Writen by John C Ford
Boston Real Estate Rental Market: It is May and the start on the frenzy rental market. The outlook for landlords looks good I foresee rent rising depending on what of Boston from 5% -15%.
The reason for the rent increases is due to a lack of inventory. In the last few years with condominium conversions the number of available rental apartments has dropped off allowing owners to raise rents and tighten up on concessions. Basically, fewer and fewer landlords will be picking up the fee this rental season. In Beacon Hill most all of the larger landlords are not picking up amy fee for September listings. Another sign we are seeing is that there is a serious shortage of available three bedroom apartments on the market for college students.
A second reason to the rise in the rents is that as interest continue to rise, it is taking some potential home buyers out of the market and thus they are remaining in a renter status.
A third reason is the lack of dorms within the Boston area. Presently, Suffolk is trying to pass a 30 story dorm building in Beacon Hill which is facing some serious road blocks.
Although Boston is lagging the rest of the nation in job growth the increase in University enrollment and the continue growth of the hospitals is boosting renter demand to new highs.
www.fordrealty.net
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