A few months ago, it was reported that Boston saw the largest drop in luxury home prices in the nation.
And throughout the summer there were some large price drops before a luxury home sold.
Turns out, there’s a similar trend occurring with apartment rentals in the Hub.
Basically, it seems there are less people willing to rent luxury apartments than there are luxury apartments available, which has turned out to be a positive thing for renters.
According to The Boston Globe, in 2015 thus far more than 2,200 new apartments have opened up in the middle of Boston (rents are usually the highest there). And there are about 2,600 more under construction.
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“Renters can be choosers,’’ David Huddleston, rental manager at The Charles Realty in the Back Bay told The Globe. “There’s just so much inventory right now.’’
For example, at the new Van Ness building in Fenway, you can expect to pay around $2,800 per month for a 500-square-foot studio.
But as The Globe mentions, many of these high-end apartments, such as Ink Block in the South End, Van Ness, and AVA Theater District downtown are in competition with all the same potential buyers.
Therefore many of them are offering incentives, such as low broker frees or free rent for a few months.
Read the full Boston Globe story here.