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Melissa Loughridge Savenko
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« Reynolds North Plant - More News Today | Main | How Do People See Richmond - And What Does Real Estate Got To Do With It? »

March 07, 2012

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Melissa Loughridge Savenko

Wow, Valerie, you're a LOT more successful with your first job at 21 than I was. I think for many people, spending $21,600/year ($1,800 x 12 months) on rent is excessive. I think you must make a lot of money, have no student loans, and/or have help from parents.

If you are going to be in Richmond for two (2) years, and you buy something that you know you have two (2) exit strategies from - sell or rent - I really just don't understand renting. You can buy something in a desirable neighborhood for substantially less than $21,600 in total annual house payment. In two (2) years, at $1,800/month, you will have thrown away over $43,000, with ZERO return. I think a lot of young professionals just don't understand the market, how cheap money is right now, and have bought the national psychology and doom-and-gloom that owning a house is just too scary in a down market. And hey, the fact that you work for the developer of Miller & Rhoads Residences couldn't have anything to do with your opinion now, Valerie, could it? Since your email address IS from HRI Properties. www.hriproperties.com. [;)]

Valerie

I dont see that $1600.00 a month on rent is that high... why would you buy something in Richmond if you are only planning to be in the area for a year or so? A lot of students going to medical college in the area are here for 3-8 years.Especailly if they plan on moving back to what ever state they came from. Buying a home would be a little much, so why not rent. The price is about where you live, you really do get what you pay for. I pay 1800.00 a month for a 2 bedroom downtown in the business district (Miller and Rhoads) and i couldnt be happier. I am 21 years old and am not looking to buy right now so renting is my only option. To my knowlegde Miller and Rhoads has been 100.00 percent occupied for the past several months... so doesnt seem that to many people mind paying for quality and great management. So with them being at 100.00 percent that means that 133 units are being occupied here alone. I dont think that any of the other surrounding properties are having trouble either. With the amount of people coming to Richmond for work has grown over the past year and seems to be steadily increasing. My opinion is that they should have all of these properties around this area for all of the business that Richmond is now getting. For some who cant afford 1800.00 for rent i know that prices in the area start at about 800.00 certainly a reasonable price for a unit in this area. I love that the city is coming along and cant wait to see whats next for apartments in the area.

David

Sea Dream Leather Building is another to fall to apartments. All this is jacking up rent and property values to speculative prices forcing artists and small businesses out of the area for the sake of a bunch of rentals at 30% occupancy.

Jason

I don't know that the apartment craze is such a bad thing. Perhaps it might help keep rental rates in check in the neighborhoods apartments are going up. I know for a fact the building I'm in has had rent increases for the apartments that recently experienced turnover.

My unprofessional opinion is older apartments in iffy neighborhoods and older suburban apartments are going to see quality tenants flee in droves.

Melissa Loughridge Savenko

Well, add 77 more apartment units to the Downtown mix, per a BizSense article today. Monuemt Construction and the Edson Companies are purchasing the old Massey Energy headquarters and converting it to apartments. Count now well above 2,500 new/proposed units.

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