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Started By
Message
re: Apartment Complexes Being Constructed Along Burbank
Posted on 7/24/15 at 10:56 am to saint amant steve
Posted on 7/24/15 at 10:56 am to saint amant steve
quote:
So how the hell can so many college students afford $500+ in rent?
I miss how cheap BR was
$500/month is absurdly cheap
This post was edited on 7/24/15 at 10:57 am
1
Posted on 7/24/15 at 11:02 am to saint amant steve
quote:
Plus, most of them are borderline "luxury" apartments. So how the hell can so many college students afford $500+ in rent?
I know it was 20 years ago, but my college apartments were all in the $500/mo range and that was split 2 ways
also, there are still a number of apartment/condo project still in design or being bid out at the moment. so there are more to come..
over supply is a good thing and it keeps the costs down. But with the student loan bubble building, just like tuition rate growing, so is student housing. Kids just take out "free" loans to pay for it all
Posted on 7/24/15 at 11:13 am to TigerBait1127
quote:
I miss how cheap BR was $500/month is absurdly cheap
Holy shite THIS^ I would take $500 rent and run!
Posted on 7/24/15 at 11:32 am to saint amant steve
Target was supposed to be on Lee & Burbank....And now they will be starter homes and apartments 
Posted on 7/24/15 at 11:33 am to the4thgen
There are a lot of $500/month per person rentals around LSU. One of the things that has happened is as new places have come you wind up with a few undesirable non students living in older apartments that were generally well kept but far from luxury. This causes a bit of an exodus from places like tigerland or some of the older complexes along brightside or Burbank. But like I said before the only thing that can't be beat as far as student housing goes is location. There is nothing like rolling out of bed and walking to class.
These new apartments like cottage and woodlands or other new ones are also built by construction companies that are owned by the developer. They are built of cheap materials that won't last but create enormous cash flow for the developer so that he can sell and profit.
Baton Rouge has a very affordable rental market and for the price people pay to complain about upstairs neighbors in crappy complexes that aren't "lifestyle" complexes like the cottages or woodlands they could be in a decent house with less that a 5 minute drive to LSU.
These new apartments like cottage and woodlands or other new ones are also built by construction companies that are owned by the developer. They are built of cheap materials that won't last but create enormous cash flow for the developer so that he can sell and profit.
Baton Rouge has a very affordable rental market and for the price people pay to complain about upstairs neighbors in crappy complexes that aren't "lifestyle" complexes like the cottages or woodlands they could be in a decent house with less that a 5 minute drive to LSU.
Posted on 7/24/15 at 11:34 am to torrey225
quote:
Target was supposed to be on Lee & Burbank.
Where did you hear that from?
Posted on 7/24/15 at 11:35 am to ManBearTiger
quote:
Apartments on Burbank aren't just attractive to students, it's a great place to set up for young professionals just out of school.
That's what I used it for, and now that I'm making a bit more cash I'm moving away. I would see some students there, and they always drove insanely nice vehicles, and saw families there and they would have run down POSs.
Posted on 7/24/15 at 11:37 am to Wasp
quote:
Where did you hear that from?
Stirling announced the project in August of 2008...and we know what happened shortly after.
I believe the corner is still slated for a retail center, but the housing will be behind it.
Posted on 7/24/15 at 11:39 am to Golfer
Oh okay. That was a while ago.
Posted on 7/24/15 at 11:39 am to saint amant steve
quote:
Plus, most of them are borderline "luxury" apartments. So how the hell can so many college students afford $500+ in rent?
I'm "in the industry" so to say and this is the aspect that gets me. I know every apartment complex in Baton Rouge and I know roughly what the rent for and roughly what occupancy is. I am absolutely amazed that these out of state developers/owners think that this market can support the continued saturation of quasi luxury apartments. Even substandard market intelligence would tell them occupancy rates of 85% for that market is about standard. There are more in the works too.
Posted on 7/24/15 at 12:16 pm to Lazy But Talented
quote:
Trying to wrap my head around this as there has been 3-4 new complexes put up in the same amount of years. I'm doubtful they are all to capacity.
Of course not. However the faux-luxury of the Cottages/Woodlands is very appealing to some students and they have no qualms with paying $500-1100/month for an apartment.
Posted on 7/24/15 at 2:16 pm to Wasp
quote:
Baton Rouge has a very affordable rental market
You're joking, right? Baton Rouge is way too expensive for a college town with a city proper population of less than 250,000.
Posted on 7/24/15 at 2:18 pm to Paul Allen
quote:
You're joking, right? Baton Rouge is way too expensive for a college town with a city proper population of less than 250,000.
The metro area is home to over 800,000 people. It's not a small town anymore, and it hasn't been for a long time.
Housing prices are not out of line with other similarly sized gulf coast metros. There's apparently demand for rental housing especially near LSU....but IMO, development south of campus should be more controlled and deliberate.
This post was edited on 7/24/15 at 2:22 pm
Posted on 7/24/15 at 2:22 pm to Paul Allen
What do you consider affordable and what do you think a you can't find in Baton Rouge?
Posted on 7/24/15 at 2:23 pm to Wasp
Just look at rent prices around the city compared to cities comparable to BR. Affordable decent area one BR apartments should be 800-950 per month, not 1050-1200 like many in BR are priced.
Posted on 7/24/15 at 2:25 pm to Golfer
quote:
People smarter than you have determined there's a demand.
College apartments go through a 20-25 year cycle anyways. This is nothing new.
Uhm. If you say so. I think money is cheap again and some dumbass commercial appraiser/s is/are raking in cash rubber stamping all of these deals.
Posted on 7/24/15 at 2:27 pm to go_tigres
quote:
I am absolutely amazed that these out of state developers/owners think that this market can support the continued saturation of quasi luxury apartments.
I think you are giving them too much credit. I also wonder how much REITs have to do with this (future) mess.
Posted on 7/24/15 at 3:03 pm to torrey225
In 2008? Or more recently?
Posted on 7/24/15 at 3:45 pm to Wasp
More recently. They were putting in utilities to a shop for an anchor and they were aiming for Target.
Now it is going to be Lake Villas ( 191 homes) and Wildwood Apartments.
Now it is going to be Lake Villas ( 191 homes) and Wildwood Apartments.
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