Sunday, April 18, 2010

Rents going up at CityNorth

by Michael Clancy The Arizona Republic Apr. 17, 2010 12:00 AM

Tenants at CityNorth's Residences on High Street could be making higher monthly payments when they renew their leases.

Najla Kayyem, vice president of Related Urban Development, which manages CityNorth, said the higher payments are the result of the end to the first-year concession of two months' free rent, which was spread throughout the year. The concessions were used to fill the 99 apartments when they first became available last year.

Kayyem said concessions are not available on any renewed leases. New tenants may or may not receive concessions depending on the unit they lease, she said.

According to the Web site run by P.B. Bell Communities, the manager, five units are available - two one-bedroom units and three with two bedrooms. Rents run from $1,110 to $1,856 a month on the available units. Those with two bedrooms and 2 1/2 baths cost more.

The decision to end the concessions was made in response to demand, Kayyem said.

Not everyone is happy about the decision. One tenant, who asked not to be identified, complained that High Street has not developed as promised and that amenities available at other high-end apartments have not been offered at CityNorth.

Another tenant, Matt Taylor, said his renewal is several months off but called the loss of the concession "standard procedure for most apartment complexes."

"I definitely still get value out of living here," he said. "Of course, you miss out on the stores and businesses that are yet to come, but that should be obvious to anyone who moves into a development that isn't finished yet. I wasn't promised any amenities that aren't here now."

He said he works from home and appreciates nearby conveniences "so I am still very happy here."
Rents going up at CityNorth

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