Are Lehigh Valley real estate developers noticing that every time somebody puts some high quality rental housing on the market it seems to get snatched up right away?
Mulligan said the demand for the apartments in Pomeroy?s, which were priced above Easton market rates, shocked him and his partner, William Vogt. Mulligan said the apartments were leased out with 60 days of taking applications. Rents ranged from $900 to $1,200 a month, depending on the size of the unit and premiums for apartments facing Northampton Street.
Phase two features similar apartments, between 22 and 24 units, Mulligan said, but the prices will be somewhat higher. Mulligan said the number of units depends on if they decide to go with more one-bedroom apartments.
?We found there is a larger market for one bedrooms,? Mulligan said.
The task now for politicians in the 3 LV cities is to make it very easy to build more multifamily structures the size of Pomeroy?s, with the goal of getting the market rent for a one bedroom down to around $500-700. The 3 city downtowns could physically support many more high quality multifamily buildings if politicians are willing to allow the density.
(Thanks: JD Malone)
Source: http://www.jongeeting.net/?p=7473
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