I hate to say it, but summer is winding down and September 1st is just around the corner, Boston’s biggest apartment turnover day. Every year, thousands of college students and professionals move to new apartments on the 1st of September, but with the economy on edge, this year’s market is far from normal.
Typically, students start looking for their September 1st apartments beginning in January. Over the years, landlords have grown accustom to this trend and the expectation is that the majority of their apartments will be rented by June. This year, the apartment rental market has been strong, but it has been apparent that renters have really been doing their homework and taking their time. Renters have been looking at more apartments and spending more time weighing options. Early in the season, this left landlords worried, and when July hit and they still had excess inventory, some landlords were starting to worry that their apartments would be left vacant for the next leasing year.
Thankfully (for landlords), the market has been very busy over the last month and Boston apartments are renting at a record pace. After speaking to several prominent area landlords and real estate professionals in the Back Bay, South End, and Fenway, it appears that they are all on pace to meet their historical vacancy rates of sub 5%. Despite the break from routine, landlords are happy with the last minute rush.
For those still scrambling to find a unit for September 1, 2010, don’t worry, some (picked over) inventory still remains, and with landlords anxious to fill units, Boston renters are in a position to negotiate fees and other items.
Related Articles:
Tim Ryan 
That’s a good point. Renters can negotiate great deals at the last minute but they take the risk that they won’t get their first choice of apartment. It’s gambling in the same way that buying an airplane ticket at the last minute. You could get a fantastic deal or be stranded at the gate.