What is an affordable rent today?

Waterfront apartments planned


Developer targets renters for units near Disraeli


CentreVenture president and CEO Ross McGowan said the corporation wants to see "market affordable" rental units built in the area to complement the five condominium developments that are already there.
http://www.winnipegfreepress.com/breakingnews/waterfront-apartments-planned-110958154.html?commentConfirmed=y#comments

I cannot see how new apartments can be affordable? $6 million cost for 40 apts would probably have rents at $2000+ per unit.
Who can afford that?

I wonder if the taxpayers will be subsidizing the venture?

I am sure they will be affordable for dentists and doctors etc.

Taxpayer subsidy? No!
$2000 per month yes! "affordable"? No!
There is no new construction that can be "affordable", as I think affordable is 2 bedroon $750, 1 bedroom $650, one batchelor room, $500.
Are there those rents out there today? JTF?

"Who can afford that?"

I am assuming the same people who can afford $2500+ couches....hint hint.. great place to advertise... hint hint.

heh.. and aint the fort gary apartments near 2K per month already? I would assume these new ones would be closer to 3K per month

It depends on what you're looking for Rosie...and what you get with it.

For example...

at 55 Nassau Street (highrise apartment)
$1200/month
includes: parking, cable, utilities, some other amenities (access to gym, pool, etc.)

But on Hargrave...a similar apartment...and furnished is $2300/month
or a two-bedroom on Privette only $830/month...but no real amenities:
Spacious two bedroom apartment for immediate occupancy conveniently located at 50 Prevette Street, close to all ammenities. This suite was fully renovated in October 2010 and features brand new carpet, window coverings, bathroom and kitchen which includes 3 new appliances. Rent includes heat, hydro and water. Surface parking is available. To arrange for a viewing please call the building caretaker at 296-6350, or for more information A.S.H. Management Group Inc. at 982-7972.

The house next door to mine...was rented out (the landlord sold it last year), 3-bedroom home, fenced back yard with parking, High-efficiency furnace - $800/month

LOCATION is the primary factor for pricing...but more and more security (which ties in with location) is becoming a bigger factor.

So why the referance to affordable?
There hasn't been many apartment blocks built in Wpg since rent controls, except more expensive ones that are not covered by the control legislation.
The article says affordable, and I don't believe them.

rosencrentz wrote:So why the referance to affordable?
There hasn't been many apartment blocks built in Wpg since rent controls, except more expensive ones that are not covered by the control legislation.
The article says affordable, and I don't believe them.

That depends on what you consider affordable.

Plenty of double-income families these days...and if you add up costs...it could balance out.
Let's say there's a double-income family making $50k each (total $100k)
Take home would be about $65k

Ok...so they buy a house:
Mortgage: $1k /month
Hydro: $300/month (averaged for the year)
Water: $40/month
Cable/Internet/Phone: $100/month (they got a package)
Property Taxes: $200/month ($2400/year)
House Insurance: $120/month

Plus, they have to buy furniture, shovel snow, maintain the yard, home, etc., security costs.

So add all that up: about $1800/month
and that's if nothing breaks or goes wrong.

So look at the first one I listed at 55 Nassau...that $1800/month includes heated parking, and some other amenities, and if something goes wrong...it's covered, no shoveling, etc.

Deank wrote:heh.. and aint the fort gary apartments near 2K per month already?

I don't think so - fort garry goes from about $600 to under $1000

http://www.edisonrental.ca/ViewListing.asp?ListingID=8

The 1-BDs would be affordable according to Rosen criteria.

hmm.. maybe other ones are available furnished or something? I know a friend said she was paying $1200 per month 10ish years ago.

Affordability is very subjective.

1 bedroom apartment in North Kildonan, including underground parking $223 per month- 1968- apartment 520-1301 Rothesay, and a great view of the cows looking north.

Edison Rentals era@edisonrental.ca
Norway House apartments 9403490

lol