David Slade of The Post and Courier has an article on some crazy rents tenants are paying in CHS to be in great locations, following some comments on a developers comments on “ridiculous rents” being paid. At these rents, why don’t they just buy a house or a condo? Its a combination of strong job growth, a lot (A LOT) of money in CHS, and a trifecta of other influences like tourism, a rebounding economy and gen x’ers who simply don’t want to own – or certainly cannot afford to in the location where they can rent. Add to that a dramatic number of young adults that use their apartment also as their office space, and its a great weekend place for the 1%’ers (ok 3% ers) around the Southeast who just want a weekend place in CHS. Anyway, $1,500 for a 1BR unit or $2,000-2,500 for a 2BR apartment and $3,000 for a 3BR are not unheard of, and more, well a few, are still to come…
Its getting expensive to rent an apartment in CHS these days as rents rise. Tyrone Richardson of The Post and Courier reports on the realities of renting in a market with significant barriers to entry for new development. New units are coming, but they are being outpaced by job creation, retirees, 2nd/weekend home creation, and the displacement of residents due to foreclosure or past foreclosures and not being able to qualify for a loan to buy another home.
Ashley Barker of The Charleston Regional Business Journal reports on the planned demolition this summer of The Sergeant Jasper Apartments and the re-development of that site for a new multi-family development – just not the 14-story version.
In a post first reported at CharlestonCREblog last week, The Post and Courier reports the new student housing development at 400 Meeting Street sold at the wild price of $18.4M, or nearly $450,000 per unit and $115,000 per bedroom. That works out to a sub-6% cap on the year 1 proforma income. Tryone Richardson of The Post and Courier has the story.
After kicking off Charleston’s newest suburban office environment, followed by the announcements of a couple of Marriott hotels, Nexton’s next focus will be residential development. The first phase is a JV with The Beach Cos. and MeadWestvaco for 320 luxury units called The Parks at Nexton, and with a total of 13,000 residential units planned, this really will be South Carolina’s NextTown. The Post and Courier’s Tyrone Richardson reports…
The Post and Courier’s Tyrone Richardson reports the Charleston multi-family market, including a reference to Colliers International’s mid-year 2013 report authored by Seth Clark and yours truly.