How is the rental market?
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 has 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, in 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 on 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 then 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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About John Ford
