The BBJ, citing a report from CoStar that we can’t find, has some big and fascinating news: Rents in Boston are starting to fall as new housing comes on line, such as the Kensington, Avalon-Exeter, the Victor and Waterside Place.
In the first quarter, rents were down 9 percent in the Back Bay and South End, while rents in the downtown and Chinatown were off 5 percent. Rents in Seaport were down just under 3 percent, according to the Costar data cited by the BBJ.
Sorry to harp on this. But these stats just go to show that more housing equals more competition which equals good news (or at least slightly better news) for renters.
Yeah, these are mostly luxury apartments that the average person can’t afford. But just think if they started building more housing in the outer neighborhoods. In addition, the new luxury apartments mean fewer people hunting for existing rental units.
File under: Encouraging news
Sketch above is of Waterside Place.