In addition to the 8 current for sale listings at the 2007 700 Harrison condo development, some units in the building have turned to rentals to fill vacancies. Rather than let the newly constructed condos remain empty through typically a slow season for sales, Mitchell Properties LLC has opted to allow prospective tenants to sign 9-12 month leases with the option to sign a “lease to purchase contract” to contribute some of their rent towards a future purchase. Even if renters decide to stick with a standard lease, it gives the developer the ability to have positive cash flow until they can try out the luxury condo market again next year.
The opportunity for renters in a lease to buy situation is compelling. With rents starting at $1,950 for a 1,081 square foot two-bedroom two-bathroom unit on the fourth floor, renters can live in luxury with floor to ceiling walls of glass, sweeping skyline views, open and contemporary kitchens, laundry in unit, as well as beautifully architect-designed baths, all for an affordable price.
To put this in perspective, the average rent for a two-bedroom unt in the South End is approximately $2,600, and will most likely not compare in size or finishes to what is being offered at 700 Harrison. For instance, a comparable rental unit at 216 West Springfield Street, which was recently rented for $2,500, had only one bathroom and 610 square feet of living space. A high-end contemporary option for South End renters, Church Park, which is located at 221 Massachusetts Avenue boasts between 954 and 1,275 square feet of living in their two-bedroom two-bathroom apartments for $2,950-$3,800 depending on the size and view.
The only downside is that at such an attractive price point and in such a great location, 700 Harrison condo rentals are moving fast. Since last week, four units were rented after being on the market for only three days. There are still two-bedroom units available for $2,200-$2,300 with immediate occupancy.
- Jay Alberino is the Founder & CEO of Eleven Park Realty, and has recently launched myCityApartment, a guide to houses and apartments for rent in Boston, Brookline, and Cambridge.
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Tim Ryan 
Does the rent includes utility costs, such as HVAC?
Hi JD,
From what I’ve heard it does not include utilities except for water. I would assume that with heating costs coming down that it wouldn’t be too expensive especially in a newly constructed building. Would you be interested in touring either of the two available units? Feel free to email me at jay [at] mycityapartment [dot] com or call 617.391.8801 if you’re interested.
Please contact me regarding rentals.
Susan, someone will be in touch with you shortly using the contact information that you provided.
Please contact me regarding rentals if there is anything available.
Ashley, someone should have touched base with you using the contact information that you provided, if not, please let us know. Thank you.
Interested in 1 or 2 BR rental at 700 Harrison, ideally furnished and must take pets (old golden retriever and cat). Move in NLT 1 July. 6 mo lease preferred. Thanks! Rick
Rick, someone will touch base with you using the contact information that you provided.
Looking to see if there are still 2 BR available.
Looking to rent 1BR apt starting July 1 2012. Please contact me with any available apartments.