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Blog :: 04-2015

Welcome to our blog! As Boston's leader in apartment rentals, we have our finger on the pulse of the local real estate market. Here, you'll find insight and announcements from our team to keep you up to date on everything you need to know about real estate in the Boston area.

It's not cheap to rent in Boston these days

Julie Xie from Boston.com had an interesting article last week on the ever growing rental costs in and around the city. Using data from Zumper she determined that the following 5 neighborhoods were most expensive in Boston which overall comes in at 3rd most expensive in the city.

  1. D Street - West Broadway (South Boston) : $3,350
    This area has been taken over in recent years by more luxury buildings which has driven the average price. Flats on D and theWest Square Apartments are the number one reason as they significantly outnumber and outweigh the minimal multi-family rentals here.
  2. Kendall Square (Cambridge) : $3,240
    More luxury buildings in this area as well with Watermark Kendall East and Lofts at Kendall both start over $3,000.
  3. Downtown Boston : $3,000
    Many great options here including The Devonshire starting right around $3,000.
  4. Chinatown/Leather District : $2,900
    The Kensington and The Radian are two of the most well known buildings in this area again with rents starting around $3,000.
  5. Thompson Square/Bunker Hill (Charlestown) : $2,730
    Here we have Gatehouse 75 which starts right at the neighborhood average around $2,700 per month.

It's no secret that Boston is continuing to grow with more and more large buildings going up all over the city and for now a decrease in rents doesn't seem to be in the near future.

25 Morrissey in Dorchester AKA Hub 25

As noted by ICON Architects on their website, The Residences at 25 Morrissey Boulevard is starting to get its own identity in the form of an official name: Hub 25. The 220,000 square foot building of 278 rental units is under construction in Dorchester and it seems like they are looking to brand the product.

This location is a commuter’s dream adjacent to the JFK Redline station, which offers bus, train and commuter rail services. The project will consist of two 5-story buildings and will consist of a mix of Studio, 1 & 2 Bedroom Units. As areas in the city such as South Bostonand the South End have increased demand and therefore increased rents, this Dorchester location could be a great alternative for young professionals and students alike. Suffolk and UMASS Boston especially like this area. Rents are expected to range from about $1,500 to $2,500 per month. Compared to something like Troy Luxury Apartments where rents start in the low $2,000’s and can get close to $4,000.

The construction by Dimeo has been delayed due to the winter that we all had to endure but things are expected to be back on track as the warmer weather approaches. This is just another part of a 20-year plan to really revitalize the area. Just last week President Obama was in Dorchester for the dedication and opening of the EMK Institute on Columbia Point.

Dare we say…The Dot is Hot? According to Zillow Rentals there are currently 91 rental listings ranging from $1,000 per month for a studio to $4,250 a month for a 5 bedroom. The additional 278 apartments right on Morrissey Boulevard will definitely bring a lot of buzz to the hub.

- ICON Architect Rendering

Back Bay Rentals -- A Market Full of Variety

The last thirty days trailing in the Back Bay, according to MLSPIN, there were 32 listings that were rented. We believe there were many more rentals, as many of the apartments that rent in the Back Bay, are not always on MLSPIN. For example, Avalon Exeter does not report listings to MLSPIN. You can see more info on Avalon Exeter HERE

Out of the 32 Back Bay rentals, the average rental rate was $4,142 or $4.31 per square foot. The most expensive rental was at 196 Beacon Street. It rented for $20,000 per month. That's close to $7.00 Per Square Foot. The most affordable Back Bay rental was $1,600 per month at 41 Edgerly Road at $4.05 per square foot.

196 Beacon was a big rental, however, it did not trump the record setting Boston rent that was achieved in March of 2013. 74 Beacon Street rented for $40,000 per month or $4.79 per square foot.

There are currently 105 rental listings available in the Back Bay for rent. The average rental list price is $5,290 per month. To view all rental listings in the Back Bay that are available now, please visit Advisors Living


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