The St. Mary’s Square apartments will be partially opening to their first residents this weekend. The entire building should be completed and ready to move-in by mid-August.
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Looks better that the typical cookie cutter condos, and more importantly it builds Downtown’s residential population.
Very nice though I can’t help but wonder where are all these rich people who can afford 1200/month for a one bedroom apartment????
Whoever they are I hate their guts. LOL.
$1200/month is high, sure, but it’s not astronomical.
By the “standard” definition of affordability, 1/3 of pre-tax income going towards living arrangements, 1200/month apartment is affordable with an income of 43,200 per year. This is certainly in the ballpark of salaries for recent college grads in many professions.
Mind you a person on the edge of affordability like this might not have enough money left over to have a brand new car, eat out every night, and spend $200 partying every weekend, but it just depends on your priorities I suppose.
Of course splitting the rent with a significant other would make it more affordable, too.
Whoever came up with that formula is obviously not from NC. (And the version I had heard was post-tax income.) I
‘m a 36 year old single professional with 13 years of work experience under my belt, and I cannot afford a 1200 month rent for a one room apartment. (Maybe if I lived in NYC where I didn’t need a car, auto insurance and stuff like that. But this is NC.)
I stand by my initial comment…those rents are nuts.