That's all that's built in my area downtown now. No more condos for sale, unless they start at like 1.5m
The thing is it's an arm race for the amenities so each new one is nicer than the last, to justify the rent. The last one that was finished in Little Italy looks like the Edition hotel in Miami inside, and the rooftop is stunning. And I see a lot of those places, but this one was like eye popping. Like 5k for a one bedroom.
also private equity is involved in lots of these deals now, and they are probably going to start shuffling around ownership, which means raising the rent to the maximum allowed, then sell the property. Also, they are usually owned or linked to publicly traded companies, and quarter earning and share prices and board members, so they tend to raise the rest at each quarter or close to it. So you get in for one price, and then it's up $200 or whatever within a year.