Wednesday, May 14, 2008

Rent is TOO HIGH

I'm slowly creeping toward the end of my lease. So I from time to time check out available units on the internets, on craigslist and on nola.com.

It is really, really difficult to find affordable places. A lot of $700 and $800 per month 1 bed places.

I can't imagine what it must be like if you're trying to find a place for a whole family.

Today's T-P features an article on the redevelopment of B.W. Cooper.

The market rate units will be $700 a month for a 1 br.

I think that's too much. I don't think you'll be finding a whole lot of people itching to move into that neighborhood for $700 per month.

7 comments:

alli said...

FOR REAL. I just signed a new lease for a 2 bdrm that rents at $875 a month - I have no idea how I managed to stumble upon something so awesome. It was craiglist, but seriously.

I have a good job and I can't afford anything more than 600/mo. It's impossible to live on my own.

700/mo for BW Cooper is way too high. They should have one bedrooms available for 400 or 500. Didn't they exist before the storm??

E said...

I'm in the market for a one bedroom and am finding few options for the $550 - $600 that I think is reasonable for my modest budget. Do you need a roomate alli?

The long, long road home,New Orleans said...

Thats why we haven't moved back. Salaries haven't changed but everything else has gone up. We would struggle to make our bills and probably even find ourselves falling behind. We have a 3 bedroom 2 bath home in Alabama for $750.

alli said...

sadly the only reason i was able to sign this is because this dude (my new roommate) has had it rented at this price for a while. so it comes w/the roommate.

craigslist was the most successful, i think - room/share is what worked for me.

i was renting a place w/a roommate for 1200/mo and a year later i am broke. this shit is ridiculous.

E said...

I've been harping on the affordable housing issue for months and months.

With gas and food costs increasing at ridiculous rates, many, many more of us are hurting economically.

The rent rates have been an outrage all along but perhaps with more people directly feeling the effects, we might be able to increase pressure on our politicians to do something pragmatic about it - like raise the local minimum wage.

alli said...

I'm not sure raising the minimum wage would help at all. Because of skilled labor shortages, prevailing wages are higher than the minimum wage anyway. And to raise them even higher, to a point where they would actually be effective in making housing affordable, would cause an inordinate amount of friction in the labor market. It would need to happen gradually.

I mean, I'm all for raising the minimum wage, but what really needs to be tackled is the insurance market. The other reason for rent increases is no doubt commodity prices affecting renovation costs as more units come back onto the market.

And I know you've been harping on it - I've been reading it! :-)

E said...

You're right, the insurance market might be the biggest culprit. Unfortunately, however, there is nothing that can be done on the municipal level on that front. A minimum wage increase, however, is at least feasible, and would be extremely helpful to service industry employees in the short term.