Will Parker
speaker
780 appearances
18 recordings
1 series
first heard May 2019
last heard Nov 2024
Will Parker’s voice in public audio — every appearance, attributed to the second.
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So a lot of what you're seeing now is cities playing catch-up and a lot of planning.
When rents were rising really quickly back in 2015, we're starting to see apartments that were put into the planning process open now.
Yes.
So the company that is making this projection, they're showing that anywhere from 75% to 80% of the new buildings are going to be what the real estate industry calls class A properties.
And really what that means is these are the rentals at the top 25% of the market by how much they cost.
So for the average renter, these new buildings, they're not going to be affordable.
That does present a big opportunity for profit.
And there's a market for them.
There's different reasons as to why.
One thing that is discussed a lot is that as the cost of buying a single family house gets higher and there are fewer of them available, that pushes a lot of high income earners into renting.
And so you're seeing a lot of that as well.
Yeah, one of the big debates in housing is how big increases in luxury apartments affect the cost of housing for everyone else.
A lot of people are very critical of them.
They talk about gentrification and how it puts pressure on the rents of existing tenants in neighborhoods where a lot of development is happening.
A lot of other housing analysts, however, think that increasing even the high-end apartment supply, that gives people in the middle that are economically mobile new apartments to move into and then opens up their old apartments to renters that may not have as much money.
It will.
And a lot of the pricing for these apartments will be kind of aspirational.
So they will offer renters special discounts or deals in order to fill up their buildings as fast as possible.
WSJ Your Money Briefing · Millennials Renting in Cities Attract a New Crop of Lenders · 14 May 2019
podcast
Yeah, that's right.
I think a lot of the people that this is attractive to are, you know, those who are recently out of college.
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