New apartments don't fit most budgets
TRI-CITIES - Two new complexes have opened within the past two years. But there is still a squeeze to find a new home for some.
That's because the new units are well out of budget for most.
Property managers are fighting for business trying to fill their units. So the prices may dip a little.
"We've needed to adjust prices on those because there's a lot of competition coming on board right now. Most, if not all, of the new construction is high-end product," says Lee Celski.
He says the rental market is a bit softer than it was 6 to 9 months ago. What's more - there's been a shift. Lee sees rental trends shifting away from high rent dollars on small apartments.
"They can go out and get a thirteen hundred, fourteen hundred square foot house for the same dollar - they're seeing the value in that and going more towards houses as opposed to upper end apartments," he said.
The mid-level properties are also trying to take advantage of the higher prices elsewhere, offering specials of their own.
Specials that make it hard to resist lower prices in this tough economy.
As the economic climate continues to shift, so too, could the average rent price. A rental survey comes out twice a year with an idea on prices and occupancy.
The newest one is expected later next month.
That's because the new units are well out of budget for most.
Property managers are fighting for business trying to fill their units. So the prices may dip a little.
"We've needed to adjust prices on those because there's a lot of competition coming on board right now. Most, if not all, of the new construction is high-end product," says Lee Celski.
He says the rental market is a bit softer than it was 6 to 9 months ago. What's more - there's been a shift. Lee sees rental trends shifting away from high rent dollars on small apartments.
"They can go out and get a thirteen hundred, fourteen hundred square foot house for the same dollar - they're seeing the value in that and going more towards houses as opposed to upper end apartments," he said.
The mid-level properties are also trying to take advantage of the higher prices elsewhere, offering specials of their own.
Specials that make it hard to resist lower prices in this tough economy.
As the economic climate continues to shift, so too, could the average rent price. A rental survey comes out twice a year with an idea on prices and occupancy.
The newest one is expected later next month.
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