In late 2020, Beacon Hill real estate companies determined that tenants in Beacon Hill were paying an average of $2.900 per month to live in America’s Finest neighborhoods. This represented an increase of nearly 4 percent compared to the fourth quarter of the previous year. This situation isn’t as alarming as what’s happening in other places in Downtown Boston. 

Rent Control Laws Won’t Make Rents Go Down in Beacon Hill

Mayor Walsh and other Boston politicians have debated various rent control measures that will likely be implemented in the future, but this doesn’t mean rents will go down in Beacon Hill. 

The Beacon Hill Apartment Rental Market Will Self-Adjusted

It’s important to note that rent control legislation only applies to increases in the value of lease contracts, but landlords have gone the route of their counterparts in other cities.  Instead, Beacon Hill landlords have eased up on rent increases because they realize many tenants feel rents are high enough to begin with. Still, even if rent control goes into effect, rents are likely to continue to increase as high as the cap will allow.

Beacon Hill Apartment Demand Will Likely Keep Rising

The high quality of life and employment opportunities will continue to attract renters to Beacon Hill, particularly the downtown districts, where they’re more likely to get more for their rental dollars. While a condominium unit in a luxury tower—complete with a rooftop deck, swimming pool, a modern fitness center, concierge service, and panoramic balconies—will probably rent for a lot higher than the median price, it will still be a better deal compared to a single-family residence in a gated community.

Buying a Condo May Make More Sense Than Renting

Economists will tell you there are only a few situations in which Boston condo buyers come out ahead of renters. The perfect situation that tips the scales in favor of Boston condos buyers can be found in downtown Boston now, with its high quality of life, low unemployment, high rental demand, and a housing market on the rise. For many Boston homeowners of condos and lofts in downtown Boston are more affordable than single-family residences, and they’ll always have the opportunity to become landlords, as long as the bylaws of their condo associations allow it.

If you’re tired of paying ever-increasing rent, buying now maybe your best option. If you’re looking to buy Beacon Hill real estate, downtown should at the top of your list of areas to check out. Reach out to the agents at Ford Realty—the experts on downtown Boston condos—to help you find your perfect home. Give us a call today at 617-595-3712.

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