Hamilton King William Urban Rentals | 97.56m | 30s | LIUNA | Graziani + Corazza

Yeah I'm grandfathered in - been there 15 years - 15 years ago it was 675 a month - so they've bumped it quite a bit for me - they can drag my dead corpse out of there - I ain't leaving lol - I am well aware of what the cost of it is everywhere else, but that goes to show just how unreasonable the price is everywhere else - if I can pay that and all is still good. It means they are just upping the rent and people are just paying it, just because they can. It's greed. There is no reason to charge that much. When I started looking at rentals 15 years ago the prices for a 2 bedroom ranged from 600 to 800 dollars - now they've tripled and quadrupled all for what? Thank god for the rent cap, or they'd just keep raising it.

The unit beside me is paying I think 2100 - FOR THE SAME UNIT. Sure they added in modern counters a dishwasher washer and dryer and a microwave and laminate floors - and I have none of that (well I have a microwave lol, washer and dryer are on the first floor public though and I can wash my dishes on my own) - but still, that's not worth it. The woman on the other side of me is paying something ridiculous like 500 or 600 a month - granted she has a 1 unit and I have a 2 but still. She's been there like 40 or 50 years. I remember one year in the past she said she was paying something like 300 a month but I'm unsure if I believe that lol.. but maybe.. I mean from 300 a month to 1700 a month (which is last what I saw a 1 bedroom was worth a month in this apartment) that's crazy - that's almost a 600% increase, and why?

There is no reason you need to charge that much for rent. None. I think a big pushback has to be put on for why these people are jacking it up so high - what exactly are you getting for that price? And yeah I have no desire to get a home. I got a roommate - but I don't make him pay rent, cuz I can handle it on my own - he just does all the chores and errands and chips in for food prices lol
 
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Chronamut said:
Yeah I'm grandfathered in - been there 15 years - 15 years ago it was 675 a month - so they've bumped it quite a bit for me - they can drag my dead corpse out of there - I ain't leaving lol - I am well aware of what the cost of it is everywhere else, but that goes to show just how unreasonable the price is everywhere else - if I can pay that and all is still good. It means they are just upping the rent and people are just paying it, just because they can. It's greed. There is no reason to charge that much. When I started looking at rentals 15 years ago the prices for a 2 bedroom ranged from 600 to 800 dollars - now they've tripled and quadrupled all for what? Thank god for the rent cap, or they'd just keep raising it.

The unit beside me is paying I think 2100 - FOR THE SAME UNIT. Sure they added in modern counters a dishwasher washer and dryer and a microwave and laminate floors - and I have none of that (well I have a microwave lol, washer and dryer are on the first floor public though and I can wash my dishes on my own) - but still, that's not worth it. The woman on the other side of me is paying something ridiculous like 500 or 600 a month - granted she has a 1 unit and I have a 2 but still. She's been there like 40 or 50 years. I remember one year in the past she said she was paying something like 300 a month but I'm unsure if I believe that lol.. but maybe.. I mean from 300 a month to 1700 a month (which is last what I saw a 1 bedroom was worth a month in this apartment) that's crazy - that's almost a 600% increase, and why?

There is no reason you need to charge that much for rent. None. I think a big pushback has to be put on for why these people are jacking it up so high - what exactly are you getting for that price? And yeah I have no desire to get a home. I got a roommate - but I don't make him pay rent, cuz I can handle it on my own - he just does all the chores and errands and chips in for food prices lol
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The big difficulty is the cost of buildings/land. If I were to rent our duplex, I'd have to rent each unit for $2250/month and that would just cover the carrying costs. Nevermind any kind of maintenance or repair.

If you're paying that low rent, then either it's had the same owner for a long time who bought the property much cheaper, or other rents in the building are significantly higher to cover the loss from lower priced units.
 
Chris R. said:
Based on current market prices, 1bdrm, 1bath will likely be ~$1995/month at a minimum. I'd bet higher based on location though. If I had to make a totally random guess, this particular unit would be $2200.
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Their site has prices now. You were very close.

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Arkiasis said:
Their site has prices now. You were very close.

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Wow, thanks for posting! It will likely take them multiple years to fill these buildings. I'm not sure how many 3 bed units they have but those are very high prices for a 3bdrm. You can find full 3bdrm detached houses in Hamilton for significantly less than that. The 1 bed prices are in line with what I expected, and considering the Marquee tower was charging $2600/month for 2bdrm suites, it's not too surprising.

I'm surprised they're not starting a bit lower and increasing after the first lease year instead. Without rent controls, they could raise it by a bit over inflation for a year or two to fill the buildings quickly, then raise the rents over time once they're filled.

I don't think there's parking for every unit either, so I wonder if they are charging extra for parking.

Also: based on some math, the 3bdrm suites are targeting, likely couples that make $180,000/year combined. I'd be curious the type of couple that make this income but chooses not to buy, or rent a larger house. Perhaps some DINKs? I can't see anyone with children renting these 3bdrm units.
 
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TheHonestMaple said:
The three bedrooms will likely go to students, three roomates. I bet this building will actually be largely students.
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Still about $1145/bedroom which is high. I suppose they may not be seeking out renters that meet the 33% threshold, because if they were they would need 3 students who make $60,000/year each, which I don't think it super common. Might be picking up international students who often pay their entire year upfront which would be $13,740 which would make some sense since now Canada(Ontario ?)is requiring students to come to school with $20,000 for housing.
 
Most students pay their rent using OSAP and/or a line of credit, combined with some money they make during the summer. 1145 isn't out of the question for a student, not at all. Probably mostly foreign students like you said though. My building is full of Chinese foreign students driving 140k BMW X5s....
 
I understand it's possible, but usually rental agencies have a minimum income or something to ensure the rent can be paid. Normally this is 33% of income (some use net, some use gross).

It does make sense that rentals and new homes typically cost the most day 1 because that's when they're the newest. These will become more affordable over time as they age. The wealthiest people likely to live in condos and apartments are students, whether international or otherwise.
 
It looks great, but am I the only one that finds the top row of each black section.. distracting? he part with those little metal circles all along it - I actually kinda wish those black boxes had all been matte and uniform to go with the overall look of the building.

I mean.. yes they are on every row on the black parts if you look closely, but the balcony glass seems to cover it up on the other rows, but not on the top ones.. makes it look.. un-uniform.
 
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