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degggendorf t1_j4rxagn wrote

I guess I'm the frog in the boiling pot, because those prices don't even seem that bad to me.

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bradshaw1992 t1_j4sdo5n wrote

Agreed, those prices are surprisingly low for 2023. Which is ridiculous. It terrifies and infuriates me how high rent has gotten the last few years.

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Hot_Introduction_270 t1_j4sce3u wrote

I like my mortgage more and more.

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magnoliasmanor t1_j4vbtc1 wrote

This is why the recession were walking into will be felt in 2 ways. The bottom half of America it will be awfully difficult, the top half won't notice. If you have a mortgage that you've had for >1 year you'll be just fine. I really feel for those left behind. I hope they get their chance.

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Hot_Introduction_270 t1_j4vgkzf wrote

I think until rates get back into 4-5% you will see people holding onto their homes if the can pay their mortgage.

I have a 15-year at 2.15% that I will not be giving up.

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magnoliasmanor t1_j4w13nu wrote

Exactly. That's why I don't think anything major in price corrections in real estate will happen. There won't be any distressment for 98% of people out there with a mortgage.

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nebuladrifting t1_j4y7lnt wrote

Seriously, I have survivors guilt over here with my $1400 mortgage for a two story house and a huuuuuuge backyard in a quiet neighborhood. I can never sell my house.

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New_Analyst3510 t1_j4tzx5j wrote

And even if you live in a city you can still have a garden in your backyard or chickens in your backyard the city might have a problem with certain things if you do live in a city but fuck em

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omjy18 t1_j4s44wj wrote

Left newport for nyc like a month ago and I'm in a studio for that price now

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Ragnaroknight t1_j4rvbbs wrote

These buildings aren't even in Newport, it's in Middletown right across from all the fast food places.

Downtown is a pretty far walk, this location isn't even that desirable as far as the island goes.

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MavDrake OP t1_j4rvxix wrote

One of my other coworkers rents down by the newport hospital. His rent is $2700 for a 2br that's 1000 Sq ft or so with no washer or dryer in unit. Also, appliances might be older then him too.

That "in walking distance " is a premium charge!

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Ragnaroknight t1_j4rwkw4 wrote

I was living in Newport up until about 3 years ago. Rent for a 3 bedroom was $1650 ON BROADWAY. Then it randomly went up to like $2400.

I now have a mortgage in Tiverton its way cheaper than the island. I do miss the walkability of Newport, but not for those prices.

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MyDarkFire t1_j4vgbuc wrote

I work out of that area and so I'm in Jamestown, middletown, and Newport a lot. Every time one of my customers asks if I live in one of those places I struggle not to scoff. Make the money to get a place in one of those locations but find it absolutely galling to be charged that much for rent/mortgage. Nah...

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Jack__Squat t1_j4rrwfg wrote

Yikes, that 2 bed 1 bath is 760 sq feet for the low low price of $2k/month.

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MavDrake OP t1_j4rsifk wrote

Yep, but they do have washers and dryers in your units. That is the only real selling point as most on island places don't. Ot it's a site wide pay per wash laundry room. Lol

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[deleted] t1_j4sxgc9 wrote

This is what happens when we don’t allow any new housing to be built. The state hasn’t had any new high density rentals built in years; they’re all redone buildings like these, or the units arriving in the Superman Building in Providence.

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Mountain_Bill5743 t1_j4tsxun wrote

It's a lot more than that. I've lived here for about a decade, and things were pretty stable for the first several or so years. Stuff would go up $100 or $200, but you could just shift neighborhoods a bit and be fine and that is how it was for friends who lived here long before me. My rent only ever went up $50 in 7 or so years over several moves into larger places, which is not what I would expect if this was mostly due to supply.

The biggest factors seem to be low interest and a fluid economy. For the first 7 years here, there wasn't so much near interest free money to drive up prices and people generally worked locally apart from areas like sales. If you worked in software engineering, you made a local salary that was market adjusted-- you didn't make a salary for Cupertino. People did commute to Boston, but it took major commitment. I personally know multiple people who commuted 60 miles each direction to their careers for over a decade-- it takes a certain type.

If remote work vanished tomorrow, a lot of people would stay or super commute, but a lot of people would leave rather than commute 3 hours a day or cut their career options and salary in half. Most career professionals in the 2010s I met here left if they wanted to climb the corporate ladder and many found a lot of success in major cities.

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johnsonutah t1_j4v4h5v wrote

Agree. Side note - it’s sad that a 60 mile commute turns into more than an hour. That’s really not far highway driving. Traffic and a lack of public transport do the north east dirty

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[deleted] t1_j4vvave wrote

A lot of people move here and park-n-ride RIPTA to the Providence train station. It’s a reasonably easy commute to Boston from there.

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Mountain_Bill5743 t1_j4xfja1 wrote

All of these people admitted that this commute funded their large house, stay at home parent, sailboat. So it wasn't an issue of necessity, but maximizing the situation for splurges. One person I know did the commute to live close to their (local) extended family but could have afforded to move close to work.

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johnsonutah t1_j4xh39l wrote

I’m in the same situation as that one person. I’m really just lamenting our poor infrastructure in the northeast

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[deleted] t1_j4vv7fb wrote

Interest rates are at historic highs, and so are housing prices.

The problem is that there’s lots of demand for housing as people move here, and NIMBYs have prevented new housing from being built. The spillover from Mass, which has an even worse NIMBY problem, has sent prices through the roof here as well.

Thus, an 800-square-foot bungalow in Pawtucket that needs $100K in renovations has gone from $65K in 2001 to $350K in 2023.

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Mountain_Bill5743 t1_j4w3g06 wrote

Absolutely, but pre covid, housing limitations hadn't really spiked prices post 2008. Rental rates were pretty stagnant. There are highs, but the prolonged historically low interest rates already lead to a runaway price increase especially when coupled with people showing up with remote work with salaries that are unheard of locally. Rhode Island had vacancy issues, but it was more manageable when examining the population that actually works in Rhode Island or somewhat locally pre covid. The city was never conceptualized to support random pockets of West coast workers or a disproportionate swath of Boston and thousands from NYC and it has never had the economy to do so either. So these issues aren't mutually exclusive, but covid was undeniably the major force acting on it (interest rates + remote work) making a situation no one could predict. It's not like RI is unique given that every mid sized city in the country experienced a crunch when demographically pushed to their limits. I had friends with escalation clauses buying homes in rural midwestern towns on cash offers. So building is going to help us get out of this, but as long as remote workers with insane salaries keep piling into this state it isn't going to fix the problem that covid primarily created (this has been documented in academia). Even the most resilient and building friendly states (obv not this one) aren't prepared to double their population overnight, especially when lockdowns and supply chain shutdowns halted construction projects during the peak.

It's like if you cooked for 10 people, but has 15 RSVP- you were always going to be stretched. But then 50 show up and complain that you only had the oversight to cook for 10, knowing 15 would come, but lacking any introspection about their own completely unexpected presence.

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magnoliasmanor t1_j4vc0nv wrote

And OP has been on here for months bitching about developments followed by bitching about rents.

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Delicious_Grape1313 t1_j4t7kwk wrote

It’s overwhelming, the prices for “basic apartments”. I looked at a nice, relatively clean (stunk like old cigarette smoke) 1 bedroom today in Riverside. By the time you pay all their fees (incl the pet fee of $100, bc I have a dog, trash & recreation fees, utilities, etc…I’m up over $2k. To sign a lease, you have to provide proof that your income is 3x your rent per month. We have a terrible problem in this state; affordable housing is virtually unfound. Try to add a dog, now you’re at their mercy. You want into one of the newer properties like this, good location, completely redone, or one of the beautiful renovated Mills in our state, add another grand to that price. People who live paycheck to paycheck are falling thru the cracks.

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Shmogeydabear t1_j4smyzt wrote

Yup, you wanna live in Newport? Get your money up.

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GlitterFish19 t1_j4sd23a wrote

I was able to buy a condo in Newport in 2020 and my mortgage is basically the same as what I paid in rent. You wouldn’t be able to find anything comparable today. It’s insane

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huh_phd t1_j4rtmx5 wrote

Which island? Newport? BI?

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MavDrake OP t1_j4rtqwl wrote

Acquidneck

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degggendorf t1_j4ti4vi wrote

Your user flair in here is "Newport" which may have caused the confusion, if it looked like the post was flaired "Newport" and not you?

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UsedCollection5830 t1_j4skan4 wrote

Damn they gonna eat well just off the application fee

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LevophedLolita t1_j4u3gz3 wrote

I left RI and moved to south Florida and a one bedroom here is what that 4 bedroom townhouse is and then some. On top of that, wages here are no where near comparable.

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RandomChurn t1_j4unu51 wrote

Good God really??! 😳 Are you on the beach? Water views? I thought everywhere in the South had much cheaper COL than here. I figured what'd kill FL is not being able to insure properties

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LevophedLolita t1_j4v46c5 wrote

No I live 15/20 minutes from the beach. But wages here are some of the lowest in the country. Everything is so expensive down here now, like food, utilities and car insurance. My dad just came down from RI and was shocked by the price of food here.

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johnsonutah t1_j4v4nr2 wrote

FL prices have gone up lot in desirable areas. And desirability is no longer dictated solely on proximity to the beach. Miami is a great example of this (Miami is much or than south beach or even brickell, but the entire geographic region is much much more expensive than it was circa 2012)

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bambooboi t1_j4shcez wrote

Holy shit, what a ripoff.

What, is this an add for a shitty apartment complex?

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Jonesyiam t1_j4sohus wrote

They use to be shitty Naval housing, but a lot of them were redone and are really nice inside! I have friends who live there.

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ASCIt t1_j4tq7wj wrote

I'm in a 2bd for $1450/mo in Bristol, couldn't be happier

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lrappin t1_j4uuslp wrote

That's terrible. The Landings is not worth that.

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upcountry_degen t1_j4srivf wrote

I’d imagine their pricing has to do with their location and much of the people who rent there will be military families getting housing assistance money. Not saying it’s right or housing shortage isn’t an issue, just food for thought

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Stella430 t1_j4syg8n wrote

I know people who have lived here and have been happy with it. As others have said, it’s in Middletown, not Newport.

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Wide_Television_7074 t1_j4syqeq wrote

as long as rent for decent places is this high; the housing market will NEVER correct

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EntireIndependence16 t1_j4tfbws wrote

I’m in Boston rn and I WISH I could find a 2bd for under 2k. Even in the surrounding areas you couldn’t find anything this cheap (cheap being relative of course)

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RandomChurn t1_j4unigg wrote

Yes, Boston's stratospheric rise in rents is the most shocking story.

I lived in Boston. When I moved to RI (decades ago) Boston was as cheaper than NYC as Providence was compared with Boston.

The ratio is way out of whack now. Boston shot up much closer to NYC prices. Value-wise, it's not close to comparable.

Never regretting choosing Providence.

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EntireIndependence16 t1_j4y4t71 wrote

Yeah, it’s crazy. I moved here originally from RI looking for a big city that was less expensive than NYC, but since then the prices have gone up so much that I have friends in New York paying less than I do here. I like Rhode Island so much better than MA too. Dying to move back.

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Previous_Floor t1_j4u1c82 wrote

This isn't a good area. It's near all of the public housing projects off Coddington Hwy.

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magnoliasmanor t1_j4vd2a2 wrote

These apartments include heat and water.

They also offer laundry and allow dogs. If you have a dog and you're a renter, you know you have essentially nothing to choose from...

I agree rents are too high, but there needs to be more building. And not just government affordable housing. More market rate apartments need to be built. Section 8 is paying the highest rental prices right now and it's forcing everyone else to step up their payments too.

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MavDrake OP t1_j4vgudc wrote

Yeah Mckey had his hosing press conference yesterday and it was a crock of shit. 250k to spur affordable housing development in the state.... the rest of it was him washing his hands of the matter and putting on non profits, developers and companies in the state...

I agree overall however it was very a very dismissive.

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Jrex81 t1_j4w4bpj wrote

My husband lived there in the early 2010s. He said the 2x1 was 1k and not even worth that.

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MavDrake OP t1_j4w4sd2 wrote

Yep.. I was there on 2008 and the rent was $890 a month.

Checked it out recently as a coworker is living there.... its in fucking worse state than back then. Porches have been removed. What they do have left is falling apart. Same with the fencing.

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Stunning_Warning8931 t1_j4tx0gj wrote

Suburbs of Boston saying that this is cheap…..you’re not funny. You make my one bedroom in a three family house sadder.

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SadAerie6351 t1_j4ugu4i wrote

Disgusting. Get control of what ever numbers you think you have. 2000 plus to look at a Taco Bell? People have to live here. Some apartments are still around for 1000 and under for more square footage.

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[deleted] t1_j4uswvn wrote

“Prices and availability subject to change without notice.”

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barsoapguy t1_j4v3ac7 wrote

I mean if you’re going to Live on Aquidneck Island that’s not a terrible location. You can walk to island cinema ,McDonald’s, Walmart . The bridge is just a short drive and most importantly of all, there’s a bus route right on the main road that takes you to the heart of Newport. In tourist season they want 20 dollars to park your car anywhere,not to mention THE HORRIFIC TRAFFIC

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A-12-Archangel t1_j4v9wqo wrote

no shot thats the landings, now price out Ox Bow in middletown RI

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oridjinn t1_j4vq2xx wrote

Me and a few buddies rented a 2 bedroom apartment about 15 years ago. And those prices were about in the middle of the pack. $1,500 a month for a 2 Bedroom. So these prices seem not too horrid with that as my baseline and considering it is 15 years later.

Some places were a little higher, some places were a lot higher. Some places were a little lower. The cheapest was 2-3 bedrooms near federal hill for $800 a month. It sounded nice until the police report showed a 110% break in rate. (I called the PD to ask how that was possible, they said it was mostly the same places getting broken into over and over again.) Also our car insurances would have EACH jumped 300% (Offsetting the savings almost exactly.)

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bumblebeetuna710 t1_j4vznul wrote

I live in San Diego now and would kill for these prices, ESPECIALLY with a washer and dryer in-unit

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tewnchee t1_j53f76h wrote

Living in Newport in the summer and trying to live an actual life (grocery shop, random errands, getting to appointments) is a FUCKING joke. Just the commute to and from work was draining. Seriously. I'm talking HOURS to do something that should take 30 minutes because you got stuck behind Chad and his lawyer dad in a rickshaw, tourists who don't know where they're going, bachelorette parties, etc. Do it in your early 20's for a couple of years and then never go further than Jamestown again.

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--L10N-- t1_j57c501 wrote

My single bedroom is the same cost as a 4 bedroom.. Guess who's moving.

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Elvish_Rebellion t1_j4uwhno wrote

I live in Pawtucket 1br for $900. My neighbors has a washer and dryer in the basement they let me use for free. It’s a bit drafty, my bathroom is basically a glorified closet, but still… it’s good for me and my child-free partner. I love the island. ☺️

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