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Boston Apartments

Apartment Sizes Are Shrinking and Here's Why

Studio Apartment

Ever wonder why apartment sizes seem to have shrunk in recent years? New data from Axiometrics and RCLCO explain the reasons contributing to this decrease. 

Apartment size has mostly decreased in studios and one bedroom units across the country and Boston is no exception. At the same time, the number of these units on the market have continued to increase. 

The data shows that the average unit size across the country has shrunk by 70 SF, around 7% in apartment units that were built in the last six years. This is compared to those built in the previous nine years. 

One of the reasonings behind this decrease is a shift in what residents want from their home. They determined that residents are more focused on a good location and the ability to live, work and play in the neighborhood that they are in, rather than focusing on the square footage of their apartment. 

Boston was included in the high-cost markets that shaved off the most square feet in their new developments at 9%. Across all markets, the total units that are under 600 SF have doubled from 2010 to 2016 and now make up 15% of the units on market today. 

The other reasons behind the decrease in size don't just have to do with resident desires. Concrete and other development costs are at an all-time high, so developers are seeking ways to reduce their construction costs as much as possible. 

Landlords are also feeling the pressures of the market and are attempting to maximize income by building more units while at the same time not increasing space. 

What's more important in your home search: size or location? Let us know!

Contact us for more expert advice on the housing market and finding your new home today. 

Renting Vs Buying Your Home

rent buy

Are you currently looking for somewhere to rent, but questioning whether you should buy a property instead? 

This is a common question that people ask before renting or buying a new property, trying to decide what is best for them and their budget.

With mortgage rates continuing to stay at historically low levels, it is now often possible to own a home for less than the cost of what you would pay in monthly rent. 

At My Boston Apartment we have all the latest rental listings in Boston, but if buying is something you're looking to explore then the advisors at our luxury home brand, Advisors Living, can provide you with all of the knowledges and resources to find the perfect home. 

Benefits of Buying:

Benefits of buying

Below offers a general rent vs buy comparison. The calculations assume a 30-year fixed mortgage with approximately 20% down payment and including an average maintenance or cc/tax.

budget graph

Contact us today for more information and insights on either buying or renting your new home!

New South Boston Construction on West Third Street

45 West Third Street

A new construction is coming to South Boston, bringing over 100 new rental units and ground floor retail space. 

The 45 West 3rd Street project was approved by the Boston Redevelopment Authority and will bring a four story building to the site. 

Exact amenities and details have yet to be released, but the project is located just steps from West Broadway on the Red Line and also provides easy access to the Seaport and downtown Boston. 

This project aims to help continue the development of the South Boston residential community, as well as make use of an underused area close to public transportation.

Along with the new development the project will include improvements to the streetscape in the area, widening sidewalks, adding additional lighting and planting more trees and adding to the creation of a vibrant community. 

South Boston is currently undergoing a transformation into a more vibrant residential community and this project comes along with a number of ongoing residential projects, including 11 West Broadway, 339 D Street and more.

The units will be aimed at a mixture of residents including young couples and families. 

Contact us for more information about 45 West 3rd Street and other new rental developments around Boston. 

Redevelopment of St. Gabriel's Monastery Plans Revealed

Brighton Monastery project rendering

Details have been filed with the Boston Redevelopment Authority to develop the 11.8-acre site of St. Gabriel's Monastery in Brighton, which is no longer in operation. 

A huge new development proposed by Cabot, Cabot & Forbes and Peak Campus would bring around 679 housing units, most likely apartments, to the space, according to Curbed

The units would be laid out across three buildings and the renovated monastery building would be included, as well as the already existing Pierce House. The development would include the five buildings and 395 parking spots. 

The Brighton complex would be connected by paths and roads with plenty of surrounding green space. 

According to developers, the design and marketing will all be targeted towards specific demographics, including graduate students, young professionals and other university related staff and residents. Although they will not be limiting the space to these specific groups, that is the intended audience. 

This development comes along with many other student-focused projects around Boston, hoping to attract this group away from the regular hosing market that is growing increasingly competitive. 

If everything gets approved the developers hope to begin construction by mid 2017, and complete the large project within two years. 

Contact us for more information about new developments around Boston and help finding your new home. 

Developments Around Transport Hubs Planned for Forest Hills

Forest Hills

A new apartment development has been proposed for the Forest Hills area across from the Forest Hills MBTA Station.

The proposal for the Residences at Forest Hills include 260 rental units across three mixed-use residential and retail buildings over a single-level garage. The new development would take over what is currently a parking lot. 

Developers have worked alongside area residents, especially those living on nearby streets, in order to establish a desire and local approval for this project proposal. 

There is currently a building boom in Forest Hills as housing is increasingly popping up around transportation hubs. This area of Jamaica Plain is becoming a hot spot in the city and is expected to see even more new development in coming years. 

Units at the Residences at Forest Hills would range from studios to three bedroom apartments and three bedroom townhouses. There would also be space for bicycle storage and charging stations for electric cars. 

There will be 5,500 square feet of retail and restaurant space along Washington Street as a part of the new development. 

Due to the large size of this development it is likely to experience a higher level of scrutiny regarding how it will impact the surrounding are and neighborhood, taking into account what local residents think. 

Contact us for updates on all new developments around Boston and tips for finding your new home. 

The Eddy Brings Sustainable Living to East Boston

The Eddy Rendering

East Boston is quickly becoming a popular affordable option in the city, with new developments, great views and convenient access to the rest of the city. 

One of the newest developments coming to the neighborhood is called The Eddy, a 16-story rental tower with incredible harbor views. 

The waterfront property is ideal for exploring and the building will come complete with a restaurant, plenty of al fresco seating, a rooftop pool, a communal roof deck, a chef's kitchen and even a dog washing station. 

Other amenities include a fitness center, secure bike parking and options for car sharing. 

The building will make the most of its beautiful waterfront location with direct access to a new waterfront park and boat landing, as well as an expanded water taxi station.

Units will range from studios to one bedrooms, with prices starting at $1,825 and two bedrooms starting at $3,275. 

Located just a few blocks from Maverick Square T stop, the location is convenient for accessing the rest of Boston. 

The Eddy is focused on sustainable living and using recycled and energy-efficient materials, with each apartment designed with minimal energy use in mind.  

Contact us for more information about living in East Boston and other new developments. 

Boston Remains in Top Five Most Expensive Rental Markets

Boston

After years of ranking right behind San Fransisco and New York for high rent prices, Boston is no longer in the top three, according to Zumper's rental report

The current median rent in Boston is $2,230, which puts it at number 5 on the list of top 10 cities with the most expensive one bedroom rent in the country. 

The cities with more expensive median rents than Boston include, San Fransisco, New York, San Jose and Oakland. Boston ranked just above Washington DC and Los Angeles. The rankings are based on median rents for available houses last month, so it provides a good view of what to expect if you're looking to rent now. 

This is the first time Boston hasn't been in the top three in years, but some areas of the city are still well above that median price. The most expensive area is Downtown Boston, with median prices around $3,110. 

Contact us for more information on the Boston rental market and to find your new home today!

Zumper Rent Report

Boston Ranked One of the Greenest Cities in the Country

Boston Park

Boston has been named on of the top 10 greenest cities in America. Thanks to the green space and a range of other factors, Boston residents can benefit from living in a city with natural benefits. 

The cities ranked were based on the following criteria: parkland as a percentage of city area, air quality index, number of plots in community gardens per capita, percentage of homes with a garden or greenhouse, number of farmers markets per capita and number of farm-to-table restaurants per capita.

Boston has one of the longest histories of urban farming in the United States. The Fenway Victory Gardens are over 500 gardens and the oldest operating World War II victory gardens in the country, covering 7.5 acres. 

In total 17.1% of Boston is parkland. This includes the Arnold Arboretum, with 15,000 living plants and a huge range of trees and shrubs. 

As for farm-to-table, L'Espalier is one of the most famous in the city, with its own farm outside the city that supplies all of the freshly grown vegetables. 

With Boston Common and the Esplanade, Boston residents have green and open spaces to choose from in each neighborhood. 

Want more information? Contact us today!

realtor.com graphic

The full list of the US top 10 greenest cities is: 

1- Portland, OR

2- Honolulu, HI

3- St. Louis, MO

4- Austin, TX

5- Seattle, WA

6- San Francisco, CA

7- Madison, WI

8- Jacksonville, FL

9- Greensboro, NC

10- Boston, MA

The full report can be found on realtor.com

Packard Crossing Coming to Allston

Packard Crossing Allston

A new residential development is coming to Allston, with 114 units across two buildings. 

Plans for the development near Packard's Corner have been submitted to the city by Boston Developer Harold Brown.

Along with another new development currently under construction at 40 Malvern Street, the three new developments would be called Packard Crossing. 

According to the proposal, the buildings would be moderately priced, offering units around 60% lower than average rents in the downtown Boston area. The rents would be similar to those at Melvern Street, which start at $2,600 per month for a two-bedroom unit. 

Construction on the new development would start in in the spring and replaced a parking lot. The building would also incorporate an existing Victorian-style home that would be restored in the process. 

The plans include parking and the first building would have 35 two-bedroom apartments across the four stories. The Victorian house would serve as the lobby and a lounge for the larger building of the two. 

The second building on Brighton Avenue would have 72 two-bedroom units and four one-bedroom units, as well as retail space on the ground floor and parking space for 175 cars. 

Along with both buildings would be significant landscaping, including walkways, courtyards, terraces and interesting architecture.

The larger building isn't planned to begin construction until 2018. 

For more info or to find your new home, contact us today!

Parcel 1B Brings Affordable Rentals to Bulfinch Triangle

Parcel 1B

New developments and luxury high-rises are popping up around Boston with no end in sight, but amongst these million dollar developments is a project getting people excited for a whole different reason. 

Parcel 1B is a 239-unit rental building coming to Boston near North Station and it will be completely affordable for working families. 

The average rent for a two-bedroom apartment in Greater Boston has increased by 42% since 2009, according to the Greater Boston Housing Report Card 2015.  

The Parcel 1B project will cost $230 million to construct and is the most significant addition of affordable housing in downtown Boston for years. 

The groundbreaking took place in February and marks a very necessary new development in the area.

Expected to be finished in 2018, the units will be given out by a lottery. Related Beal developers are behind the project and have a long-term commitment to workforce housing- neither subsidized public housing or luxury rentals. 

Despite the affordable price tag, the construction of the building has spared no expense when it comes to materials or amenities. Many of the units are directed at families, offering three bedroom units which are not commonplace in new constructions. 

Building affordable housing in the current market is not easy and the process behind Parcel 1B proves that, but it is important for a large part of the city's population. 

To read more about the full details and funding for the project visit the Boston Globe

Looking for your new home? Contact us today for more info leasing@advisorsliving.com!

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