… or apartment, for that matter. We’ve come across several new developments of late where sponsors were made whole (from a profitability standpoint) from selling a good portion of their units, and are now renting out the remaining apartments.
This rental income is icing on the cake, not a survival mechanism, for certain developers; as such, they don’t need to squeeze out every penny from their rental listings to make ends meet and can therefore price these remaining apartments at below market rates. Particularly if you’re in the market for $5k+ rentals, you would be well advised to consider new developments in your search.
