Beacon Hill condo rentals

Are you one of the many Boston Beacon Hill apartment renters thinking about where you’ll live the next time your lease is up? Before you decide whether to look for a new apartment, it’s important to understand the true costs of renting a Beacon Hill apartment in 2022.

As a renter, you should know apartment rents have been rising since 1988 (see graph below):

Avoid the Rental Trap in 2022 | Simplifying The Market

In 2021, rents grew dramatically. According to ApartmentList.com, since January 2021:

. . the national median rent has increased by a staggering 17.8 percent. To put that in context, rent growth from January to November averaged just 2.6 percent in the pre-pandemic years from 2017-2019.

That increase in 2021 was far greater than the typical rent increases we’ve seen in recent years. In other words – rents are rising fast. And the 2022 National Housing Forecast from realtor.com projects prices for vacant units will continue to increase this year:

“In 2022, we expect this trend will continue and fuel rent growth. At a national level, we forecast rent growth of 7.1% in the next 12 months, somewhat ahead of home price growth . . .”

That means, if you’re planning to move into a different rental this year, you’ll likely pay far more than you have in years past.

Homeownership Provides an Alternative to Rising Rents

As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:

If you’re a Boston Beacon apartment renter facing rising rental costs, you might wonder what alternatives you have. If so, consider homeownership. One of the many benefits of homeownership is it provides a stable monthly cost you can lock in for the duration of your loan.

“. . . fast-rising rents and increasing consumer prices, may have some prospective buyers seeking the protection of a fixed, consistent mortgage payment.”

If you’re planning to make a move this year, locking in your Beacon Hill apartment monthly housing costs for 15-30 years can be a major benefit. You’ll avoid wondering if you’ll need to adjust your budget to account for annual increases.

Homeowners also enjoy the added benefit of home equity, which has grown substantially right now. In fact, the latest Homeowner Equity Insight report from CoreLogic shows the average homeowner gained $56,700 in equity over the last 12 months. As a renter, your rent payment only covers the cost of your dwelling. When you pay your mortgage, you grow your wealth through the forced savings that is your home equity.  

Boston Condos for Rent and the Bottom Line

If you’re thinking of renting this year, it’s important to keep in mind the true costs you’ll face. Let’s connect so you can see how you can begin your journey to homeownership today.

Boston Beacon Hill  Apartment FAQ?

How many Boston Beacon Hill apartments are avail Fall/Winter 2021?

After 2022 the number of Beacon Hill listings drop dramatically, The average number is 25 listings or below. Click to View Beacon Hill Apartment recent rental data & stats

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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What Questions you should ask about the Beacon Hill apartment Market

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For Boston condo landlords

Boston condos to rent misc questions and thoughts

Every year around this time, we take time to reflect and plan for next year. If you are renting a Beacon Hill condo but have dreams of purchasing a Beacon Hill condo for sale, your plan for the new year, and you wouldn’t be alone!

According to the 2018 Bank of America Homebuyer Insights Report, 74% of renters plan on buying in the next 5 years, with 38% planning to buy in the next 2 years!

When those same renters were asked why they disliked renting, 52% said that rising rental costs were their top reason, and 42% of renters believe that their rent will rise every year. The full results of the survey can be seen below:

Don't Get Caught in the Rental Trap in 2019 | Simplifying The Market
Boston Beacon Hill condo rentals

It’s no wonder that rising rental costs came in as the top answer! The median asking rent price has risen steadily over the last 30 years, as you can see below!

Don't Get Caught in the Rental Trap in 2019 | Simplifying The Market
Boston Beacon Hill condos

There is a long-standing rule that a household should not spend more than 28% of its income on housing expenses. With nearly half of renters (48%) surveyed already spending more than that, and with their rents likely to rise again… why are they renting?

When asked why they haven’t purchased a Beacon Hill condo yet, not having enough saved for a down payment (44%) came in as the top response. The report went on to reveal that nearly half of all respondents believe that “a 20% down payment is required to buy a home.”

If the majority of those who believe they haven’t saved a large enough down payment believe that they need 20% down to buy, that means a large number of renters may be able to buy now!

Bottom Line

If you are one of the many renters who is fed up with rising rents but may be confused about what is required to buy in today’s market, let’s get together to help you on your path to homeownership.

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Beacon Hill Charity Donation

My new goal for the Fall of 2019 is to provide a percentage of our Beacon Hill Real Estate commission to fight Alzheimer’s

Select us to represent you either as a buyer or seller’s agent and we’ll give back a portion of the sales commission to find a cure for this awful disease.

  • Having a recent love one suffer and died from this illness broke my heart. Please let us work together to find a cure.
  • Ford Realty has been in business for over 20 years.
  • Ford Realty Inc has several 2019 and 2020 positive Google Reviews
  • For more information email realtyford@yahoo.com. You can call or send us a text @ 617-595-3712.
  • Thank you

 

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