Will Boston Condo Renters Soon Have the Upper-hand?
If you’re a renter currently looking for a fabulous new Boston luxury apartment or condo you may find the odds will be in your favor.
Believe it or not, with a reasonable number of new Boston luxury apartment buildings joining the market many landlords are willing to offer substantial incentives to appeal to new potential renters. In fact, as a large volume of new units become available, Boston renters may see the market shift from what’s been a strictly landlord’s market to a renter’s market.
A large volume of new projects have been announced since the housing crash with some estimating as many as 10,000 new luxury units popping up in Boston in the next several years alone. Some industry professionals are concerned that the volume will outstrip the demand, while others believe it is exactly what the city needs.
According to the rent index managed by Zillow, rents have increased by 4.1% for Boston rentals compared to the winter of the year prior. However, they have actually dropped a bit in some downtown Boston neighborhoods undergoing the most building. Some of those areas have seen the following decreases in rent:
As you can see, now may be the perfect time to find a new Boston luxury apartment or condo rental while rates are dropping somewhat. If you’re ready to begin searching for your new home, contact First Boston Realty International to discuss what you’re looking for in your Boston rental.