Rental Affordability

mtraininjax · June 05, 2016, 09:50:11 AM

Quotethe share of renters paying more than 30 percent of their income in housing costs is at 59 percent.

There is no feasible way this is happening, or her data is incorrect. Think about it, if 59% of the renters are paying more than 30% of their income in rent, they are living beyond their reach and we would see a lot more vacancies due to evictions, yet, we are not. I have not seen 1 story from the media on evictions taking over the city, in a long time.

Further, what idiot leases an apartment when they know they cannot afford it? The magic formula is to rent to people whose rent payment would only be 25% of what they bring home.

UNFurbanist · June 05, 2016, 05:03:31 PM

30% is actually industry standard and the number of people for whom it is closer to 35-40% and up is growing rapidly. I was talking to my realtor buddy about this not long ago. People just spend much less on other aspects of their lives i.e. transportation (for those that are part of the inner city boom), going out (those in the burbs) vacation, and nonessentials generally. This is part of the reason the economy isn't doing as well as it could be. Rents go up and diversified spending goes down.

TimmyB · June 30, 2016, 08:09:13 PM

If there was any question about the validity of this subject, it has been made painfully obvious to us in recent months. We had pretty much decided on a complex to move into, come next year, in the Atlantic/Kernan area. Price for a three-bedroom at the time was mid-1500's. That same apartment is renting today for almost $1900! We are probably going to have to do a rethink on this, whether it's find a new community, or make do with a 2-bedroom unit for about $500/month less.

I can only imagine what the prices are going to look like by the time we get down there. Funny thing is, there have been two very large, luxury complexes that have opened in that area that we THOUGHT were going to put some pressure on the prices. Supply went up, prices skyrocketed. They didn't teach me this one in Econ 101!

mtraininjax · July 01, 2016, 10:56:12 AM

https://www.rentometer.com/results/9GcJUNkaXuw

According to Rentometer dot com, you are getting royally screwed at 1500 bucks for a 3-bedroom. Keep looking.

TimmyB · July 01, 2016, 11:25:18 AM

It depends on what you're looking for. We don't want a box to live in; we want a community where people like to live, where we don't have to worry about our neighbors not giving a **** because someone else is paying their rent. There are quite a few complexes like that in Jax, but you try to find one that is east of the 295 loop for under $1500. Doesn't exist. Just like buying, it's location, location, location. Something is only worth what someone else is willing to pay for it; obviously, there are LOTS of people in Jax willing to pay for these.

acme54321 · July 01, 2016, 12:23:56 PM

Quote from: TimmyB on July 01, 2016, 11:25:18 AM
It depends on what you're looking for. We don't want a box to live in; we want a community where people like to live, where we don't have to worry about our neighbors not giving a **** because someone else is paying their rent. There are quite a few complexes like that in Jax, but you try to find one that is east of the 295 loop for under $1500. Doesn't exist. Just like buying, it's location, location, location. Something is only worth what someone else is willing to pay for it; obviously, there are LOTS of people in Jax willing to pay for these.

Everything you just described you're looking for is why it costs $1900. Supply and demand. People obviously think the costs are worth it if they're paying that much.

TimmyB · July 01, 2016, 02:36:46 PM

Quote from: acme54321 on July 01, 2016, 12:23:56 PM
Quote from: TimmyB on July 01, 2016, 11:25:18 AM
It depends on what you're looking for. We don't want a box to live in; we want a community where people like to live, where we don't have to worry about our neighbors not giving a **** because someone else is paying their rent. There are quite a few complexes like that in Jax, but you try to find one that is east of the 295 loop for under $1500. Doesn't exist. Just like buying, it's location, location, location. Something is only worth what someone else is willing to pay for it; obviously, there are LOTS of people in Jax willing to pay for these.

Everything you just described you're looking for is why it costs $1900. Supply and demand. People obviously think the costs are worth it if they're paying that much.

That was exactly what I was saying. I don't feel like anyone is taking advantage of me; I'm just hoping the market cools off a little in 12 months time!

brainstormer · July 01, 2016, 02:46:27 PM

TimmyB, I have a feeling that in 12 months time you will have some additional options and a more affordable market. I'm curious as to why you like the Atlantic/Kernan area. To me there are more exciting, walkable, and convenient neighborhoods in other parts of town. I used to live in Hawkins Cove and hated that location.

TimmyB · July 01, 2016, 03:58:47 PM

Quote from: brainstormer on July 01, 2016, 02:46:27 PM
TimmyB, I have a feeling that in 12 months time you will have some additional options and a more affordable market. I'm curious as to why you like the Atlantic/Kernan area. To me there are more exciting, walkable, and convenient neighborhoods in other parts of town. I used to live in Hawkins Cove and hated that location.

Living in West Michigan with (arguably) the world's greatest freshwater lake so close by, I never allowed myself to live closer than 45 minutes to an hour away from it. Job/family always kept us from getting closer. In retirement, we will not do that to ourselves. We will be within 10 minutes of the ocean, as well as only 1/4 mile from Lake Michigan for when we come home to visit during the summer months. This is why we won't consider anything west of the 295 loop.

We are both runners and bikers and (sadly) there are not many "great" neighborhoods that we've found for that in Jacksonville. We really like what we've seen up in that area, in a relative sense.

I'm just really shocked at the number of new places that have opened and yet, the prices keep flying up. Sorrell, Harbortown, the ones down off Baymeadows and 295, all the ones at SJTC, two big complexes in JB, etc. There must have been some serious pent-up demand!

Either way, I'm not going to stress about it. It is what it is. If it gets ridiculous, we will adjust our expectations. Can't get this last week of work done fast enough!