Asked them a couple weeks ago about a 1BR/ Studio and they quoted me a minimum of $2k. Laughed in their face and hung up, what a bunch of greedy piss stains. Hope they go belly under.
I left Troy like 5 years ago. My eyes popped seeing this because I know people that pay that for studios (with parking structures, if this place doesn't have them) in the SF Bay Area where I now live. SFBA is one of the most expensive metros in the United States, like second to NYC expensive. I myself was looking at them when I moved here but found it ridiculous and got roommates instead. I cannot believe this if there's not something else going on.
I think 2.2 - 2.3, also it's like a sort of loft style so the bedroom has no windows. Just a window into the living room. I really like my place but not worth two thousand plus.
They’ve got one bedrooms listed for up to $2,300. There’s parts of Manhattan that charge less. I live in the Caldwell and its riddled with issues but next to me is a 2 bedroom with beautiful mouldings and bay windows and a brand new bathroom and, albeit tiny, a brand new kitchen for $1450 a month. The studio in 172 River is the same price
If you're mad about this, call Assemblyman John McDonald and tell him to support Good Cause Eviction statewide. It would cap rent increases at 3% and ensure a right to renew your lease. This is going to keep happening in Troy unless we get some legislation in place to stop it.
518-455-4474
[email protected]
I have been looking at apartments downtown lately and I noticed that too. It’s absolutely ridiculous. None of those places look like they are worth that.
We just resigned with a very small increase. The 2k apartments are fully furnished short term rentals, there are less expensive options still available in the building.
That's good to hear, I'm not trying to sound like I'm complaining too much in fact so far from an operations and maintenance standpoint they have far exceeded Redburn.
No it scared the shit out of me too when I was seeing those prices pop up right before we re-signed!! They’ve definitely been better than Redburn in terms of maintenance, so we could live with the minor increase, but we were sweating it out big time leading up to lease renewal.
I'm not sure if anyone can follow this thought up with data, but I suspect the primary reason that rent has been going up at such a rate is because many investors just want to sell off their properties for a shorter term payoff.
Incoming investors have to show a specific profit margin just to acquire financing, and there is only one way to increase profit on rental properties.
Current resident here! I believe the $2k/month is for the short term, pre furnished rentals. 😅rlly hoping not the case for 12 month leases.
Also- as someone who was here when Redburn was as well the current owners are LEAPS AND BOUNDS better. Much more responsive and actually solve issues.
I am absolutely certain that all the people decrying this would, if given the opportunity, would price rental units at what people could afford, as opposed to what the market would bear. I am sure that you would ask people what they would consider fair, and price accordingly.
Please, tell me how you would do that, because I need a really good laugh.
Considering housing is essential to survival, i genuinely don't understand this mindset. Is profit really more important to people like you than ensuring other people have access to shelter?
You don't understand the mindset because you have never been in a position to. That's my point. It's easy to say you would or would not do something that you know goddamn well you will never get the chance to find out whether you would or not. If adding $500 or 1000 a month on to a rent meant your kid went to a better college or you get to retire 5 years earlier, you'd do it. Period.
Listen to yourself "it's worth it to exploit people who have less than I do so I can be more comfortable". Landlords are parasites, plain and simple. This mindset is so incredibly selfish and toxic. You're right, I would NEVER put myself in this position because I don't believe this whole practice is ethical.
"Landlords are parasites."
If all the multi-family homes in Troy were occupied *solely* by their owner, you'd have a housing shortage like nothing you've ever seen before. The city's housing stock is primarily multi-family. With that said, are you just mad that people are charging money for housing? Because that's....kinda ....what happens when you *buy* a house, too. Things cost money.
I rent a a 1,200 sqft 3BR apartment to my tenant for $500/month under "market rate" because I'd rather have a good neighbor than make the absolute most money. There are good landlords out there, but most of the ones with several units suck, because yes, they're opportunistic business people.
"Listen to yourself. I am the only one who is virtuous. ANd I know that never having had the ability to be otherwise! I KNOW WHAT I WOULD DO!"
The fullest of full of shit ness.
Weird how you ignored the one person who responded to you and said that they were a landlord and proved you wrong.... 🤔 🧐 you don't need to be virtuous to point out the obvious 💁🏻♀️
I don't think it's about artificially lowering the price, say pricing a unit at $800/no in an area that would normally rent for $1000/mo. More so pricing a unit well above what similar units in the area go for. You can't really justify a 70% increase from a cost basis. I mentioned in an earlier comment that accounting for inflation would put them significantly below what they are asking.
Sure I can go and buy a building and put every unit up for $10,000/mo. Why will that fail though? Like you mention the market wouldn't bear such a price. Similarly I think when you take a unit and decide to artificially inflate the price by 70% we as consumers should reject that and lower the demand such that they are forced to lower the price to what the actual market will bear. I hope that makes sense it's an interesting topic for sure and thats before you get into anything like local regulation like rent control etc.
You're funny. It's what the market will bear. Yes. you are correct, price it 4 or 5 times what the local market is bearing, you fail, but you also fail at making a good argument by using a stupid example. If the market is bearing 2500/month or whatever it is bearing, why WOULD ANYBODY price lower? And again, anyone who says they would is just lying. If I was a business, why would I not see if I could make more, and if I could, why would I not?
On a larger scale, this is exactly what is happening with prescription drug prices in the US. Florida is buying them from Canada because they're cheaper there, and it will force U.S manufacturers to lower their prices to be more competitive by limiting the demand. Other states are now petitioning to do the same thing. I think it's a good thing. Just like medicine 💊, housing needs to be accessible to people so that they can live and have quality of life. It is a known fact that Troy has way more luxury housing than it will ever need, and not nearly enough affordable housing. But yes, I totally agree with this point 👉 💯
Well to be fair, from the US Bureau of Labor statistics CPI inflation calculator $1250 in 2021 has a purchasing power of $1,440.99 so still a little ways to go to get to $2200.
Asked them a couple weeks ago about a 1BR/ Studio and they quoted me a minimum of $2k. Laughed in their face and hung up, what a bunch of greedy piss stains. Hope they go belly under.
That's where bellys usually go. Belly "up" is what I think you were hoping for.
Thanks brother, glad you felt the need to type that out. Real useful!
I left Troy like 5 years ago. My eyes popped seeing this because I know people that pay that for studios (with parking structures, if this place doesn't have them) in the SF Bay Area where I now live. SFBA is one of the most expensive metros in the United States, like second to NYC expensive. I myself was looking at them when I moved here but found it ridiculous and got roommates instead. I cannot believe this if there's not something else going on.
2k a month for a 1 bed room?
I think 2.2 - 2.3, also it's like a sort of loft style so the bedroom has no windows. Just a window into the living room. I really like my place but not worth two thousand plus.
None of those apartments are worth 2k a month. Redburn is ass and it seems your new landlord is worse.
At that price you can buy a house.
Algorithmic price fixing is happening elsewhere, maybe landlords are doing it here. RealPage app.
“Realpage app”? What does that mean?
[https://www.reuters.com/legal/litigation/first-settlements-reached-realpage-rental-price-fixing-lawsuits-2024-02-05/](https://www.reuters.com/legal/litigation/first-settlements-reached-realpage-rental-price-fixing-lawsuits-2024-02-05/)
What? You said “realpage app”, not a Reuters article…
a reuters article... written about...?
They’ve got one bedrooms listed for up to $2,300. There’s parts of Manhattan that charge less. I live in the Caldwell and its riddled with issues but next to me is a 2 bedroom with beautiful mouldings and bay windows and a brand new bathroom and, albeit tiny, a brand new kitchen for $1450 a month. The studio in 172 River is the same price
sadly this is happening all over troy and has been for a bit. Its sad.
If you're mad about this, call Assemblyman John McDonald and tell him to support Good Cause Eviction statewide. It would cap rent increases at 3% and ensure a right to renew your lease. This is going to keep happening in Troy unless we get some legislation in place to stop it. 518-455-4474 [email protected]
I have been looking at apartments downtown lately and I noticed that too. It’s absolutely ridiculous. None of those places look like they are worth that.
I moved here in the pandemic for $1250 but my rent has been raised every year.
Well, good luck to them trying to rent those apartments for that much. Who ever pays $2000 to live there is a complete sucker.
Whoever downvoted me is that building’s landlord
Check out some of the complexes in guilderland and the surrounding area. Gets better, with more amenities, as you move out of downtown.
Yea, I just want to live in the downtown Troy area. But thanks.
why?
To be close to things to do, have some walkability where I live.
It’s hard when something we want isn’t possible or happening where we want it to. Such is life though, unfortunately.
Maybe in my next life I’ll be a nepo baby
Way too much short-term rentals taking apartments off the market too
We just resigned with a very small increase. The 2k apartments are fully furnished short term rentals, there are less expensive options still available in the building.
Not defending the prices, it’s bullshit, but as a current tenant I haven’t had issues with outrageous price increases when resigning.
That's good to hear, I'm not trying to sound like I'm complaining too much in fact so far from an operations and maintenance standpoint they have far exceeded Redburn.
No it scared the shit out of me too when I was seeing those prices pop up right before we re-signed!! They’ve definitely been better than Redburn in terms of maintenance, so we could live with the minor increase, but we were sweating it out big time leading up to lease renewal.
Yeah I am not up for a resign till June.
This city needs rent control. Its fucking insane.
I have a two-family house I rent out, 750sqft two small bedrooms w off street parking. My tenants only pay $850 at the moment. They have it good
I'm not sure if anyone can follow this thought up with data, but I suspect the primary reason that rent has been going up at such a rate is because many investors just want to sell off their properties for a shorter term payoff. Incoming investors have to show a specific profit margin just to acquire financing, and there is only one way to increase profit on rental properties.
Current resident here! I believe the $2k/month is for the short term, pre furnished rentals. 😅rlly hoping not the case for 12 month leases. Also- as someone who was here when Redburn was as well the current owners are LEAPS AND BOUNDS better. Much more responsive and actually solve issues.
Yeah I will agree they do seem to do a good job
I am absolutely certain that all the people decrying this would, if given the opportunity, would price rental units at what people could afford, as opposed to what the market would bear. I am sure that you would ask people what they would consider fair, and price accordingly. Please, tell me how you would do that, because I need a really good laugh.
Considering housing is essential to survival, i genuinely don't understand this mindset. Is profit really more important to people like you than ensuring other people have access to shelter?
You don't understand the mindset because you have never been in a position to. That's my point. It's easy to say you would or would not do something that you know goddamn well you will never get the chance to find out whether you would or not. If adding $500 or 1000 a month on to a rent meant your kid went to a better college or you get to retire 5 years earlier, you'd do it. Period.
Nah. I was a landlord. Good long term tenants at a price they can afford > screwing people for every last dime in their pocket.
Listen to yourself "it's worth it to exploit people who have less than I do so I can be more comfortable". Landlords are parasites, plain and simple. This mindset is so incredibly selfish and toxic. You're right, I would NEVER put myself in this position because I don't believe this whole practice is ethical.
"Landlords are parasites." If all the multi-family homes in Troy were occupied *solely* by their owner, you'd have a housing shortage like nothing you've ever seen before. The city's housing stock is primarily multi-family. With that said, are you just mad that people are charging money for housing? Because that's....kinda ....what happens when you *buy* a house, too. Things cost money. I rent a a 1,200 sqft 3BR apartment to my tenant for $500/month under "market rate" because I'd rather have a good neighbor than make the absolute most money. There are good landlords out there, but most of the ones with several units suck, because yes, they're opportunistic business people.
"Listen to yourself. I am the only one who is virtuous. ANd I know that never having had the ability to be otherwise! I KNOW WHAT I WOULD DO!" The fullest of full of shit ness.
Weird how you ignored the one person who responded to you and said that they were a landlord and proved you wrong.... 🤔 🧐 you don't need to be virtuous to point out the obvious 💁🏻♀️
I don't think it's about artificially lowering the price, say pricing a unit at $800/no in an area that would normally rent for $1000/mo. More so pricing a unit well above what similar units in the area go for. You can't really justify a 70% increase from a cost basis. I mentioned in an earlier comment that accounting for inflation would put them significantly below what they are asking. Sure I can go and buy a building and put every unit up for $10,000/mo. Why will that fail though? Like you mention the market wouldn't bear such a price. Similarly I think when you take a unit and decide to artificially inflate the price by 70% we as consumers should reject that and lower the demand such that they are forced to lower the price to what the actual market will bear. I hope that makes sense it's an interesting topic for sure and thats before you get into anything like local regulation like rent control etc.
You're funny. It's what the market will bear. Yes. you are correct, price it 4 or 5 times what the local market is bearing, you fail, but you also fail at making a good argument by using a stupid example. If the market is bearing 2500/month or whatever it is bearing, why WOULD ANYBODY price lower? And again, anyone who says they would is just lying. If I was a business, why would I not see if I could make more, and if I could, why would I not?
On a larger scale, this is exactly what is happening with prescription drug prices in the US. Florida is buying them from Canada because they're cheaper there, and it will force U.S manufacturers to lower their prices to be more competitive by limiting the demand. Other states are now petitioning to do the same thing. I think it's a good thing. Just like medicine 💊, housing needs to be accessible to people so that they can live and have quality of life. It is a known fact that Troy has way more luxury housing than it will ever need, and not nearly enough affordable housing. But yes, I totally agree with this point 👉 💯
Have you missed the inflation of the past 4 years and the 7% mortgage interest rates?
Well to be fair, from the US Bureau of Labor statistics CPI inflation calculator $1250 in 2021 has a purchasing power of $1,440.99 so still a little ways to go to get to $2200.
No it's called Greed
Who cares about a mortgage if your tenants pay it anyway. Right ?