For years, the Boston condo rental market was so heated that renters would constantly monitor online listings and quickly show up to available apartments with checkbooks and references in hand. For many Beacon Hill condo rentals, they’d have to fill out applications on the spot and cross their fingers.
Those days are over. A glut of new Boston luxury apartments popping up over the city has quickly turned the tables as vacancy rates hit their highest levels since the recession, led by Seaport District, where numerous apartments are now sitting empty.
Landlords who are increasingly hard-pressed to fill their open apartments are offering deals like a free month’s rent, lucrative gift cards and even free electronics.
The most common “concession,” as such incentives are known in the industry, was free rent — offered at numerous buildings in Boston. The average was a free month, but the offers ranged from two weeks to two months.