Are you a professional looking for a Boston apartment? Good luck.
Boston is facing an apartment inventory crisis. The two culprits; off-campus housing and short-term rentals. Boston is making an effort to fight these problems. First, last year the city approved permits for 5,400 more dorms, of which 3,219 have been completed. On the short term rentals side, the city requires owners to register their apartments or condos with the city and will implement a tax.
unfortunately, Boston neighborhoods have not seen a reduction of off-campus housing nor short-term rentals.
The Problem
Although more dorms are being built, there not keeping up with student enrollment. Just to give you an example, of the 30 Universities and colleges in Boston, the total enrollment is 147,050 an increase of 3.7% from last year.
Couple this with the rise of Airbnb and other short-term rental platforms and you end up with an apartment housing crisis.
The Solution
Cities like Cambridge and Somerville have now basically ended all short-term rentals with heavy fines if violated.
Regarding off-campus housing, how about a tax on the colleges and universities if they exceed an enrollment limit based on a student to dorm ratio.
Another solution, let the private sector build privately own dorms that makes financial sense to the real estate investor. Privatizing dorms has proven successful in other parts of the country especially with grad students
Your thoughts?
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