Boston condo renting trends and Boston condo sales have always gone hand in hand, with one market invariably influencing the other. As more families invest in new or previously owned Boston condos, single-family rentals in suburban areas are undergoing a steep decline. This has led to a major influx of countless singles, small families and millennial’s looking for real estate in Downtown Boston, By majority, new renters are young professionals or recent college graduates who are leaving their parents’ homes in search of the freedom, fun and convenience.
Increased Supply & Greater Affordability or Desirable Living Options
The growing preference (and affordability) for renting rather than buying has spurred a marked upswing in apartment development. Many developers are leery of building new condos and thus, there will soon be larger numbers of luxury apartments that are geared for future condo conversions once buying habits change. These units allow builders to reach their immediate project goals while creating desirable options in housing for millennials who want to purchase in the future.
Developer Focus Has Shifted from Suburban to Urban
More people are looking to rent homes in densely populated areas in order to shorten their commutes and increase accessibility to diverse options in shopping and entertainment. Recognizing this change, many investors and builders have stopped sinking money into suburban development and have taken their interests to urban areas instead. Thus, renters will soon have access to a variety of urban-minded projects while seeing a marked decline in new suburban development. As young people and small families migrate close to the city, their former homes are being purchased and occupied by expanding families in need of greater affordability.
Increased Demand & Higher Prices
Although there will soon be more high-end apartments and quality condos in Downtown Boston, the sudden influx of qualified tenants could make these a lot harder to get into. Landlords can charge higher rent and they can also have far stricter standards for prospective tenants. According to one report, many renters are currently paying between 30 and 50 percent of their income for housing, making the greatest issue in urban rental markets will soon be affordability.
If you’re over paying rent and ready to buy, reach out to us.
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