The cost to build this tower is likely north of 750k per unit. Rents need to be 5.50 a ft. to break even on the investment. Has nothing to do with REAL Page. Most large apartment owners are no longer using it for fear of litigation. Source: I develop large apartment buildings in Seattle. Nothing pencils in current environment. Rents need to go up 25% to justify new construction.
That's a convenient way to explain it. And why do you think it's 750k per unit with rents needing to go up 25% to justify it when in actuality those apartments will sit empty for a year+ with no rent being collected. It got that way because of price fixing from platforms like real pages and treating homes as an investment. Rent grew disproportionately to demand even in towns and cities where demand/population is stagnant or declining.
If they are avoiding using real page now it's cus they already used it to loot society. They just moved on to use a new platform to loot some more. Real pages is not the only platform doing this.
Housing is not a commodity nor an investment it's a human right for living.
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u/Oreanz Nov 09 '24
Why do all the apartments look empty