$14K per month: Why these Raleigh apartments being built will have city’s highest rent
The developers of a 36-story tower nearing completion in Raleigh are looking for renters to fill the building’s luxury apartments and online listings reveal the priciest units are the most expensive rentals on the market.
Living in one of the two 2,286-square-foot penthouses currently advertised will cost a whopping $14,000 per month.
Though questions of affordability for such a property might be beside the point, under the federal government’s standard that housing shouldn’t constitute more than 30% of household income, the people renting the properties would have to be pulling in at least $560,000 a year for the property to be considered affordable housing.
Kane Realty Corp. announced earlier this year it was accepting applications for the 376 units inside The Eastern Residences at North Hills, with some opening to renters as early as this spring.
“We continue to see tremendous demand for top-of-the-line apartment living and The Eastern is sure set a new standard of extraordinary service and experience,” Rob Reid, director of Kane Residential, said in a news release.
The community, formerly marketed as the Walter Tower, has been under construction for more than two years.
It will be the tallest building in Wake County outside of downtown Raleigh.
Josie Reeves, director of design at Kane Realty, said there will be “unparalleled views of the North Hills and downtown skylines.”
“Between its dramatic height, elevated finishes, and incomparable services and amenities, The Eastern rises above all others both literally and figuratively, welcoming the dawn of a new day in luxury apartment living,” Reeves said in the news release.
Amenities will include an indoor-outdoor rooftop lounge with a panoramic view of the city, a resort-style pool deck with TVs integrated in the cabanas, and a lounge with pool tables. There’s a sauna and spa treatment room, plus a separate pet spa for your furry one’s grooming needs.
A full-service concierge will be on hand in the hotel-style lobby to handle residents’ deliveries and schedule personal training, pet care, home cleaning, car detailing and restaurant reservations.
The 24-hour gym has equipment for CrossFit, spin, barre and TRX training. There’s also a selection of Wi-Fi serviced offices and meeting areas for those who work from home.
The Eastern offers 21 penthouses on the top three levels, starting at $7,075 — for a one-bedroom. There are a range of floor plans throughout the building, but even the cheapest would resemble a mortgage payment on a small single-family home. The 440-square-foot studio apartments on lower floors start at $1,525.
The largest penthouses boast three bedrooms with walk-in closets and attached bathrooms, plus a balcony, powder room and open-concept kitchen and living room.
The priciest is on the 35th floor and is listed at $14,125. Two stories below, another is available for $13,825.
There are only three rental units in the Triangle listed on Realtor.com or Zillow with monthly rents above $10,000. Each is a four-bedroom home just outside the Beltline listed by Raleigh Custom Realty for $12,000 per month.
This story was originally published March 17, 2022 at 1:59 PM with the headline "$14K per month: Why these Raleigh apartments being built will have city’s highest rent."
