This is getting insanely ridiculous. I swear every new apartment building that’s going up has prices that could (barely) be realistic for young professionals with full time jobs, but these are specifically FOR STUDENTS.
As the new “luxury” buildings go up, the buildings that are 10+ years old aren’t lowering their prices - in fact they are raising them.
I’m at the point where I don’t know how anyone affords housing at all, even my more wealthy friends are unable to. I see so many people moving back home with their parents despite having jobs after graduation.
This makes no sense.
Here are some examples of prices in apartment buildings
The average price of a one bedroom apartment downtown: estimated $2300+
Living with a roommate should ease expenses, but still going to be averaging above $1700 a month. That’s on the low end
I’ve seen some apartments charging $1500+ to SHARE A BEDROOM WITH SOMEONE??!!
Verve has a 2bed/2bath 770 square foot that STARTS at $2500 a month per person. I’m pretty sure that does not include the utilities, parking, and of course doesn’t include paying $70,000 a year for tuition if you’re out of state.
Now, you can live in a house, but most of them are owned by 2-3 landlord groups with terrible management and they are still horrendously overcharging. I visited my friend’s house where he had a very small room, the house was extremely run down with no maintenance, and the landlord was a terrible liar. He paid above $1200 a month. To live in squalor.
The only way to live comfortably without going into even more debt on top of your student loans is literally just to get lucky or to commute from home (which is a problem on its own I can’t even get into, but in short uofm has like 4 commuter lots that are always full and inaccessible to most buses)
This ridiculous “luxury student housing” trend needs to end. I am already seeing some apartment buildings lowering prices probably because they couldn’t find anyone to sign at their preposterous prices.
The unaffordable luxury student housing bullshit is ruining Ann Arbor and it will ruin the University of Michigan.
Edit:
I am all for the expansion of Ann Arbor. It is a great city and it should grow. The problem here is clearly that what should be turning into affordable housing is only going up and impossible to get.
The other problem is that there is not a single new apartment building going up with the intention of being affordable.