It's funny that they thought a $10,000 a week rental made it any more affordable than the $800,000 price tag. The Venn diagram of people who can afford those is a circle.
$10k to rent for one week in a novelty once-in-a-lifetime Heli-Home? I've seen people spend more on their bachelor party weekends in vegas and they can't even remember what they did.
Those same people don't even spend $800k on their house.
"upon completing the work, rented the place out for $2,900/month."
Oh my god, how is it possible for anyone to pay that much?
2800$ is about the general income / month here.
Well, those houses being rented out seem to be in the range of ~$3000/week. That's what's nuts. There would be more people going that route if that price wasn't so high.
FWIW: I paid that for an awesome 2-bedroom with dedicated parking right on University Ave about a block from Middlefield 2009-2012. Now that's like half of my mortgage for a house that's about equivalent to the average homes in that neighborhood... But in a different state.
It's competitive. The price is $879, for those who missed it deep in the article. There are many places where 45 days worth of rent at that price will get you worse environs than a train.
These guys are going to be awfully shocked when they try to rent their places out for $1595 and find they can only legally rent them for up to $1104.38.
> I can see that studios, though relatively expensive, range around $1.5-2k a month.
Is that all? That's crazy cheap by the standards of my area. Where I live (a smallish city in western US), the cheapest housing you can find, in the least desirable part of town, starts at $1200/mo.
So the market is being depleted of high-income people seeking rentals.
Across the bay, a month or two ago, a coworker saw an apartment in Uptown that astounded me. 4 bedrooms for $8500/mo. That's only $2125/mo per person, but you have to live with at least 3 other people to get that. Crazy.
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