BOSTON – Rental prices in Boston are returning to their pre-pandemic levels, indicating a resurgence of city life in the coming months.
The rental market in the Boston area is rebounding faster than most major US cities.
The competition is expected to become fiercer by September, when an influx of students returns to the city.
Arthur Deych, owner of Red Tree Real Estate, told Boston 25 News that apartments with summer move-in dates are quickly ripped off.
âPeople come to appointments ready with checks in hand,â Deych said. “If you are looking to rent a studio or a bed or two beds, the competition is going to be very fierce.”
The shift to finding virtual apartments leads to faster decisions on the part of potential tenants.
Deych said multiple candidates often vie for the same rental housing.
âThe most important will be good credit and job security against the strong dollar,â Deych explained.
The rare advantage of Boston-area renters over the past year appears to be fading away.
âOver the past month, we have seen record web traffic unlike anything we have ever seen,â said Demetrios Salpoglou, Managing Director of Boston stamps. “There is an absolute explosion of highly qualified applicants looking for apartments.”
Renewed demand and fierce competition mean fewer homeowners are offering to pay brokerage fees – which many had covered during the pandemic to fill units.
The fee is usually equivalent to one month’s rent plus the first, last, and a security deposit.
âWe still see about half of the owners paying the broker’s fees,â Salpoglou said. “It’s not going to last any longer.”
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