Downtown residential occupancy on the rise

[vicupstate]

With interest rates so low and prices in the basement, I don't know why anyone in Jax would pay more than a $1 a foot (if that) per month for rent, unless they knew they were moving in a very short time. 

[JFman00]

With interest rates so low and prices in the basement, I don't know why anyone in Jax would pay more than a $1 a foot (if that) per month for rent, unless they knew they were moving in a very short time. 

The urban housing stock is very limited in general, and many of the types (young, newly married, carrying college debt) who would love to buy something like a John Gorrie condo don't have the cash on hand to afford the downpayment, despite the low interest rates. So, not many options for buying or renting, and with buying difficult to impossible for those without cash (especially considering the more stringent lending standards for condos/multifamily), you have a lot of people chasing the same narrow rental market.

[simms3]

^^^Exactly.  I'm paying $2.33/SF in rent for a 22 year old 5th floor studio with no balcony/tiny window beginning July, which may sound expensive, but conversely if I wanted a decent starter home in a nice intown urban/walkable/SAFE neighborhood, I'd be looking at $400K and up, which means I'd be looking at even higher mortgage payments (not much at 3.25% fixed 30 year) and an $80K give or take down payment, which is definitely more than I have right now by about a factor of 80...LoL.

http://www.trulia.com/GA/Atlanta,2676,Virginia_Highland/

I guess I did find a 628 SF home for $160K, or roughly $255/SF...but I might as well stay in the studio!