Today’s Featured Listing is a prime Boston rental located in Boston’s beautiful South End neighborhood, home to young professionals. The 2 bedroom, 1 bath apartment has gorgeous hardwood floors with a decorative fireplace within the living area. It is a bright apartment with high ceilings and Bay windows, and freshly painted to accommodate its new tenants!

The rent is $3,000, which includes heat and hot water.  There is a newly renovated kitchen and bathroom, and street parking s available for an additional fee. To schedule a showing of this apartment or any of our reputable South End apartments, contact us today!

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According to rentBits, a rental search engine for apartments and rental homes, the average rental rates for Boston have seen a slight increase October over September. Collectively, across all bedrooms, the average rental rates has risen from $2483 in September to $2526 in October.

“As demand for rentals begins to increase, and supply remains constant, average rental rates will continue to climb.” says Dan Daugherty, CEO of rentBits. “In Boston, our data shows an increase in rental rates for both Apartments and Single Family Homes.”

In most other cities across the US, rental rates for apartments are seeing a slight decrease for the year. Much of this is due to a decrease in demand. Many renters for apartments are either moving into a single family home rental, moving back in with Family or sharing rooms with friends. This transitional period has put downward pressure on most apartment rental rates.

I’m not sure where they get all of their data but you can check out their site at rentBits.com.  Personally, I haven’t seen rental rates rising.  In good areas they are down about 5% but in fringe areas we have seen units rent for 10-15% below what we rented the same apartment for last year!

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Back Bay Apartments:

2 Bedrooms across from the Mandarin Oriental $3500-6500:

These beautiful Back Bay apartment rentals have been completely renovated for 2009.  Brand new stainless steel appliances with gas cooking can be found in all the kitchens.  Beautiful gas fireplaces are in every one of these Back Bay apartments as well.  Each unit has a balcony to enjoy drinks on as well as a beautifully landscaped common roof deck, perfect for the 4th of July!

South End Apartments:

2 Bedroom, 2 Bathroom Lofts in the South End for $3250:

This particular South End Loft is a Penthouse 2 bed with private deck located in the hottest section of the South End. The unit features cherry hardwood floors and granite counters with stainless steel appliances. The rent includes ac and it has a washer dryer in the unit.

Beacon Hill Apartments:

Beautiful Beacon Hill rental along Mt. Vernon St. featuring 2 bedrooms and 2 bathrooms for $5000:

Truly a one-of-a-kind luxury, furnished apartment available for a short or long term lease (6 mo min requested but not required). The beautifully decorated, extremely large apartment boasts nearly 1700 square feet, 7 rooms, and the living room features 12+ foot windows and 14 foot ceilings. The bedrooms are situated wonderfully to provide a quiet setting with an abundance of space and light, and the living room is expansive beyond belief. Less than two blocks from the Boston Common, the apartment is located on one of the most beautiful and quiet streets in Beacon Hill.

Ritz Carlton Apartment Rentals:

2 Bedroom, 2 Bathroom with Balcony for $4550:

This beautifully renovated 2 bedroom, 2 bathroom apartment at the Ritz Carlton in downtown Boston is available immediately for $4550 per month.  It features granite counter tops, new Tiger Wood hardwood floors, and a great balcony off of the master bedroom.

There are plenty more where these came from but this should give you a good taste of what you can get out there.  We have units ranging from $1200 studios to $30,000 penthouses so no matter what your budget is, we can help.  Give us a call at 617-848-9616 ext. 2 or email us at rentals@warrenre.com.

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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.

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