Does anyone know much about this? For example, what is the average person looking for a place to rent in Springfield? Are the Riverside bohemians really moving into the neighborhood? Is there a growing gay/lesbian presence in the area? Is it difficult to rent residential space in this neighborhood? Any information, thoughts or ideas would be appreciated. :)
I know the riverside kids are hanging out and playing over here, but I dont know to what degree they are moving in. The rental market is weird here. There is tons of low Section 8 stuff, and tons of high end shands/proton beam stuff, but not a lot of working lower middle class stuff.
I agree, it seems to be both ends of the scale, but about nothing in between, as far as rental property.
What are the ballpark monthly rental rates for working lower middle class in Springfield?
My stylist and her boyfriend both live in Riverside and would love to move to Springfield. I think the issue is more around what is available, it is either run down junk or high end and too expensive. I have had a lot of people show interest, but the options just aren’t there, many people come over to utilize the dog park and would love to be able to live here and walk to the park. If there was property comparable in condition and price to Riverside we could get more people in the hood….
I think you can get a great deal for rentals in SPR right now. One of our neighbors has a cute bungalow on 6th (right across from Three Layers!) and they are having a hard time getting a renter in even the $750 range. I think that is an amazing rental deal for this house. They told me that they were finding that it's tough to find renters that are willing to pay more than that even though it doesn't cover the mortgage.
:(
Quote from: downtownparks on May 16, 2008, 01:46:45 AM
I know the riverside kids are hanging out and playing over here, but I dont know to what degree they are moving in. The rental market is weird here. There is tons of low Section 8 stuff, and tons of high end shands/proton beam stuff, but not a lot of working lower middle class stuff.
I have been looking around Springfield for some time now and am very interesting in buying there in the future. I have to finish a project I am working on now in Riverside first but I was trying to do a little due diligence as I have no idea about the rental market. In Riverside, we rent to a lot of young, single people, gay/lesbians and a few older people here and there. I do not want to do Section 8. I am mostly interested in the market rate to near luxury market. I am just wondering if the market is there, meaning are people looking to rent these sort of apartments in Springfield?
Quote from: jrtmom on May 16, 2008, 11:25:52 AM
I think you can get a great deal for rentals in SPR right now. One of our neighbors has a cute bungalow on 6th (right across from Three Layers!) and they are having a hard time getting a renter in even the $750 range. I think that is an amazing rental deal for this house. They told me that they were finding that it's tough to find renters that are willing to pay more than that even though it doesn't cover the mortgage.
:(
That is bad news. Maybe the rental market is not there yet. ???
From what I am hearing, the rental market in overall Jax is in oversupply. I don't think it is a S'field phenonenon. All the houses/condos that can't sell are turning into rentals, which floods the market.
I have a rental DT that is turning over on June 1, and my rental agent said don't even think about a rent increase.
Maybe R'side is holding up better than the rest of the city.
I agree that there is an oversupply and it is worse for the larger apartment as these are competing directly with all of the homes which have newly been placed on the rental market by the "investors" who were hoping to flip them in 06 or 07 for a quick profit. The one and two bedroom bedrooms however are still easy to rent and seeing rate increases but any bigger apartments bigger than that are harder to rent and often must be rented at a discount. I will be very happy when the glut of unsold homes dries up and things return to normal.