All this talk about Portside got me thinking. What will the net effect of waterfront luxury rentals have on existing EB rental rates? A lot of people have expressed their concerns that rental rates have done nothing but go up the past few years, clearly affecting those of lower/more moderate incomes. I think there are at least two basic schools of thought on how a development like this could affect the rest of EB rental rates. 1) The development will pull upgrading higher income renters out of their existing cheaper apartments causing demand and consequently rental rates for those old apartments to go down (or at least stabilize). 2) The development will cause a rising tide floats all boats effect...so if you have a rich neighbor your rent should go up to. I tend to believe the former, although Id expect in the short term landlords could artificially try to keep rates as high as possible. Thoughts?
Posted on: Fri, 17 Oct 2014 00:12:34 +0000
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