I was struck by the chart of average costs for a 2 bedroom apartment that was in one of your posts. I've included it here as an attachment.
Check out the numbers at http://www.apartmentlist.com/md/salisbury for a comparison of some of the 2 bedroom apartments in Salisbury. Results can be filtered by # of bedrooms. I would put the average at close to $900 for one here, This is the average cost of some of the bigger cities in the U.S. Why? Market driven. Pretty expensive for the average income in the city. So, what demographic leads the market here?
10 comments:
The demographic that gets housing subsidies from the government.
From a landlords perspective: The cost of rent is derived from the cost of the building/house, cost of maintenance, and what the market is willing to pay. Most two bedroom renters in Salisbury are supported by two or three incomes.
That chart is also very subjective, in DC the average two bedroom apt goes for 2200 - 2800 a month. If you are paying 1495 for two bedroom; its not in a good neighborhood.
Cant buy a house Banks have changed the rules!
The demograpic of most houses in Salisbury are rentals, people don't want to own a home in a town which is on the decline, so most homes are bought up by these landlords as quickly as they come on the market. That and the fact that you have a small number of rental agencies to deal with, so they set the highest price they can! Very few homes are rented out directly by private owners.....there are none, they have jumped a sinking ship!
10:37
My neice lives in Montogermy County. She has a very NICE apartment. Swimming pool and fitness gym are included in the price. She pays 1600 a month for a 2 bedroom apartment.
For $900/mo, you can get a 3 bedroom house in the city in a decent neighborhood. You just have to network to find them, have good references, and have good credit. Believe it or not, there are small landlords out there who want stable investments - not headaches. Show that they won't be worrying about their house, code and compliance, and their bank account, and you'll get that deal.
12:02 - Montgomery county is not DC. I have rented an apt in DC and it cost me 2600 a month; that was the going rate.
1:26
Silver Spring is NOT that far from DC and that is the going rate. Sounds like you got ripped off.
Actually, good old fashioned supply and demand determine most housing costs. This is generally referred to as "the market." Landlords and home sellers charge what the market will bear.
@ 1:53 -
In an efficient market, that would be true. Seems that the unusually high amount of rentals (upwards of 70%), the really high spread between commercial mortgage payments and relatively high rents, and the market control of a few (SAPOA) really seems to point towards a cartel operating in our town.
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