If you’re a landlord or a potential tenant in the Beacon Hill area, you may be concerned about what to expect in 2020 in terms of the economic outlook because of an election year and there is a lot of talk about that Mayor Walsh may follow suit behind NYC and regulate broker fees charged by Beacon Hill brokers
As of February 2020, the Boston job market remains steady and most economists predict that our area will add the same amount of jobs as it did in last year..
The good news with a positive Boston job market we’re near full employment, and with more companies adding new jobs on a weekly basis, there should be plenty job opportunities for downtown Boston residents including people who are relocating to Beacon Hill.
Here in Boston Beacon Hill apartment demand remains high since downtown Boston continues to be a top relocation destination in the United States.
The average rent for a Beacon Hill area is above $2,000 per month and most likely stay at those lofty highs.
With a strong Beacon Hill apartment rental market in 2020, we can also expect vacancy rates to hold steady to 2.3% for the year, reflecting the national average.
As in previous years, we’re continuing to see people renting from all generations including Millennials, to Baby Boomers, and we expect that to continue with students leading the charge.
If your a landlord – are you planning on adding new rentals to your portfolio of Beacon Hill apartments in 2020? If so, Beacon Hill condo inventory will remain tight but don’t let that stop you from finding deals because you may be able to find a variety of off-market rental properties if you’re searching for them on this website.
When we started 2019, there was talk that mortgage interest rates would finally climb to 5%. That didn’t happen. Interest rates stayed low all year long and that trend is expected to continue in 2020 as well.
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