The permanent sign is now up at the Solaire 7607 Old Georgetown apartment tower in downtown Bethesda. It is directly over an entrance to the new building, the latest in Washington Property Company's Solaire portfolio of apartment developments in Montgomery County.
There's probably a fire code reason why the red FDC sign and water connections are in that specific spot to the left of the door, but it's rather unfortunate from an aesthetic and design standpoint, as they stick out like a sore thumb. The building recently opened, and we are awaiting the posting of the first residents' early online reviews of the tower.
Pricing shows that residential housing continues to remain detached from market forces in Montgomery County. Despite two decades of promises that relentless construction will reduce rents, 1-bedrooms here start at $2,592, and 2-bedrooms at $3,603, according to Apartments.com. The official website is currently offering 2 months of free rent, if you sign a 13-month lease, and move in by May 31, 2024.
Finally. Open that darn right lane back up will ya? Killing the flow.
ReplyDeleteThe cheapest 1 bedroom at $2,592 (as Robert listed) is less than 700 square feet. The largest 1 bedroom, at 801 sq ft, is $2,948. Monthly rent for 2 BR/2 BA units is as high as $4,732.
ReplyDeleteNot sure if utilities are included, but parking is an extra $300 per month per space.
Pets are allowed. Woof!
So affordable (cough, cough) ... no wonder the county housing authority and related groups use the term "attainable" 'cos the units certainly are not affordable for most people.
No, those are the market rate units, but 15% are MPDU units at a much lower rate, if you meet the criteria. Some buildings have even more than 15%. The proposed tower at the 7/11 site has is going for 25% MPDU’s, in exchange for additional density and height.
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ReplyDeleteYou will own nothing. Learning
4:09 What is the rent for the MPDU's for these buildings. How do people apply for them?
ReplyDeleteLearning
I do want to make a clear distinction between the MPDUs and the market rate apartments, if it is not obvious.
ReplyDeleteWhat was promised by County officials was that greater supply would reduce the market price rents; this has not happened. More and more units are built, and the rent simply continues to go up, and certainly has not dropped. Buildings are not competing for tenants by undercutting the rents of rivals, which is why we have so many vacant apartments in the new buildings. All of this shows that the free market no longer applies to residential real estate.
The MPDU program is not affected by market forces or supply, and simply requires a specific percentage (15% minimum) of units to be MPDUs.
@JAC - The right lane has been open for a month.
ReplyDeleteCorrect but not just up from there. Is that remaining closure related or not? Let's get the entire lane open from 355 intersection heading down. Enough already.
Delete@4:55 AM - ICYMI https://abcnews.go.com/Business/more-expensive-buy-house-rent-us-analysis/story?id=108351536
ReplyDeleteThanks for the additional information, Robert. You make excellent points, and (sadly) the data back you up.
ReplyDeleteBy the way, a quick calculation shows that the least expensive unit in this building (1 BR under 700 square feet) will cost more than $31,000 per year, not including utilities or parking. And if you have a pet, there's a $400 deposit and $50 extra per month per pet (limit 2).
Just saying ...
@7:35 AM
ReplyDeleteAccording to a 2023 article (see link below*), The Soliare has 139 full-priced units and 21 MPDUs. I don't know what rent they are charging for the MPDUs.
Here is the landing page for the county's MPDU program (general info, rentals, purchases): https://www.montgomerycountymd.gov/DHCA/MPDU/index.html
And for specifics about the rental program: https://www.montgomerycountymd.gov/DHCA/MPDU/mpdu-rentals.html
*https://montgomeryplanning.org/blog-design/2023/01/parking-lots-to-livable-spaces-infill-development-and-its-impact-on-housing-in-montgomery-county/
The article also says that 40 new residential projects built between 2012 and 2021 in Bethesda and Silver Spring added over 7,500 units, of which 1,300 units were affordable through the MPDU program or other similar programs.
That's 17% ... it doesn't mention how many "naturally affordable" units were eliminated with the new builds.
Market rates may be a contributing factor to businesses closing. Some of these workers have two full-time jobs and still can't qualify for a studio apartment within an hour's commute (the standard 3-times rent minimum income for an $18/hr employee working 80 hours a week works out to around $6240 a month). Sure, that would qualify for some properties within that commute time, but most jobs below $20 an hour don't guarantee a regular schedule or hours, so it's pretty much impossible.
ReplyDeleteThe solution isn't having everyone drive from Frederick. Many servers already do that. Something has to give. Housing in many countries is well past the breaking point.
7:35 Thanks for the links. I looked a the website. I see under the "Rentals" tab that rents are determined by "Executive Regulation". I need to check further to see if there are actual numbers anywhere.
ReplyDeleteThere is a tab for MDPU purchase applicants. A condo in an Bethesda Building is $220,029. That is one number that I could find. In theory there are random drawings to obtain units.
Learning
5:39 AM Interesting, the property cited is a townhome in the Amalyn community with 3 bedrooms, so that's definitely a good price. (Singles and couples aren't eligible for 3 BR properties under MPDU). The HOA fee is $350 a month.
ReplyDeleteAmalyn is described as located in the "new heart of Bethesda" (it looks like the community isn't too far from Westfield Montgomery). The MPDU program does apparently work as kind of a drawing/lottery system.