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How’s the Boston condo rental market?

In today’s updated Boston real estate blog post. Chief Economist Mark Zandi claims that the national apartment rental market remains strong, despite late payments from apartment renters.

How is the  Boston Apartment rental market?

Here in Boston, I’m seeing an uptick in activity however, in my Boston Beacon Hill location we’re still way above in vacancies. As of the time of this writing the Beacon Hill market which is 1/4 mile sq had over 200 vacant apartments available between now and September 1, 2021

Original Boston Real Estate Blog Post

When I last wrote about the state of the Boston downtown condominium rental market, I mentioned that the market has “put the brakes” on. This trend continues, especially in the higher end of the market where we now see condos prices of $10,000 and higher are staying on the market much longer. In fact, the average days on market for a Downtown Boston condo rental have now risen over 90 days. The condo rental/apartment inventory has also risen pretty dramatically with over a 9 month supply of units, clearly indicating a renters market.

One of the things I have been watching, and baffled by, is the rental market. If you would have asked me a year ago, I would have said we will start seeing rental rates come down. Well, I was wrong in my timing. With all of the new construction we have seen in the building of apartments, rates are finally subsiding in Downtown Boston, with some price reductions

Even with rental rates slowly coming down, it is more affordable to own than rent. If you are in the market to start looking at condominiums to purchase, give me a call and we can start the search for your dream condo!

You can reach me at Ford Realty 617-720-5454 or via email realtyford@yahoo.com.

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