Today, I was at a local bank in Beacon Hill waiting to make a deposit and a conversation started…..
Landlord: John, how’s the apartment rental market.
Me: Do you want to hear the truth? This year I have more vacancy then I can ever remember.
Landlord: John, I hear you. My vacancy rate is up 10 – 20% from last year. Are you able to rent the apartments you have avail?
Me: Yes, but in many cases the landlord took a cut in rent or had to pay a min 1/2 the broker fee.
Landlord: Can I get your business card? As you know, I usually rent my apartments on my own via Craigslist.org but this year I”ll need your help.
The point of me telling you this story, I think for the first time in many years apartment rents will be coming down in the most prestigious neighborhoods of Boston this rental season. Just my thoughts. Do you agree/ disagree?