it’s a supply/demand issue. many of the condo units are investor-owned, and the supply of the new apartment building downtown have capped rents. meanwhile, the HOA fees on the condos with full amenities (namely, pools) have crept over $1000/month. the combination of supply limiting rent increases, demand during covid being tilted toward larger spaces and SFR, and exorbitant HOAs have made these units less appealing to investors.
