for a one bedroom basement for $375 then decided to upgrade to a 2-bedroom for an extra $25 a month. Eventually I got a letter that said "very sorry due to rising costs it's going up to $425." Only increase in 3 years. Landlady kept my security deposit as a tip, but I didn't pursue it as I gave ~25 days notice instead of 31.

In 2001 moved into a tiny (450 sq ft) house on 5 acres a 50 minute drive from town/work. This was a ripoff $750/mo, an extra $50 every month for my gf/fiance/wife's cat. (We tied the knot that year.)
 
Critic, those prices are crazy! We pay a little over $600/month for a nice little 2 bedroom/1bath, with carport. And we live on the outskirts of a pretty little downtown, across the street from a big, wooded city park. But we do have snow... and cold...
 
$800/ month in 2001-03 for a big 2 bedroom apt... Not a real nice area, but close to work and downtown. I think it would be $1100-1200 today though.
My sister was looking for an apartment in the sunny areas of SF last summer and $2k would have been a good deal! She bought a condo instead.
For $2k/month in the SF climate, I'd be tempted to live in an RV until I saved enough to buy. Probably that's easier said than done I guess...
 
Fuuny the OP mention apt costs. I was surprised when a guy I work with is looking for an Apt ( studio or 1br) as his GF tossed him out (for verbally disciplining her lazy bum son who still lives with mom at age 27). The cost seem to be driven by supply and demand as they are asking 1980s prices ( when interest rate was at 15%+) in a climate when rate are easily under 5% for commercial/rental properties. Easy 800+ for a decent 1br or studio
 
My rent is going to be nearly $600 a month. That is crazy! I think it is too high as is. Unfortunately, it still represents the best value I can get for an apartment.

And $600 a month is still cheaper than property taxes + interest on a house.
 
Out of college in 2000 I found a small apartment for a low price of $475/month. Small and in the basement, but fine for me. Got married couple years later and found a larger one between our places of employment (35-45 min each way) for $850. One bedroom MIL apartment, landlord rented out for extra income, but in a quiet rural setting (good view of Mt Kearsage and a swamp). 5% down for our current home and done with rent. I hope.

Rent does not seem to have gone down. House prices have, but not rent.
 
My 1 br apt is very fairly priced for its size and quality @ $1150
I took a while to find it and whenever I look into moving, any place worthwhile is $1300-1500 easily. Makes me stay put. Purchasing is even way more expensive here. But it sure is a darn nice place to live
wink.gif
 
My mortgage payment for a rural 1600 ft2 house with three bedrooms, two bathrooms, a full unfinished basement, a detached two-car garage, and five acres of land is $1,200. Half of that is ultra high property taxes. I have plenty of space to grow my own vegetables and there are a half-dozen apple trees out back. I wake up to see deer out in the adjoining field most mornings. I can only see a neighbor's house in the winter when the trees are bare.

California is a nice place to visit, but dang. I'm always glad to go home.
 
California is just amazing......$2000 a month would rent a four bedroom three bath home with 2 or 3 car garage where I live.
 
College town SC:
--1 bedroom in 4br apartment share $340
--2 bedroom townehouse $750 (1050sqft)
Washington DC
--1 bedroom (650sqft) $1800 (OLD apt...circa 1940s well kept but not renovated, no parking)
Western NC
--$750 1 bedroom 850sqft
 
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