Submitted by IheartFredArmisen t3_z4ouy4 in providence
Mountain_Bill5743 t1_ixwfvx3 wrote
Hey OP, you said you've been hunting early are you finding many leads currently out there meeting your criteria? That's probably your best gauge, but rent went up like 17% y.o.y. so plan accordingly.
The last time I saw $1500 being typical for a 2 bedroom was around 2017. I did see this on occasion a year ago (1600ish listing) and the small landlords tended to be aware it was below market and either filled it the first viewing or were open to multiple viewings and ended up having a line of 30 people on the weekend and it was more of a lottery to get. I do know people paying way below market like a 3 bedroom for $800, but those people tend to have a relationship with the owners and have just stayed at the place for a decade at decade ago prices. The vast majority of places go on the market near market rate, which according to zillow is around 2200 for the entire city. Also keep in mind that utilities have been running very high. Before the rate hikes last year, a 2 bedroom could run you close to $200 just for gas and electric in the winter (with gas heat). I had oil heat in 2014 and our 2 bedroom heating was something like 2k way back then, so I was thrilled to be splitting costs at those rates. Also budget commuting costs to get an idea of the full picture because all of those ancillary costs like gas or the train can rack up quickly.
1 bedrooms will be more manageable, but are still clocking in at more like 1700. I actually glanced for a friend recently and at just a cursory glance I was pretty horrified to see even Warwick and Cranston area looking for around 1700+ for nothing special.
Are you willing to do a studio or a loft? I understand the desire of a flex space in your home, but you may have to give somewhere on your desire to live alone so I would think about whether you'd increase the budget or decrease the space if it comes to it-- it's good you're looking into less desirable towns like Johnston. If you're willing to overlap leases for a good space you will have more options, but that can be costly.
IheartFredArmisen OP t1_ixwlkiz wrote
I have been looking right now, even though I'm planning to move later next year.
I've been seeing some $1500 2BD on the outskirts of the city. Probably a couple dozen or more, some are nothing special, but some seem pretty nice. I'm not looking for brand new appliances and finishes, I'm used to old units in multi-family homes. I get you on the 30+ applicant lines out the door for $1500 2BDs. I'd consider lowering my expectations and look at 1BDs as well. I like lofts but I understand the money it takes to heat and cool them and that's a large deterrent. I currently live in a whole house (single floor, 2 bed bungalow with a semi-finished basement & non-finished attic) split with one person. The utilities get max ~$400 in the winter for gas, electric and internet combined, split between 2 people has been $200 max pp in the height of winter and height of summer. Utils probably went up $40 in the peak seasons this year though since things have gone up. We had an energy audit and our home (built in 1950) is pretty well insulated. I just cannot live with a music producer anymore.. I am truly wanting to have my own space, a sanctuary in which I can sleep peacefully and actually get to bed at a decent bed time. Also, the landlord is a distant family member. He rents it to us cheap but the catch is we have to leave for 6 weeks every summer so he and his family (who live on the west coast) can come and use it as a summer home. While it seemed like a great deal in the beginning, I'm going on year 4 of this and it's getting tiring having to uproot every year and find somewhere else to live for those 6 weeks.
I wanted to know what you meant by overlapping leases? And how it would be costly but may yield better options?
Mountain_Bill5743 t1_ixwquhz wrote
I'm not sure what you mean by the outskirts of the city. Oakhill? South Providence? Feel free to dm me and I can provide more context if you aren't familiar with the area. Areas north of Roger Williams park (edge of Cranston), some parts of Chalkstone, Federal Hill, Olneyville, and Broad Street (edge of Cranston) are all known to be notoriously loud especially in the summer. I would even suggest spending time around Fox Point as I lived there many moons ago and had disrupted sleep between the construction and close together houses (loud neighbors building next door/yard next door fought a lot). There are far more bars and fun businesses around there these days and it's a great place to spend time, I just hated living so close to all of that noise and I've seen some similar complaints on here from people who are sensitive to noise.
I'm not saying it can't happen I'm just saying that is really below market for a 2 bedroom and I'd caution you to do your due diligence on those places or you might end up in another unbearable situation or with a slumlord. Last week I saw a drawing of an apartment at 1550 get multiple emails-- no address and it was a sketch. It's worth mentioning that the $1500 2 bedroom places, if they aren't a scam, are probably in higher crime neighborhoods so that's something to keep in mind if that's something you are uncomfortable with. I had a friend who rented a 3 bedroom for over 2k and had a lot of stress with her kids because of a number of shootings in her neighborhood.
These are not new renos either at those prices-- your average old multifamily is getting turned into condos or posted for 2300 in Providence. Complete dumps I was paying infested with mice in fox point a few years back were reposted at double a year ago. Modern units are 2500+.
So, what I mean about overlapping leases is that I had a few months notice on my last place. I started searching right away and had time on my hands. I lost multiple apartments I applied for simply due to competition and got a place I really liked and paid on two leases for two months in order to get the place I wanted at a good price.
Anyways, I don't mean to sound pessimistic, I've just lived here almost a decade and were undergoing unprecedented gentrification. Prices aren't that far behind Boston and your best bet is to know someone or post on Reddit when the time comes or Nextdoor. Think about your "must have" list at the end of the day and what you're willing to budge on. Feel free to dm me specific spots as I know the city very well.
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