There's an article in MyStatesman.com about the high apartment rents and why all the developers are building luxury apartments.
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“Has anybody ever examined why all the new apartments seem to be so high-end?” he wrote? “Surely there would be a market for entry-level apartments — not for people who qualify as low income, but just for people who want and need a basic unit for less money.”
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“The cost savings to strip out all the frills is about $7 a square foot on total current construction cost of about $235 a square foot for (traditional) product,” Wendler said. “Then you have a product that isn’t very attractive or marketable with very little savings. Bottom line is the savings just are not worth it — the savings are so small you can’t reduce the rent enough to offset the lack of frills.”
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http://www.mystatesman.com/news/busi...artment/np4kz/