Beacon Hill apartment vacancies keep growing as of today’s date the number of Beacon Hill apartments available for rent is a whopping 196. The number doesn’t include apartment rentals that are NOT on MLS.
I wanted to find out if this is just a local trend or if it’s nationwide. What I discovered was that apartment vacancy is a nationwide problem according to Zillow.
COVID-19 forces almost 3 million young adults to move back home
A new Zillow analysis shows the coronavirus has forced close to 3 million adults to move back home.
According to Zillow:
The potential rent lost from Gen Z alone could total an estimated $726 million, and the ripple effects of their next move could have far-reaching consequences for the Boston real estate market.
The number of adults living in a parent’s or grandparent’s home grew by more than 2.7 million in March and April, nearly triple the next-largest two-month increase from the past five years. A large majority of those who moved home – about 2.2 million – are from Generation Z, and between 18 and 25 years old.
Future of Beacon Hill apartment market
I’ve learned along time ago not to make predictions, so let me provide you with some obvious generalities.
If jobs quickly return to pre-pandemic levels, the Beacon Hill apartment rental status quo could return just as quickly as these renters return to the market. But if jobs are permanently lost or slower to recover than expected, that could free up many more rental units and drive Beacon Hill apartment prices down.
Save Money of Beacon Hill apartments for rent
If you’re in the market for a Beacon Hill apartment, please contact one of our on-call Boston real estate agents. We have very competitive no fees and reduced broker fee apartments for rent. You can save thousands on broker fees by using our services.
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