We are in the busy season with rentals as many apartment turnovers in Boston take place in September. Each year, renters see a competitive market as inventory is limited and choices oftentimes slim. New buildings have opened up in many of Boston’s neighborhoods that offer additional inventory in a scarce marketplace.
But is it safe to say that it is now a renter’s market instead of the landlords holding the power?
Michael DiMella, managing partner at Charlesgate Realty, spoke with the Boston Globe to answer this question. “I would have a hard time classifying it as a renters’ market,” DiMella said. “What we have seen is with the increase with inventory that has come online in the past few years, in the Seaport, Fenway, and some other neighborhoods, it’s closing in on meeting the demand on renters in the marketplace.”
Rents have continued to increase according to the article with the average rent in Boston last year coming in at $2,588. But, with additional inventory and new developments, we see supply starting to come in pace with demand. This means that, although the market remains competitive, finding an apartment may be a little less stressful this year.