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Subject: Current rental pricing

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en1gma
Posts:33

03/22/2009 6:39 PM	Alert
Stopped by Current today to check out possible rentals. Amenities are really nice. They even have room service capabilities courtesy of the hotel across the street. Then we talked about pricing. They are running a "promo" where you get 3 months free on a 13 month lease. I almost laughed at their rates. A 800SF 1bdrm was ~$2150 WITH concessions. Meaning after 13 months it would jump to ~$2600. It's like an ARM for renters! Yeah, that worked so well with buyers. One of the units was currently $2000, but in 13 months would be $3000! Who are they kidding? I know that in 13 months they'll be begging their renters to stay due to inventory problems, but I could never sign a lease knowing that my rent might increase by 50% at term end. Current is only hurting themselves with this ridiculous renting scheme. Shame too, because it's one of the nicer buildings I've visited. All I can think is that there are a LOT of people who 1) are horrible at math 2) don't give a crap about their finances.

Neobuyer
Posts:101

mhavluciyan
Posts:15

03/23/2009 11:53 AM	Alert
Wow! For that kind of money, you can get a 1200+ sf 2 or 3 bedroom in La Vita with bay views. The amenities aren't as nice, but all the basics, pool, jacuzzi, workout, courtyard, etc. are there.

Eugene
Posts:747

03/23/2009 1:48 PM	Alert
When you sign a lease, you never know what the unit might go for when your term expires - or even if it's still available. That's the basic principle of renting. Renters are always on the move, ready to leave at the end of the term. I moved 5 times in the last 8 years. Also, who cares what they expect to charge you in 13 months? In 13 months you'll just give them an ultimatum: market rate or you're out.

coastrenter
Posts:105

03/23/2009 2:55 PM	Alert
$2150 for a 1-bedroom is just insane. They expect to rent how many of these? Are there really that many people in San Diego who have $26,000 to blow a year on a 1-bedroom? When I was looking at downtown rentals a few years ago the standard was usually 1300-1600 for one bedrooms and 2000-2400 for 2 bedrooms, and these were in the nicer buildings when the economy was doing great. I fail to see how room service is much of an amenity. Isn't the standard $16 for a hamburger or a plate of scrambled eggs and bacon, plus 9% tax + $3 delivery charge plus automatic 18% gratuity? Does anyone not an expense account or on their honeymoon pay this type of money for average quality restaurant food? I understand there are still some genuinely rich people out there, but then these sort of people wouldn't live in a 800SF 1-bedroom apartment. I actually stopped using room service despite my expense account because I'd rather use it up on other things. Even if it isn't out of pocket, $55 for a plate of basic grilled salmon and a glass of wine is outrageous. Do they also offer you a minibar with $4 snicker bars and $5 bottles of Fiji Water?

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