There are quite a few new condo and townhome projects that have decided that rather than sell, the developers have opted to lease them. Their hope is that the market values will increase and then they can sell them and make more money.
These new apartments have caused problems for owners of older rentals. Tenants who had been paying rent to them can no pay the same rent and get a brand new unit, with stainless steel appliances, including refrigerator, washer, dryer, for the same price. That means that owners of older apartments need to lower their rent rates in order to attract tenants.
Hope this makes sense.
Which particular property or properties are you referring to? I would be happy to check it out & see if the information is correct or if there is some kind of catch. Let me know & I can check it out for you.
Thanks, have a nice evening.,,
Coldwell Banker Residential Brokerage