They are forced to choose between spending more than they can afford on rent and utilities, or settle for older buildings, in less attractive locations.” With fewer affordable options, many double-income professionals who used to populate the urban cores are being priced out of the areas where they want to live. The rent crunch is climbing up the ladder to middle-income renters. The report goes on to say: “While lower-income households have been struggling with rising rates for decades, middle-income renters are affected the most by this trend. In addition to top-quality interior finishes, high-end appliances, beautiful building structures, designer landscaping and coveted locations, they also provide exclusive access to resort-style amenities, first-class fitness centers, concierge services, socializing opportunities and other resident services.” “The new wave of rental properties offers more than just apartments for rent it offers an upscale lifestyle. “Lured by rising rents, the prospect of steady income and stable cash flows, developers are rushing to build apartments that appeal to more sophisticated generations of renters,” the RentCafé report states. And the timeline parameters excluded Rockwood at Oliver’s Crossing, an apartment complex with 64 units renting from $535 to $750 per month that opened earlier this year. Because of the way the study was structured, RentCafé’s report did not include Camden Station, a public-housing community that opened in November, adding 30 units of subsidized housing. While it might be a stretch to call all of the major multifamily housing projects that came online in Winston-Salem last year “luxury,” new housing did skew toward higher incomes. and a Sunbelt arc of cities from San Antonio, Texas to Scottsdale and Tempe in Arizona, and San Jose, Calif. Durham is also on the list, along with Jacksonville and Fort Lauderdale, in Florida Alexandria, Va. Many of the worst offenders are clustered in the Southeast. The report found that Winston-Salem is one of only 14 cities where 100 percent of new apartment buildings - not counting projects accommodating less than 50 units - delivered only luxury, or high-end apartments in 2015. That’s according to a recent report by RentCafé, a nationwide apartment search website that used data from sister company Yardi Matrix on large-scale, multi-family properties of 50 units or more.
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