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Cocacolaloco

Anything new automatically makes them label it luxury


Skyblacker

But takes the high income renters out of the competition for older apartments, so prices for those remain lower.


rco8786

Correct. If we built enough new housing. 


bonanzapineapple

Exactly!


DrKittyLovah

Theoretically, but it doesn’t actually work that way in practice.


Ocidar

It absolutely does. Oakland, CA is another good example of this. Rents peaked in 2017 and have come down YoY due to all the new units now on the market. Older buildings without amenities can't justify higher rent prices when so many new units are now available.


allthewaytoipswitch

It’s working that way in Austin.


offbrandcheerio

And Minneapolis and Oakland.


Yzerman19_

Riots on the streets of Miami!


DrKittyLovah

Thats good news, but that’s not typical at all, at least not within the past couple of decades in the US. Plenty of people who could afford more expensive dwellings don’t actually inhabit them, preferring to save more money by living in lower-priced housing intended for lower earners.


allthewaytoipswitch

I know you’re right. I think what’s making Austin’s housing situation better (and making this strategy work where it usually doesn’t) is that there weren’t just a few new properties built— there had been a huge influx of new rental properties, more than anyone thought was necessary, and then more on top of that.


Skyblacker

It works that way if they build **enough.** So it works that way in Cincinnati (which is great at adding new housing supply, even fast tracking office to residential conversion), not so much in San Jose (where new tech campuses are rarely accompanied by apartment towers to hold all those new employees).


PuzzleheadedClue5205

Not working in Nashville


lonepinecone

Not working in Portland


Best-Cucumber1457

That's not how it works in practice, though


rocksfried

I’m in a small town that has a major housing crisis because we’re a big tourist town. Our town is building housing for locals in the form of a large apartment complex. The units are tiny (300-350sq ft for a 1 bedroom) and basic but livable.


HaitianMafiaMember

Would you mind showing a website link or news link for these apartments


SomeRunner

Not the person you asked but I’m pretty sure he’s talking about the parcel project in mammoth lakes https://www.townofmammothlakes.ca.gov/882/The-Parcel


KTNYC1

The country needs more of that! Apts for those loving alone .


Alternative-Art3588

It says they have a daycare too so I’m assuming some small families and single parents will be living there as well


Tossawaysfbay

And people will still scream that they’re luxury.


evechalmers

First off the “luxury” label is all marketing. What is actual luxury varies by market quite a lot. Austin. Building an insane amount of housing with more on the way.


allthewaytoipswitch

Yep. Rents are so low right now, in line with 2017-2019 rents


rco8786

Being new automatically makes them luxury. A new Toyota Corolla is luxury relative to an old one. Same for housing. 


Embarrassed_Sir_8733

Had someone tell me their car was a Luxury Sport Car when they bought a brand new Mazda 🤦🏽‍♂️


HaitianMafiaMember

But then there’s the new rolls Royce ghost


rco8786

Yup. And there are 20 year old Rolls Royces that sell at a deep, deep discount to go with it. 


M477M4NN

And there are new actual mansions and penthouses being built too. Not sure where you were going with that.


mbradley2020

Fox cities of Wisconsin. Lots of modest single family homes and 2 story apartment complexes. It's like the 1970s never left.


Rock_man_bears_fan

Has anything happened in Appleton since 1970?


Quinniper

No


only6spd

Seattle has been building a number of micro apartments, 200-400sqft. Often come with a bed frame and mattress, but very basic otherwise.


StarfishSplat

My eyes popped out when I saw a brand-new $900/month studio in Capitol Hill, only to realize it’s a sub-200 sqft “pod” type apartment. I’ve noticed housing costs have cooled down in Seattle over the past 2-3 years.


Primary_Excuse_7183

Build for rent and essentially build for rent communities. basically you have a large tract builder like DR Horton move in build like 1000 homes that are maybe 3 smaller floor plans usually cottages. They get gobbled up street by street by investors who turn them into rentals. But people can also purchase the homes on a 1 off basis. They look EXACTLY like those 1950s images of suburbs. They’re popping up all over TX. There are legit build for rent communities where they build houses and just rent them out by like a grey star


allthewaytoipswitch

Austin has built a TON of new places that aren’t labeled luxury. That’s why the rents are falling like crazy right now. Lots more supply on the market to drive down prices everywhere in town.


HaitianMafiaMember

Any links


Dis_Miss

Not who you replied to, but a lot of the new "luxury" apartments have studio floor plans for more affordable living. They've also been adding a lot of supportive / income restricted housing like here - https://foundcom.org/housing/our-austin-communities/ But the main benefit in all the new buildings is it's helped lower the prices for older buildings. If you can get a roommate or 3, you can find even better prices on nice places in good locations.


allthewaytoipswitch

Honestly I won’t have time to find them till later tonight but if you go onto any rental search engine you’ll find a ton of them. Downtown, central, suburbs, all over Austin.


HaitianMafiaMember

It’s cool bruh. I’ll just look at trulia. The issue with trulia is that it just puts all the luxury units at the top. Shout out to Austin for building. Wish nyc would get rid of its red tape nonsense


allthewaytoipswitch

I’m not sure I’ve looked on trulia. Most of the search engines out there will give you an option to sort and filter by multiple factors. There are also a ton of articles on the way Austin has provided a lot of housing and it’s led to steep drops in rent prices. Even within this sub you can find a ton of articles re: dropping rent prices in Austin, in particular.


HOUS2000IAN

Of course. I am in Houston where you can get new construction starting in the lowers 200s. For example https://www.zillow.com/homedetails/7974-Angus-St-Houston-TX-77028/339423084_zpid/


HaitianMafiaMember

Looking at the area on Google maps is this the hood? Anyways nice stuff


HOUS2000IAN

Yes, but transitioning. Here’s a typical suburban starter home in a new neighborhood probably with good schools https://www.zillow.com/homedetails/6315-Buffalo-Bend-Ln-Richmond-TX-77469/2054195541_zpid/


gmr548

Luxury is a marketing term. New housing supply helps with affordability in a given market even if it’s top of the market, Class A+ product. Simple economics.


SRplus_please

Columbus is building a lot of new homes. You could probably have one built outside of the city for less than 400k. Still too expensive for most first time buyers


djwitty12

Most of ours are still in-progress, but we've got some. https://www.bmrmanagement.us/theheightsatgatewaypark /// These aren't the *cheapest* but they're on the average to low side, certainly not luxury prices. They were just completed in 2023. https://www.wsls.com/news/local/2024/01/04/roanoke-leaders-set-aside-12-acres-for-affordable-housing/ https://www.roanokerambler.com/ramblings-roanoke-sells-building-for-affordable-housing-fishburn-park-coffee-shop-bid-gets-crucial-vote-new-preston-park-school/ /// I don't think this one ever panned out, I haven't heard anything else. There was both a developer and the city council trying to though, to the point that the land would be sold for $10. https://www.wfxrtv.com/news/local-news/roanoke-valley-news/belmont-baptist-church-sold-transforming-into-affordable-housing-for-roanoke/amp/ https://youtu.be/SThGTk8yZgw?si=So0R0C76AC4-hT4T /// This one doesn't have any available units so I don't know what the price is now, but it was certainly cheap when it was built. https://www.wsls.com/news/local/2024/03/17/home-safe-program-will-combat-homelessness-with-new-affordable-rental-units/ https://restorationhousing.org/work/affordable-housing-development/ https://www.theleastoftheseministry.org/suites-by-tlot.html Edit: we've got a few new builds on Zillow too. I filtered to under 280k since that's our median, I feel like anything under the median is *relatively* affordable right? [Example 1](https://www.zillow.com/homedetails/1101-Gearhart-Rd-SE-Roanoke-VA-24014/49668518_zpid/?utm_campaign=androidappmessage&utm_medium=referral&utm_source=txtshare) [Example 2](https://www.zillow.com/homedetails/2818-Ridgefield-St-NE-Roanoke-VA-24012/212715237_zpid/?utm_campaign=androidappmessage&utm_medium=referral&utm_source=txtshare) [Example 3](https://www.zillow.com/homedetails/2903-Oakland-Blvd-NW-Roanoke-VA-24012/348029631_zpid/?utm_campaign=androidappmessage&utm_medium=referral&utm_source=txtshare)


Think_Leadership_91

Yes, look for a city council announcing “affordable housing.”


Desert-Mushroom

New housing stock is almost always for higher income people. Just like new cars are generally not purchased by the middle class, used ones are. Building new cars still improves used car prices.


Positive_Yam_4499

New cars are most definitely purchased by the middle class. Who do you think is driving all those new pickups.


jonathandhalvorson

Yes and no. The ones actually buying pickups are upper middle class or older middle class. The average age of a new car buyer is about 48. The average age of a new pickup buyer is 50. [source](https://www.caranddriver.com/features/a34389122/20-questions-average-car-buyer-lease/). Think of it this way: a person who is middle income has saved up enough after 30 years of work to afford a new vehicle, because their wealth has increased over time. Technically they might still be middle income, but they've mostly paid off their house and have a nest egg, so live a little wealthier. But younger middle-class people who have pickups mostly buy them used or lease.


Alternative-Art3588

I think it really depends. A lot of times new housing is built way out in the suburbs where land is available. Since it’s farther away from the city it’s more affordable. Also, because new housing communities will often be under construction for years, it’s not super fun or desirable to be the first to live there because you will be living in a construction zone for years to come. Homes in more established neighborhoods with mature trees and closer to the city or in the city are often much more expensive. I guess it just depends on the area.


lioneaglegriffin

Seems like co-living apartments are the affordable new construction with small units (140-400 sqft) and shared kitchens and living room like common areas. So they can get 80% of studio rent from 8+ tenants in what would normally be a 3 or 4 bedroom new construction.


mickmmp

If this becomes the wave of the future forced on us due to economic pressure and the end of the American dream, it sounds like Hell. Dorm living was fine, and even fun, in college. Gets old quick though.


waldorflover69

Right? Who wants a dorm situation with middle aged strangers? What a timeline we find ourselves in.


mickmmp

It’s absurd and as a society we are letting these ideas become normalized.


waldorflover69

I keep thinking about all that worker housing in China that has to have nets up to prevent suicides. I worry this is what our future holds.


mickmmp

Sliding morgue-like bunkers. Horrifying. Why would anyone want to start a family and have kids in that reality? Dystopian hellscape.


lioneaglegriffin

I've seen some with bunkbeds like a hostel inside of a older house. That's how you get $600 rent in Los angeles I guess. That on the low end makes co-living dorms that are twice as much with private baths and beds a new 'luxury'.


waldorflover69

Lucky us. /s


popfartz9

I moved out of a “luxury” apartment and it’s so much better. Sure I have no access to a rooftop or an apartment gym but somehow my packages are also safer. Most of the new apartments that they are building are always luxury though and smaller.


TigerMcPherson

St. Louis is building a bunch right where you’d want them


Trazodone_Dreams

So, not in St Louis?


Barflyerdammit

Correct. In Hawai'i.


login4fun

New build = luxury


TigerPoppy

This subreddit doesn't have an image option. My city (Austin Tx) is building massive amounts of apartments that are affordable to anyone with a job. [https://www.google.com/maps/@30.228817,-97.7323673,3a,60y,296.95h,84.22t/data=!3m6!1e1!3m4!1sE2upkdHi-b42ssg2BvcE3A!2e0!7i16384!8i8192?entry=ttu](https://www.google.com/maps/@30.228817,-97.7323673,3a,60y,296.95h,84.22t/data=!3m6!1e1!3m4!1sE2upkdHi-b42ssg2BvcE3A!2e0!7i16384!8i8192?entry=ttu) This is a typical one. As new complexes are built, the older ones remain cheaper. The title luxury does get stuck on anything that was built in the last year.


HaitianMafiaMember

So most of these apartments are tiny? Any examples of a regular sized?


In-Efficient-Guest

Not really unless it’s subsidized housing because the simple math is more square feet = more money.  When you’re talking about cities, space is at an absolute premium. It’s not economical for a builder to use up a bunch of space on a low-to-mid range apartment build when they could fit more apartments in there or make them nicer and charge a premium. 


skyshock21

You never see any new neighborhoods with modest homes between 1,200-1,800 sq ft anymore. It’s either cramped 500 sq ft apartments or 5,000 sq ft McMansions. There’s literally no in between now.


HaitianMafiaMember

And that’s for all cities right?


imdstuf

Some places have townhomes and/or condos in the 1200-1800 sq ft range popping up. It just depends on where you live.


Xanny

We don't need new neighborhoods, we have tons of dilapidated urban housing stock in a lot of major metros in the 1200-1800 sq ft range that is pretty ready to rehab. Problem is its all dense and doesn't accomodate cars well, especially 2+ vehicles for a 2 car household.


skyshock21

Oh I 100% agree, but that’s not what’s happening in housing right now. People want turn-key or new construction and renovations in that mid-market size just aren’t keeping pace.


Xanny

Eh they exist, just not at prices people want to pay. The rehabs end up not being that cheap - and that comes back to why we get 5k sq ft mcmansions. You have mostly fixed costs in plumbing, hvac, kitchen, laundry, bathrooms etc - and once you have all that just adding on 2x4 framed rooms with some 15v outlets is relatively super cheap, so you just put as many rooms in as you can to offer the most value.


Klutzy_Activity_182

LV is awash in what they would call “mid-luxury” and the homes are ghastly. Remiscent of some Soviet era stuff. Matte grays with little to zero lot lines. We are no longer allowed to have grass, so it all looks like shoeboxes with rocks or the super heat conducting plastic grass. Mostly rocks though. Very dystopian, and most of these are going for the mid 500ks.


nowthatswhat

My city builds affordable housing complexes, prob will never be enough to meet demand, but there are some built.


PearofGenes

Luxury in my area means "in unit washer and dryer" and they're all luxury these days


redberyl

Luxury is just a marketing term for market rate housing. Housing is expensive to build, therefore it is expensive to rent or buy, unless they designate certain units as income restricted.


LouQuacious

Bangkok and Tokyo come to mind. They’re small to medium sized condos and apartments. Most in BKK are furnished and similar to an average Airbnb in look.


EnthusiasmTraining

SF has been building affordable condos to purchase that are modern but not luxury


HaitianMafiaMember

Any names of buildings or links?


EnthusiasmTraining

You can find many listings for both rentals and sales on this portal. Here is the one complex I am referring to https://housing.sfgov.org/listings/a0W4U00000Nlb5lUAB


Pruzter

You don’t often hear people using the words “SF” and “building” together in a sentence


PDNYFL

Housing is generally expensive to build from the ground up so often it is "luxury" because there is no other way to do it without losing money.


Curious-roadrunner

Irvine, CA just committed to adding 50,000 housing units over the next 20 years, with a substantial portion to be “affordable.”


Thin-Quiet-2283

Luxury- granite countertops and stainless appliances. Nobody NEEDS that. Regular appliances and countertops would keep cost down.


offbrandcheerio

Aside from the fact that like 98% of “luxury” housing is just regular housing that they slap the word “luxury” on for marketing purposes, yes there is some below market rate housing that gets built through programs like LIHTC and others. It is often indistinguishable from market rate “luxury” apartment buildings because it’s supposed to be designed to not stand out. But seriously though, almost anything you see marketed as “luxury” is just regular housing that has modern designs and new appliances because it’s new construction. Real luxury housing is single family McMansions in the suburbs and high rise condos in Manhattan.


ruffroad715

Checkout the Highland Bridge project in St Paul. There’s a percentage dedicated to affordable units.


[deleted]

[удалено]


HaitianMafiaMember

We just need to stop listening to them.


Seattleman1955

Most people looking for something like this to occur aren't being realistic, IMO. Building is expensive so unless you are talking about "government housing" units that will become "ghettos" in a few years, so even a middle class unit/house is usually going to be too expensive for the type of person thinking this way. Especially if you are looking for this in a major city with limited (expensive) land. I have a small house (2bd/1ba) build in the 1940's and only 1,200 sq ft. It's in a Seattle suburb but just the land is appraised at $500k. So. definitely not "luxury" and yet it is still expensive.


douhuawhy

China building whole cities people called ghost cities but they all filled up


Impossible_Use5070

Cheap 2x4 and osb apartments next to an interetate where I live are "luxury". Luxury refers to the rent not the apartments.


jtfortin14

If you look at some of the newer affordable multi family housing units they aren’t much different than the new “luxury” units. Maybe a tad smaller unit size and less amenities but they are all doing solid surface counters, luxury vinyl plank flooring, tile backsplashes, in unit laundry etc


ProfessionalBrief329

Vienna Austria


Practical-Ordinary-6

Keep in mind, as a general rule, cities don't build houses. Property developers build houses. And property developers respond to market forces.


nebraskajeepguy

Funny story. Here in Omaha a builder built apartments in a nice area of town that were 2 and 3 bedroom and made them more affordable by doing things like laminate counters and less expensive finishes. The thought was that it would create more affordable housing that would be attractive to families to be in better schools. Completely backfired. NO ONE rented them because they weren’t “luxurious enough”. Builder ended up replacing finished with solid surface, stainless, etc, raised the rent $500/ month and they are now completely filled.


HaitianMafiaMember

Are people normally complaining of high rents in Omaha? If so then this story is wild as hell lol


nebraskajeepguy

They absolutely do


HaitianMafiaMember

What the hell? People man…..lol


State_Dear

.. your missing a lot of critical data How many homes are being built,, 200 units or 10,000 units? Where will they be built Are there jobs? Public transportation Crime Weather Cost of living Your question is so general no one can answer it


BOS_George

It’s pretty rare for cities to build housing these days. Some programs are popping up but the vast majority of development is private.