I just read an interesting article, it stated Boston condo ownership/sales in Greater Boston are on the decline. Boston condo sales are projected to show a decline of 4.1%. One reason for the drop is that younger Boston residents are marrying later and many are overburden with college debt. In 2008, Boston homeownership rate was at 65.5%, the rate dropped to 58.9% in 2016. The 2017 rate has yet to come out, but its projected to rise, yet still be under 60%.

Since 2010 the Boston apartment vacancy rate has been below 3%.  However, with more Boston apartments being contructed, especially in the Boston Seaport District, the rental vacany rate incresed to 4.7%  in 2017. Most vacancies appear to be in the luxury apartment market. In 2017 the Boston proper apartment rents moved dowward for the first time since 2011. The drop in apartment rent was less than 3%.

The conclusion of the report stated that Boston in the past year witnessed both good and bad news for Boston condo owners and renters. the good news, employment is strong and as a result wages are increasing. The bad news, even though wages are increasing so are Boston condo home prices and apartment rents. More than half on Boston renters are paying more than 30% of their income for an apartment.

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Updated: January 2018

 

 

Author Profile

John Ford
John Ford
EXPERIENCE

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs



In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.



HISTORY

For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.




John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114

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