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The developers of a 36-story tower in Raleigh are searching for renters to occupy the building's luxury apartments, and web listings reveal that the most costly units are perhaps the most expensive leases on the market.
A month's rent in one of the two 2,286-square-foot penthouses now available will set you back $14,000.
Though problems of affordability for such a property may be moot, under the federal government's requirement that housing should not account for more than 30% of household income, the persons renting the properties would need to earn at least $560,000 per year to qualify as affordable housing.
Kane Realty Corp. said earlier this year that it was accepting applications for the 376 units at The Eastern Residences at North Hills, with some units set to open to renters as soon as this spring.
"We continue to see tremendous demand for top-of-the-line apartment living, and The Eastern has unquestionably set a new standard of extraordinary service and experience," said Rob Reid, director of Kane Residential, in a statement.
Images Courtesy of Kane Realty
For over two years, the community, formerly known as the Walter Tower, has been under construction. Outside of downtown Raleigh, it will be the highest skyscraper in Wake County.
"Unparalleled views of the North Hills and downtown skylines," stated Josie Reeves, director of design at Kane Realty.
"The Eastern rises above all others both literally and figuratively, welcoming the dawn of a new day in luxury apartment living," Reeves stated in the news release.
An indoor-outdoor rooftop lounge with a panoramic view of the city, a resort-style pool deck with TVs built into the cabanas, and a lounge with pool tables will be among the amenities. A sauna and spa treatment room are available, as well as a separate pet spa for your pet's grooming needs.
In the hotel-style lobby, a full-service concierge will manage deliveries and plan personal training, pet care, home cleaning, auto detailing, and restaurant reservations for residents. CrossFit, spin, barre, and TRX training are all available at the 24-hour gym. For individuals who work from home, there is also a selection of Wi-Fi serviced offices and conference rooms.
On the top three levels of the Eastern, 21 penthouses are available, starting at $7,075 for a one-bedroom. The building has a variety of floor layouts, but even the lowest would be comparable to a mortgage payment on a tiny single-family house. Lower-floor studio apartments start at $1,525 for 440 square feet.
Three bedrooms with walk-in closets and adjoining bathrooms, as well as a balcony, powder room, and open-concept kitchen and living room, are included in the largest penthouses. The most expensive is on the 35th floor, with a price tag of $14,125. Another unit, two stories below, is available for $13,825.
On Realtor.com or Zillow, there are just three rental units in the Triangle with monthly rents above $10,000. Each is a four-bedroom home just beyond the Beltline listed for $12,000 per month by Raleigh Custom Realty.
Would you pay this much for rent in Raleigh? Let us know in the comments below, or discuss with a colleague in an upcoming CE class!
References:
The News and Observer, & Moore, M. H. M. (2022, March 18). $14K per month: Why these Raleigh apartments being built will have city’s highest rent. The News and Observer. Retrieved March 21, 2022.