Boston’s Luxury Rental Market is SoaringFebruary 11, 2012
Once again, we are back to discussing how insane and busy the rental market is. No matter what Boston neighborhood you’re talking about, prices are up and inventory is down. For some background, check out my post last summer about the rental market becoming increasingly competitive.
With sales picking up in pace and inventory shrinking, people are finding themselves in a very precarious position. Both luxury home sales and median priced listings have recently picked up tremendously, and sellers are in a panic mode, since they can’t find another property that suits their needs. They’re looking for their ideal Boston luxury home, but it’s not on the market, so where are they supposed to live? They often end up with no choice but to rent. However, that’s easier said than done.
The rental market lacks inventory too, so many landlords are sprucing up their units and increasing monthly rent. There’s no question that landlords are in the driver’s seat now. Most Boston luxury homes and condos that have not sold are being put on the rental market, since the sellers are not willing to reduce asking price.
With increasing demand in the rental market, especially high-end units, developers are meeting the need with new rental towers. More to come about the explosion in Boston neighborhoods residential development!
To secure your ideal property, you must act fast. If you are just starting your search, keep in mind that Boston neighborhood properties come and go so quickly that it’s hard for some buyers (or renters) to even digest the process. This speedy timeline is far from ideal. So it’s essential to do your homework before you’re ready to enter the marketplace, enabling you to make a good decision fast.
Contact me to help you navigate the process smoothly and to ensure you’re confident in your Boston real estate decision.