Boston Rental Prices Drop 2.8% Year over Year
February 23rd, 2009 by nwarren
In a recent article in Business Week it listed the top Metro areas with the biggest rental rate drops. The Boston, Cambridge, and Quincy area were lumped in together and ranked #10 on their list with a drop of 2.8% to $1634.20 in the Q4 of 2008 vs. Q4 2007. Other important numbers included a rise in unemployment from 3.6% to 5.0% and vacancy rates from 4.7% to 6.0%. They noted that on average, landlords were conceding 1.3 weeks of free rent.
Other notable Metro area drops:
Seattle-Bellevue-Everett, Wash.
Rank: 5
Rent drop: -3.5%
Q4 2008 rent change: -3.8%
Q4 2007 rent change: -0.3%
Effective rent: $1,161.60
New York-Wayne-White Plains, N.Y./N.J.
Rank: 4
Rent drop: -3.7%
Q4 2008 rent change: -3.2%
Q4 2007 rent change: 0.5%
Effective rent: $2,672.20
Salt Lake City
Rank: 1
Rent drop: -5.7%
Q4 2008 rent change: -2.3%
Q4 2007 rent change: 3.3%
Effective rent: $810.30
My Thoughts: We have definitely noticed large landlords and management companies changing some of their strategies when it comes to renting their apartments. Many are offering to pay the brokers fee for our clients as well as give 1 or 2 free months of rent. However, prices have not dropped dramatically in the Boston proper neighborhoods of Back Bay, Beacon Hill, Midtown, and South End where high demand and a small supply has kept prices fairly stable.
Warren Residential Group rental agents are trained in negotiating with landlords and getting you the best price and most concessions possible but we also are here to manage your expectations and help educate you on the market. We try to teach you throughout the rental process about the market and specific buildings so you know you are getting a good price.
Tags: Boston Apartment, Boston Apartment Rent, Boston Rental Agent, Boston Rental Market, Boston Vacancy Rate
This entry was posted
on Monday, February 23rd, 2009 at 3:13 pm and is filed under Boston Rental Market, Brookline Apartments, Cambridge Apartments, South End Apartments.
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