Nashville: More urban living on the way

[jice]

$975/month in downtown Nashville. Think about it. How many cities can you get any apartment for under $1,000/month in a big city center (that's not an absolute trash hole)? You have to remember that they have to cover property taxes and all of the money for renovating the property.

It would probably be cheaper to tear down the Stahlman and build a completely new building for apartments on the same lot. Let's just thank these people for not tearing this jewel down and we'll just overlook the "high" rent.

Oh yeah I agree.... just outta my budget though, lol. I did find out a little about the studios though... they are 'affordable rates' but she didnt say what the price was exactly... it depends on your income.... which has to be between $28k & $34.5k. One parking space, a washer/dryer, and a fitness center are included in all rents... so its really not a bad deal I guess.

[Hankster]

That $975 / month is roughly equivalent to the payment you would have on a $100,000 loan. That would be equivalent to about $150 per Sq Ft for a 674 Sq Ft property. Looking at it that way, the rent is reasonable when compared to the $200 per Sq Ft and up (some much higher than that) prices that currently exist for condos downtown.

[jice]

That $975 / month is roughly equivalent to the payment you would have on a $100,000 loan. That would be equivalent to about $150 per Sq Ft for a 674 Sq Ft property. Looking at it that way, the rent is reasonable when compared to the $200 per Sq Ft and up (some much higher than that) prices that currently exist for condos downtown.

Yeah... you gotta point... but I don't know that it works quite the same for rentals. I like to look at paying rent as equivalent to the interest you pay on a home loan... since you aren't really getting an investment or anything out of it. Which... looking at it that way... $975/month in interest would be enormous... close to a $300k loan I think? But I know it doesnt quite work that way either because you have to factor in the money you save for maintenance costs, property taxes, among other things... that you don't pay when you rent.

So I dunno... its hard to compare exactly. But still... I guess you have to expect rents around a grand when you're looking downtown... I just wish there were more of the affordable places around