Plummeting demand for luxury Boston apartment living has led high-end apartments to slash rents and offer gangbuster deals to lure new tenants. Meanwhile, rents in less-expensive apartment rental remarkets have stayed flat or even ticked up since October as remote workers seek more space — and many laid off due to the pandemic migrate out of the city to cut costs.
Boston Real Estate and the Bottom Line
The actual price drops are likely even steeper in areas like the Beacon Hill apartment rental market. This doesn’t even factor in lease concessions like months of free rent and landlords picking up broker fee as incentives that are now common among the Midtown area’s glassy, top-tier apartment complexes wooing new tenants.