The Real Estate Situation

by Laurel | May 17th, 2010

May 17, 1907

Apartments are Not Popular

A Great Demand for Cottages, While Probably 200 Apartment Tenements Are Vacant.

A curious situation has developed regarding the renting of tenements in the city. In Oakdale and Elmwood the wooden buildings, either cottages or tenements in double houses, are in great demand and applications from those desiring to rent tenements are being turned down, while in the heart of the city the flats in the apartment blocks ranging in rent from $23 to $35 are not being sought, and on a conservative estimate, there are from 200 to 300 empty tenements waiting to be filled. Ten years ago there was a strong demand for tenements in apartment blocks and it would seem evident that the demand has not only been filled but that overbuilding has taken place in that description of property with the result that more cottages and double-tenement wooden buildings will have to be supplied.

O.D. Allyn is building a number of cottages in Oakdale and as fast as completed they are either being rented of sold and it is probable that 25 more cottages in that district could easily be rented. The rent of the cottages runs from $17 to $23 and of the tenements in double houses from $15 to $20, depending principally on the locality. The fact of the tenements in the apartment blocks renting so slowly will militate against the erection of any more of that class of building for the present, at least, and also the fact that the banks are objecting to placing any more loans on that class of building will naturally bring such operations to a standstill. It is probable that with the growth of the city the blocks will eventually be filled, but to accomplish this purpose at once a lowering of the rents would have to take place, which would destroy all profit to owners. From the number of tenements empty in many of the new blocks the builders must represent a money loss at present to the owners. In the meantime those owning wooden buildings in the Highlands, Elmwood or Oakdale are to a certain extent rejoicing in the situation and are keeping their tenements filled with little trouble.

From The Springfield Republican.

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