Are $1500 Rents Killing The Pearl?
A look through Craigslist’s housing pages turned up several ads for local apartments. The Wyatt (converted from condos to apartments because nobody was buying) seems to be having trouble renting units. Why?
Last month I took a tour of the model units. They’re nice, mind you. If we were New York City they’d be an awesome deal. Here, however, they’re somehow not quite right.
View from a Wyatt studio balcony.
Yes, they have balconies and nice views. Yes they have nice tiling and brand-new everything. However, the rent is an awful lot just to be located in the Pearl. If you were going to spend $1400+ a month on rent, wouldn’t you just buy a place instead?
For example, a 700 square foot corner studio with a balcony and Northwest exposure is renting for $1495. A 1000 square foot 1 bedroom with balcony is going for $1900 a month. The Wyatt says in their ad that there’s three levels of underground parking but they don’t say if that’s included in your rent. The Crane Building rents are about the same, but they’re offering more interesting bargain deals to entice you to move in.
The Crane building is offering to let you choose between one month rent for FREE, or FREE parking for your entire lease just for moving in there. Free parking for your entire lease? Not bad. Especially if you’re gonna sign a year or more lease. Rents there are around $1550 a month. Location wise, both are in good areas but the Wyatt beats the Crane Lofts for being closer to the upcoming Safeway supermarket which is due to open sometime this year. Maybe that will be the thing that draws everyone to the Pearl. Until then, we wait.