Sales of existing properties are down about 15 percent and condo sales are down a few percentage points more.
The continuing effects of the recession linger and the local marketplace is a reflection as a result.
In addition, landlords have been raising rents because so few new housing units are being built and more and more individuals are turning toward rentals instead of the traditional tendency to seek home ownership.
The median rental price for an apartment in Boston is slightly above $1,665 a month which puts Boston at the number five most expensive rental market in the United States.
This puts Boston behind Fairfield County in Connecticut, Westchester County in New York, San Francisco and New York City.
Luxury apartment rental prices in key neighborhoods such as ours have reached astounding heights.
According to officials at Boston’s John Keith Real Estate, there are more than 30 apartments currently for rent over $7,000 per month on Beacon Hill, Back Bay, along the waterfront and in Charlestown.
There is presently a unit for rent in the Mandarin Hotel on the ninth-floor – a 2,600-square foot condominium in the Back Bay – listed for $27,000 a month.
There are numerous units available in our neighborhoods at varying prices. However, rental costs are rising as availability of suitable apartments shrinks.
Although Boston’s median rental price is reported at $1,665 a month, those wishing to find acceptable rentals in our neighborhoods will be hard pressed to find a nice two—bedroom suite with two baths for less than $2,000 and this would, of course, include no parking.
It appears as the months go by during this year when prices have declined slightly on sales and the number of sales have declined that apartment housing is the one place where the direction is up, for per month rentals, that is.
Prices for apartment housing in Boston are now at an all time high.
It is a trend likely to continue for quite some time.