Rental rates downtown have been steadily increasing over the past three years.
Class A Apartment rent in Q1 of 2021 averaged $1.50/SF/Mo for a 1000 SF unit, and $1.95/SF/Mo for a 550 SF unit. We’ve defined Class A as relatively new, amenitized, and close to the Central Business District. For our analysis we’ve included Canalside, Beacon Station, The Ironwood, and The Clubhouse.
Class B rents averaged $.85/SF/Mo for a 1000 SF unit, and $1.50 for a 550 SF Unit. We’ve defined Class B as legacy apartments, generally built in the 90’s or before, often unamenitized. For our analysis we included The Terraces at Summerville, the Downtowner, Reid Place, the Maxwell House, and Crossroads Market.
The Olde Town neighborhood contains a high concentration of duplexes, triplexes, and quads, and is seeing a rebirth as young professionals and families move in to the neighborhood and renovate properites. Rental rates have risen dramatically, and averaging $1.00/SF/Mo for an 800 SF apartment, and more for an updated unit. The typical tenant is young, female, and not local, which is a dramatic shift from the makeup of the neighborhood just three years ago. Multiple low-income housing developments in the neighborhood have moved to market rate, with a resulting dramatic change in the overall neighborhood.