From today’s Herald:

The area’s vacancy rate stood at 6.3 percent last quarter, up from 6.1 percent a year ago and up from 5.8 percent in 2007, according to Reis Inc., a New York real-estate research firm.

The Reis survey also showed that monthly rental prices dipped to an average $1,613, down 2.8 percent compared to a year ago.

The Reis report showed that the Boston-area apartment glut was down slightly from the second quarter’s record 6.5 percent, but not nearly as much as industry experts had hoped. The late summer is considered the strongest period of the year for area rentals, as students return to Boston in droves and snap up apartments.

But Boston’s annual apartment-hunting frenzy simply didn’t occur this summer, data suggests.

As of yesterday, there were about 1,050 apartments listed for rent in Boston, slightly higher than in mid-August when the Herald last examined MLS Property Information Network figures.

The soft Boston rental market reflects a national trend, in which apartment vacancy rates shot up to 7.8 percent last quarter, according to Reis.

Industry observers say the biggest reasons for the apartment glut are the high jobless rates in Massachusetts and the nation, now 9.1 percent and 9.8 percent, respectively. Many people are doubling up in apartments or living with family members to save money, observers say.

Read the full story Boston Herald

Author Profile

John Ford
John Ford
EXPERIENCE

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs



In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.



HISTORY

For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.




John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114

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