Vent: Overheard a group at the Frontier talking about the new apartment prices on Central

I was grabbing a breakfast burrito yesterday and the table next to me was full of people who just moved here. One guy said his one-bedroom in that new building near UNM is $1,800 a month. That's almost double what my friend pays for a similar spot a few blocks over in a slightly older building. It got me thinking about how fast some rents are climbing in specific areas, while other neighborhoods seem to hold steady. I'm not sure if this is just the new construction premium or a sign of things to come. Has anyone else seen a big price jump in their part of town recently?

3 comments

3 Comments

jessica_hall491mo ago

That $1,800 for a one-bedroom is a gut punch. @emma_clark is right about the location mix-up, but does that new building price actually pull up rents in the older buildings around it? I saw a for-rent sign on an old fourplex near there just last week, and the number looked higher than it would have a year ago. Are landlords seeing those fancy new rates and deciding to bump theirs up too, even if their place doesn't have the new appliances?

jana1191mo ago

Does @emma_clark think those new rents set a new floor for the whole area? Landlords see $1,800 and start thinking their old place is worth $1,400 suddenly. That fourplex near UNM probably shot up just from the market vibes, even without the new appliances.

emma_clark1mo ago

Wait, that new building is actually near CNM, not UNM. The price is still crazy though, it's definitely the new construction premium. Older spots nearby are way more reasonable for now.