Corporate Housing Providers & Real Estate Agents: The Benefits of Joining Forces

At first glance, it might seem like real estate brokers would simply be competitors with corporate housing providers. After all, both realtors and temporary furnished housing providers court clients in need of housing.

But upon closer examination, there are some notable ways that agents and providers can effectively collaborate rather than compete, since they ultimately serve clients at different stages along their housing journey. Here are a few ways that this type of arrangement can benefit both sides—and even more importantly, can benefit their clients by helping them to secure housing at the right time:

Benefits of Agent & Provider Collaboration

  • Realtors become problem-solvers for their clients. Sometimes a real estate agent’s clients just aren’t ready to buy a house—yet. But guidance from the realtor about how to solve their clients’ current housing dilemmas can position them well for future sales. For example, realtors may be working with clients who need temporary furnished housing before a home purchase, for reasons that might include construction hold-ups, closing delays, testing out a new area, or renovations. If the agent can point such clients toward a short-term corporate housing solution through a partnership with a corporate housing provider, it becomes a win-win-win: the agent becomes a valued problem-solver in the eyes of the client, the corporate housing provider has a new customer, and the clients have a solution to their housing dilemma to help them bridge the gap in their home-buying efforts.
  • Financial incentives on both sides. It’s clear that when partnering with real estate agents, corporate housing providers stand to benefit from new business leads. But realtors have something to gain as well from a close and non-competitive arrangement with housing providers: they can pocket some additional cash while helping to solidify their existing client relationships. Realtors generally can expect to receive some attractive extra fees for helping their own clients identify short-term corporate housing when these clients are in between homes. For example, realtors usually receive commission from corporate housing providers for their referrals; 5-10 percent is a good benchmark for licensed realtors. Providers might also pass along preferential rates to their realtor partners, which realtors can then pass along to their clients depending on the length of stay.
  • Clients get double the service. Joining forces allows real estate agents and short-term corporate housing providers to offer added value to their customers. At the same time, there’s virtually no work involved for the agent. The temporary housing provider generally handles the booking process from start to finish, taking care of the touring and the paperwork (while linking it back to referring brokers and ensuring that they receive their referral fee). By providing a referral, agents can strengthen the relationship with their own clients who might need last minute temporary furnished housing. The agent has the option to stay closely involved in this process, but doesn’t have to since the temporary housing provider has the most relevant expertise to manage finding short-term housing for the realtor’s client. That way, each party can stay focused on doing what they do best—whether that’s helping clients with the bigger picture of buying or renting a home, or helping them arrange for their temporary housing needs. Realtors clearly benefit from the extra support when corporate housing specialists tour their clients through temporary properties on the agent’s behalf, and corporate housing providers earn new business by allying with real estate agents who have clients needing temporary housing.
  • Referrals go both ways. So far we’ve only discussed the referral benefits that short-term corporate housing specialists receive by working with realtors. But the fact is that corporate housing providers often refer business back to their real estate broker partners as well. A good example of this is when temporary housing companies have international clients who are planning a move to the United States—when these clients are ready to start looking for a permanent home, providers frequently refer them to their broker partners.

Learn More About Our Real Estate Partners

To learn more about how Furnished Quarters partners with real estate brokerages by handling their clients’ headaches related to short-term corporate housing, contact maria.sorrentino@furnishedquarters.com or call 617.236.4908 ext. 1005.

Boston Short-Term Furnished Apartments: A Parent’s Checklist

In a hot housing market like Boston, whether you’re looking for a furnished apartment, short-term rental, corporate temporary housing, or other rental, it can be challenging to find a place to call home. For families, such a competitive market can be particularly tough, since parents have specific criteria to consider in choosing a property and location that fits both their children’s needs and their own.

On the bright side, unlike the housing situation for Boston-based pet owners, all locations welcome kids. The issue that many parents face, however, is that most buildings don’t offer many (or any) particularly kid-friendly amenities.

Some Boston short-term furnished apartments or corporate temporary housing can offer family-friendly amenities—but you need to know what you’re looking for. Here is a checklist of the top five considerations that families should think about when house hunting for Boston short-term apartments, followed by a few suggestions on where to find the amenities that your family needs:

Kid-friendly Considerations

  • Safety features. Safety and security top many parents’ lists when considering moving to a new home. Some buildings have added protection through a doorman or concierge. Other safety considerations that parents should confirm before selecting a residence include whether there are secure locks on apartment doors and terrace gates, security cameras in common spaces, and a designated area for school bus pick-up and drop-off that is directly in front of the building.
  • School district.As the most educated state in the U.S., proximity to a well-ranked school district—from preschool on—is also a top priority for many families. Whether you’re targeting a specific public school, a private school, or an international school, the school system that serves the district where your home is located often makes a difference in your ability to secure a spot for your children. With more than 100 districts to choose from in Boston’s public schools alone, it’s important for parents to do some research on their school district preferences as part of their housing decision.
  • Common play areas. Though not easy to find, a growing number of apartment buildings offer onsite playrooms so that parents have a place for kids to run around that’s on the premises yet out of the residence. Other types of common areas that parents might look for are party spaces to host birthday gatherings or play dates, or common areas where older kids can safely study. You might also ask about whether a building provides safe outdoor spaces where children are welcome, such as playgrounds or a swimming pool.
  • Kid-friendly things to do nearby. Since many buildings won’t have all the amenities you’d like for children, you can target the next best thing: having fun things for kids to do close by your apartment. Check for proximity to neighborhood parks and playgrounds, local libraries, kid-friendly restaurants, museums that cater to kids of different ages (such as Boston Children’s Museum and Boston’s Museum of Science), and other types of events, services, groups, or resources aimed at children and/or parents.
  • Family feel. This item is a bit harder to determine at a glance, but if you’re working with a provider of short-term furnished apartments, you can ask about which buildings are known for being family friendly. A provider, real estate broker, or building concierge of Boston short-term apartments should be able to give you an idea about whether there are many other families in the building, if kids close in age to your kids would be among your neighbors, and whether there are organized social activities either within the building or nearby to meet other families.

Boston Short-Term Apartments for Families

Here are three family-friendly short-term furnished apartments to get you started on your search:

  • The Towers at Longfellow Apartments, with a coveted location near the Boston Waterfront, will make parents happy with both indoor and outdoor onsite options for kids that include a children’s playroom and a large heated outdoor swimming pool. The community amenities also feature concierge service, 40 acres of green space that families can enjoy together, outdoor grilling areas for picnics, resident events, and a clubhouse with a game room. Older kids (and certainly parents) can make use of onsite basketball and tennis courts. When kids are in school, parents can relax at the building’s 24-hour fitness center, check out the media room, or just catch up on laundry at the building’s convenient card-operated laundry facility.
  • In a desirable Back Bay location, Garrison Square is coveted by families for its playground, beautifully landscaped center courtyard, rooftop grilling area, and a dog park right behind the building. (Yes, the building is pet friendly.) What’s more, parents appreciate the safety offered by a controlled-access parking garage, and the convenience of in-home washers and dryers, concierge services, and 24-hour package pickup. The residence is also in close proximity to the Duck Boat tours and the Boston Common, where kids can enjoy the Swan Boats and carousel in the summer and ice skating in the winter.
  • Families love Third Square—whose concierge-serviced apartments are located in the heart of Kendall Square—because of the building’s outdoor center courtyard, heated indoor swimming pool, and Game Room with options to play Air Hockey, Ping Pong, and Wii. Another parent pleaser is that the onsite 24-hour fitness center offers a kids’ play area. There’s a laundry facility onsite, and for the tons of gear that inevitably comes with parenthood, the building offers the option for additional storage.

Find the Best Short-Term Furnished Apartments for Your Family

To learn more about your options for family-friendly temporary furnished apartments in Boston, call Furnished Quarters at 1-800-255-8117.

Pet-Friendly Pads in Boston? They’re Rare, But You Can Find Them

About half of all households in Massachusetts own a pet, according to the American Veterinary Medical Association. If you’re among them, finding a place to call home that welcomes both you and your four-footed friend is important. Yet Boston has notoriously slim pickings when it comes to pet-friendly places to live, whether for Boston furnished apartments, short-term rentals, corporate apartments, or other types of rentals. In fact, a 2015 Trulia study found that:

  • Only 20% of Boston landlords allow cats
  • Only 9% of Boston landlords allow small dogs (under 40 pounds)
  • Only 1% of Boston landlords allow large dogs (over 40 pounds)

With this in mind, it’s important to know where you are welcome with your furry family members. Annette Clement, Executive Vice President and General Manager of Furnished Quarters in Massachusetts, noted that for many years, Boston and Cambridge apartment locations weren’t allowing pets. While she said that has started to change now, she added that only about 10 percent of Boston apartment buildings are pet friendly.

Buildings that do allow dogs have weight restrictions,” explained Clement. “Some allow only smaller dogs and some up to 60 pounds or so. Some also have breed restrictions prohibiting breeds that are considered more aggressive, like Pit Bulls and Dobermans.”

Boston Pet-Friendly Housing

Here are some Boston-based rental buildings that allow pets to be part of the family:

Dog-Friendly Digs

In Back Bay, The Arlington not only accepts pets but also pampers them. The historic luxury residence near Boston’s Public Garden offers a unique on-site Pet Spa, where guests can bring their dogs to be washed, blow-dried, and styled. The historic landmark building features designer apartments with custom kitchens and in-unit washers and dryers, along with other amenities from a fitness center/basketball court and a private residents’ lounge.

In Boston’s historic West End, The Towers at Longfellow opens its door to most pet owners, though the building prohibits Pit Bulls, Rottweilers, Cane Corsos, and any cross-breed or related breed. (Under the company’s policy, English Bulldogs are not a prohibited breed.) If your canine or feline fits the policy, you’ll find several community amenities that help pets thrive, including an on-site dog park and 40 acres of green space. There are plenty of perks for people here as well, from concierge service to basketball/tennis courts and outdoor grilling areas.

Near Boston’s Financial District, Radian is another pet-friendly option for both dog and cat owners. This is a rare find downtown since many luxury buildings in this area do not accommodate pets. The distinctive 26-story glass tower residence offers pet care services as part of its Concierge program, alongside housecleaning and dry cleaning. Radian features a host of other amenities as well, such as an onsite access-controlled garage, a state-of-the-art fitness center, and a fully furnished Guest Suite for out-of-town visitors.

The Viridian gives pet owners in the Fenway/Kenmore District a chance to experience the world-class cultural offerings and a flourishing restaurant scene. Whether you have a dog or cat, you and your pet will enjoy the open floor plans and expansive living spaces afforded by The Viridian, along with two rooftop spaces to relax, grill, and dine.

Cat-Friendly Quarters

If your animal companion is a cat, you’ll have an easier time finding a great place to live than dog owners. While all of the buildings above are available to those with both dogs and cats, the residences below are cat-friendly only:

  • With its convenient downtown location, Devonshire offers entrée to guests with cats, providing them with smoke-free living, a 24-hour doorman, and concierge service.
  • It doesn’t advertise its cat-friendly status, but those in the know are aware that Church Park, which neighbors the Back Bay waterfront, caters to kitties (but not dogs). Cats will feel right at home, as will their owners.

If you’re looking for rentals in the Greater Boston Area that allow pets, Cambridge has offerings as well, including those at The Holmes Building, Watermark Kendall East, and Watermark Kendall West.

To learn more about your options for pet-friendly temporary furnished apartments in Boston, call Furnished Quarters at 1-800-255-8117. To ensure the comfort of every guest, Furnished Quarters requires guests with pets to pay a minor nonrefundable Pet Fee to cover the costs of deep cleaning after a pet has been in residence.

Boston-Based Luxury Apartments are an Amenity Heaven

With the ongoing boom in new development for luxury rental buildings in and around the city, renters of Boston furnished apartments now have their choice of cushy perks. The Boston Globe reported recently that with “doormen, large-scale lobbies, and 24-hour concierges, renters are getting far more than they could a few years ago.” The Globe added that a wider range of people—not just students and younger people—are renting in the current market because of the flexibility and convenience it offers, and luxury amenities are an additional lure.

“Amenities are hot and have gotten even more competitive this year,” said Annette Clement, Executive Vice President and General Manager of Furnished Quarters in Massachusetts. “The push right now seems to be to create fantastic amenity spaces and smaller apartment spaces, though you can certainly find a spacious apartment with top amenities. Whether an on-site pet spa strikes your fancy, a movie-viewing room, or a state-of-the-art fitness center with virtual trainers, you can select the perks you prefer to create the lifestyle you want.”

Radian Lounge | Boston Rental Apartments

If you’re curious about what comes included with the price of a luxury short-term rental or corporate apartment these days, here are some buildings that go far beyond a bed and bath:

  • Radian. Fitness buffs will rejoice to discover that the Radian’s Fitness Center is much more than a gym. From on-demand virtual fitness classes and Technogym® cardio equipment to studio space for yoga, Pilates, spinning, and more, residents will find a wealth of health and wellness possibilities at their fingertips. Radian also offers a fully furnished Guest Suite for out-of-town visitors, a 24-hour concierge program with services from housecleaning to dry cleaning, and luxuriously designed entertainment rooms.
  • The Viridian. This building’s two special rooftop spaces allow residents to enjoy the best of both worlds, indoors and out. With sweeping views into Fenway Park, the Sun Deck offers outdoor television, a grilling station, and a reserveable Greenhouse complete with catering kitchen, while the Sky Deck offers spaces for relaxation on chaise lounges among greenery, dining furniture, and showers. The Viridian’s Health Club rivals Radian’s, with digital workout personalization and Fitness On DemandÔ interactive group fitness stations. A resident lounge, work lab, and conference room are also available on the premises.
  • The Arlington. This Back Bay landmark stands out for many reasons, but one is surely its on-site pet spa, complete with tub stairs to help guests’ furry friends ascend into the bath, and blow-drying platforms for grooming after a warm dunk. The luxury building also comes equipped with basketball court and fitness center, game room, private residents’ lounge, on-site storage, and 24/7 attended lobby, as well as a move-in coordinator and personal assistant service.
  • The Victor. Situated atop North Station T, The Victor offers a wide range of amenities, from an 1,800-square-foot strength and cardio club to a 5,300-square-foot outdoor terrace. A private rooftop lounge is available for residents on the penthouse club levels. You’ll also find an indoor sports court complete with basketball hoop and space for group exercise classes, a business center with computers, and a conference center with multimedia equipment.
  • The Kensington. If you value professional services, The Kensington has you covered. The building offers residents not only a 24-hour concierge and doorman service but dry cleaning and laundry service, package service, grocery acceptance, dinner reservations, theater tickets, dog walking and grooming, pet sitting, car cleaning and detail services, and 24-hour maintenance. Other amenities include a fitness center, sun deck with pool, pet spa, and private parking garage.

For those who prefer to indulge in amenities such as these without getting locked into a long-term lease or mortgage, temporary apartments offer a way to enjoy upscale buildings. Corporate apartments also allow potential buyers or longer-term renters to get to know various neighborhoods in advance while enjoying amazing perks. Call Furnished Quarters at 800-255-8117 to learn more about your options for furnished apartments in Boston.

Radian Fitness Center | Boston Rental Apartments

Moving to Boston: Things to Consider

There’s no doubt that Boston is a hotspot when it comes to desirable places to live. As one of the most economically powerful cities in the country and the world, Boston’s $363 billion economy is the sixth largest economy in the United States and the 12th largest globally.

That gives Boston an edge when it comes to everything from culture, cuisine, and education. It also means home prices for both renters and buyers are among the most expensive in the nation. According to Jumpshell, Boston’s rental market is among the five least affordable in the U.S., requiring 44% of the monthly average wage for rent.

It can be even more challenging to buy a home in Boston due to both cost and low inventory in some popular areas of the city like the South End. According to Bankrate.com, the median home price in Boston metro is $367,700, which might buy either a one-bedroom condo in the city or a 300-foot studio in particularly coveted neighborhoods like Back Bay. While there’s a wide range of prices for new homes in surrounding areas—many far pricier than the median—tight supply along with rising prices can complicate house hunting in Boston.

High Demand, Short Supply

David Bates, an agent with William Raveis who has 18 years of experience in Boston’s real estate market, notes that those relocating to Boston should keep in mind that the city has a shortage of quality homes available. “Solid demand and marginal supply mean that the price of sales and rentals are pretty high compared to other areas,” said Bates. “Back in the days when there was no Internet, most home seekers would experience serious sticker shock upon seeing what it would cost to live in the Boston home they wanted.”

Bates added that competition is fierce for the limited number of Boston-based properties. Those hoping to call Boston home should be prepared to jostle for position among multiple offers and bidding wars for top apartments and condos. A survey of sales that Bates conducted revealed that in several of the city’s best condo markets, more than half of sales sold above asking price—some significantly above it. In fact, in 2014, more than 100 Boston condos sold for at least $100,000 more than asking.

“Because the good apartments can move so quickly, anyone relocating should be ready to make their application out fast,” said Bates. “If you see an apartment you like, run—don’t walk—to fill out the application.”

A Foot in the Door

Because of these challenges, many considering moving to Boston choose to begin with temporary furnished housing. The search for a permanent residence can often take longer than expected in this area of the country. Having a place to call home during your house hunt that’s conveniently located in the area that you plan to settle down in can ease stress both before and during moves. With Boston short term apartments in areas like Back Bay and Boylston Street, you will ease your way into feeling like a local before settling on more long term housing.

A furnished short-term rental in Boston can provide those relocating to the area with full amenities and all of the comforts of home without the hassles of either a hotel stay or moving before you’re really ready. To learn more about temporary furnished housing options in Boston, call 800-255-8117 or visit Furnished Quarters’ contact page.

The New Face of Boston Apartments

Boston apartments are becoming increasingly exclusive. Back in the spring, The Boston Globe reported that the prices of Boston luxury condos were soaring. The average price to live in downtown Boston—as well as other hotspots like the Back Bay, the South End, and Beacon Hill—had surged to nearly $1 million. This hefty price tag was the result of a more than 17 percent jump in condo sales during the first quarter of 2014.

The report noted that luxury apartments were “flying off the market,” selling in an average of 20 days. This figure was particularly notable since luxury units have traditionally been the slowest sellers—they sold in an average of 167 days during the same months of 2013.

New Records

Fast forward to this fall, and real estate experts are continuing to comment on Boston’s record-breaking luxury real estate market. In fact, Curbed Boston recently identified “lots of new luxury apartments” as one of five trends that are currently dominating Boston real estate.

Debra Taylor Blair, president of LINK, Inc., noted in the Globe that Boston has undergone a “major transformation,” and is now approaching “more of a New York City lifestyle.” Part of creating that lifestyle means providing the continuing influx of transplants to the city with ultra-high-end housing that costs well into the millions. This change has caused Boston’s housing landscape to shift toward a luxury format as the norm rather than the exception in 2014.

Off-the-Charts Sales

The most recent Cutter Report, which identifies Boston real estate trends, states the numbers for high-end condo sales are still “off the charts” and show no signs of losing steam in the near future. What’s more, it’s not just that we’re seeing an increase in transactions—it’s that units are selling at higher values than ever before as well.

The report emphasizes that for million-dollar condos, the average price per square foot topped $1,000 year-to-date. That’s a 7 percent hike over 2013 for these Boston apartments—and a 19 percent raise since five years ago. Resales at the Ritz-Carlton towers continue to lead the pack in the high-end space, with the average gross price now surpassing $2 million.

A Higher Skyline

And the buyers are out there for those high-priced properties. Scott Van Voorhis reported on Boston.com just in August that a condo at Boston’s Four Seasons sold for a whopping $10.5 million—nearly $3,000 per square foot. Van Voorhis noted that this was thought to be the “highest amount paid to date, on a per-square-foot basis.”

Van Voorhis predicts that this upward pricing pressure on Boston’s luxury real estate market is just getting started. He notes that luxury towers are getting both taller and more expensive. Right now the city’s tallest towers are around 40 stories high. But new projects including the $700 million Christian Science tower in the Back Bay and the Millennium Tower in Downtown Crossing will stretch nearly 60 stories, raising the city’s skyline. These coveted buildings may fetch a previously unheard of $4,000 to $5,000 per square foot.

A Million Isn’t What It Used to Be

While a cool million bucks used to be plenty to seal a deal in the luxury market, Van Voorhis noted in another recent post that $1 million no longer guarantees a dream pad in Boston. Home buyers today must be prepared to go toe-to-toe with both deep-pocketed foreign investors (the luxury real estate market tends to draw Euro buyers by the dozens) and people prepared to plunk down full cash payments.

Curbed reports that it’s not uncommon for Boston buyers to show up at open houses with plastic garbage bags stuffed with cash to gain an edge on hot properties. It’s often no longer enough to compete with 20 percent, or even 30 percent, down since determined bidders may offer as much as 50 percent down to curry favor with sellers.

Foot in the Door

While the prices needed to break in to the luxury market are beyond the budget of many would-be buyers, these trends affect the rest of the market as well. For buyers determined to face these challenges, temporary furnished housing can offer a viable short-term solution. With property searches taking considerably longer than they used to, corporate apartments in and around Boston can help guests bide time in comfort during their house hunt.

Need Temporary Housing in Boston?

Furnished Quarters is a temporary housing provider with a wide range of furnished rentals and corporate housing and temporary housing in Boston.  To learn more about how Furnished Quarters can help with your Boston real estate search, call 800-255-8117.

What You Need to Know About Renting an Apartment in Boston

At the start of the year, Boston.com ran a story called “Why Boston Rents Won’t Ever Go Down.” The premise was that even though Boston already can claim its spot alongside San Francisco, New York, and Los Angeles as one of the priciest locations in the U.S. to rent an apartment, the Boston rental market won’t be falling anytime soon due to an ongoing apartment and condo crunch.

With half of 2014 now behind us, recent reports suggest that the January prediction is now coming true. Despite the fact that construction continues throughout the Boston area with an increasing number apartment towers and luxury condos springing up, rents still aren’t going down.

Part of the reason for this — as Boston Real Estate Now reported earlier this month — is that the housing boom forecast by former Mayor Thomas M. Merino is not on track to meet the goal of 30,000 new housing units by 2020. In fact, Boston is expected to start construction on 3,200 new residential units this year—a large number to be sure, but not as high as the initial numbers suggested. Plus, many of those new buildings are deluxe condos and other luxury rentals, which prices out many would-be renters who require more affordable options.

Adding to the challenge is the fact that while many prospective renters have traditionally relied on online search tools like Apartmentguide.com and Forrent.com to help locate rental properties, fewer buildings are advertising rentals on these sites as the Boston rental market has gotten tighter. “The majority of our luxury rental buildings are not included on these sites,” says Marcy Frankel, a relocation consultant for William Raveis Real Estate. “Often units listed are outdated and used as ‘bait and switch’ ads. The only way to find them is to Google around until one discovers that they exist.”

Changing Trends in the Boston Rental Market?

Yet Frankel and other industry insiders suggest an end may be in sight to these trends. “One might think that the huge increase in these luxury units throughout the city would reduce rents by sheer competition, but that has not come to fruition,” says Frankel. “Yet from my many years of rental experience, I know that if you can wait out the market, you will see reductions as the summer market passes and the fall is upon us.”

John V. Donovan,director of leasing and marketing at The Devonshire, predicts that market trends will more fully reveal themselves over the next two years. “At some point, the real estate developers will see that continuing to build rental housing geared at the $100K-plus salary range prospective residents will fall flat,” says Donovan. “If a developer decided to build moderately priced apartments, they would rent before construction is completed.” He adds that the rental structure at the Devonshire has always been priced just below its competitors, providing the edge they need to maintain high occupancy levels.

Temporary Furnished Rentals Are a Solution

Many in the housing industry point to temporary furnished rentals as a more cost-effective way to get situated for those relocating to the Boston area. According to Frankel, “this affords one the opportunity to bide one’s time for the fall rental market and it’s somewhat reduced pricing.” Additionally, an advantage to staying in a furnished short term rental is that it gives guests a chance to get the lay of the land before they commit to longer-term housing.

“Many people relocating for work are reimbursed by their employer for 30 days, 60 days, or sometimes longer depending on their position in their new company,” explains Donovan. “Many of these companies realize the difficulty of either finding suitable rental housing or purchasing a home in the Boston metro area and want their new employees to have an easier transition. Renting temporary furnished apartments provides the perfect solution. Relocation clients can literally walk in with their suitcases and be in a beautifully furnished and fully equipped temporary home.”

Donovan notes that as Boston has seen job growth across many industries including healthcare, biotech, and technology, demand has risen for furnished short term rentals. “I believe that they provide a cost-effective alternative to hotel stays,” says Donovan. “Of course the huge academic community in Boston, and their faculty and student body, also are major drivers in demand. These same factors have also driven the traditional rental market.”

Frankel agrees that prospective renters are now exploring furnished short- or long-term housing options in increasing numbers. “This circumstance affords the luxury of living in a fully furnished unit in one of the luxury buildings one may be contemplating,” says Frankel. “A potential renter is now armed with the experience of making an educated decision whether this particular building or location is the right choice.”

Are You Looking For a Short Term Boston Apartment Rental?

Furnished Quarters can help. We have numerous furnished short term rentals in Boston that are loaded with amenities to make your stay as comfortable as possible. Call us today at 800-255-8117 or visit our contact page.

Choosing Short-Term Rentals in Boston: Hot Spots 2014

Looking for Boston furnished apartments, short-term rentals in Boston, or a corporate apartment? There are a few top neighborhoods to keep on your radar screen.

With nearly all job sectors continuing to add to positions, ongoing widespread construction continues throughout the Boston metro to meet the growing demand for apartments in 2014. Close to 4,000 new apartment rentals will be made available in Boston’s core this year—at levels “near the pre-recession peak,” according to research from Marcus & Millichap.

This year’s hot spots center on the urban core submarkets of Boston’s Financial District and Cambridge, which are slated to roll out the majority of the new units. Boston’s waterfront—known as the Seaport District—is also seeing rising demand for housing as companies continue to relocate thousands of employees to the region. Boston’s desirable Back Bay neighborhood also makes the A-list for one of the best locations to visit (and to live).

If you’re looking for short-term rentals in Boston, here are some quick tips for travelers to these in-demand locations, including suggestions on where to stay:

Short-term rentals in Boston’s Financial District

The metropolitan submarket that encompasses both the Financial District and Seaport District—all the way to North End in downtown Boston—is ripe with housing development. Visitors to the area can enjoy convenient access to Chinatown, Boston Common, and Boston Harbor, as well as world-class shopping, restaurants, and historic sites like Faneuil Hall. Stay at the Devonshire at the center of the Financial District for unbeatable views of the city skyline.

Corporate Housing in Seaport District

Corporate apartments are in high demand in Boston’s Seaport District, with local businesses expected to relocate more than 6,000 employees over the next few years to the waterfront area alone. For an enviable location right on the Boston waterfront, stay at Park Lane Seaport, which features floor to ceiling windows with panoramic views of Boston Harbor and the city skyline.

Back Bay Housing

Another hot spot with plenty of furnished apartments in the downtown vicinity is Back Bay. Just a few miles from city center and home to the Boston Public Library and Public Garden, Back Bay allows convenient access to the bustle of Newbury Street, which is brimming with shops and cafes. For one of the best stays in Back Bay, try the luxury apartment complex Avalon at the Prudential, which features spectacular views and private terraces in select apartments to enjoy this enticing neighborhood.

Cambridge Furnished Apartments

In Greater Boston, Cambridge is at the “center of a real estate boom” according to the The New York Times. This is largely due to the explosive growth of the pharmaceutical and biotechnology industries in the area. In fact, according to the City of Cambridge, while the life sciences have been an important focus of Cambridge’s economy for over a decade, the past year has seen exceptional growth.

For visitors to this historic yet dynamic region, no destination blends “quaint” with “cultural” like Cambridge does. Just 10 minutes from downtown Boston, this college town (home to Harvard and MIT) hums with activity, from unique shops and cafes to museums and entertainment venues.

To be in the center of all that is Cambridge, stay in a furnished apartment at the Holmes Building near Harvard Square, located in the heart of the city’s world-famous Central Square. Another appealing building is Third Square, located in Kendall Square—a premier destination to be near the biotech buzz. Here, you’re well-positioned to take advantage of the best of the city’s business and leisure activities during your visit.

What’s Behind the Growth in Boston’s Apartment Market?

The year 2013 saw historic growth in Boston’s apartment market through the fourth quarter that has continued into 2014. What’s driving this impressive growth?

Employment, construction, vacancy, and rent factors have all led to strong apartment operations throughout the Boston metro area. So has a booming tech market. Here are some highlights:

Employment

A market report by Marcus & Millichap noted that total annual employment growth for the metro area ticked up a whole percentage point, with more than 24,000 workers added to staffs. Though this figure is down slightly from 2012’s 1.6 percent expansion, the report emphasized that Boston-based job gains in 2013 were “broad-based”—nearly every sector expanded with new positions.

Hiring was particularly robust in technology (see below), professional and business services, finance, healthcare, and education. These trends are ushering in a large contingent of relocated employees, boosting demand in 2014 for apartments throughout Boston and neighboring areas. As a result, the city is experiencing a wave of upgrades to many historic buildings, as well as urban infill development.

Construction

Last year’s development of approximately 4,200 units in Boston was unprecedented, blowing away 2012’s number of 3,600 new apartments. Now in 2014, most of these units (over 3,800) are coming online at market rate, with seniors housing and other affordable housing accounting for the balance. Scheduled deliveries in 2014 are “near the pre-recession peak,” according to Marcus & Millichap.

Boston’s Seaport District is among the areas experiencing rapid growth in new construction. Separate research by Marcus & Millichap reported that thousands of employees have been relocated to the area over the past few years, resulting in a “thriving urban hub” for thousands of new households.

Vacancy

Despite all the new construction, vacancies in Boston were at historic lows in 2013, and that trend is expected to continue in 2014. Boston Real Estate Now noted at the end of January that listings were already down around 30 percent lower than last year.

Rent

Low vacancies in Boston again this year mean ever-increasing rents. Marcus & Millichap reported that the average rent now hovers around $1,700 per month—a 3.4 percent bump over 2013. Some industry insiders speculate that rents may have peaked. Ford Realty pointed out in a recent article that with 9,800 new apartments scheduled for Boston over the next few years, including 1,600 this year, rents might actually start to inch downward.

But others predict that rents won’t drop any time soon. The Boston Globe reported in January that Greater Boston would need around 435,000 new units by 2040 to accommodate the increasing demand for apartments and other homes. To put that number in perspective, that’s enough units to house Boston’s entire population. Boston Real Estate Now speculates that it will be difficult to construct enough new residences quickly enough to keep rents from escalating.

Tech

The Boston Herald recently reported that the city’s tech industry is expected to experience another surge in 2014, with several key startups committing to the area. This affects the apartment market by stimulating growth as well as rising prices. New research from Trulia showed housing prices are more than 80 percent higher in tech hubs like Boston than other metro areas. According to The Boston Globe, “The startup scene in Boston grew a lot in 2013, and it’s going to have an even bigger year in 2014.”

Boston Sees Boom in New Apartment Buildings for 2014

Last spring, the City of Boston announced “Housing Boston 2020,” an ambitious initiative to add as many as 30,000 new housing units to the metro area in the next six years.

As he unveiled the plan back in March, Mayor Thomas Menino stated, “We can literally see the fast speed at which our housing market is growing. New units are springing up across our city, bringing new residents and new vitality to our neighborhoods.”

The Mayor added that the housing supply in Boston has rocketed faster than at any other time over the past five decades, with the creation of 20,000 housing units between 2000 and 2010. This growth is needed to keep pace with the city’s escalating population, which topped 600,000 in 2010 for the first time since the seventies.

Entering 2014, we can already see dramatic evidence of the initiative’s efforts. It seems everywhere you look construction is in progress or new apartment buildings have just been raised. According to the Boston Business Journal (BBJ), ribbons were scheduled to be cut on at least nine major new real estate developments in Boston in 2013, with many more on the horizon for 2014.

New Developments Include Furnished Apartments

The website for Downtown Boston lists a wide range of in-progress development projects with estimated completion dates in 2014, including both renovations and new creations. Corporate apartments and other temporary furnished apartments are in the mix, offering renters more choices to “fill unique housing needs” through short-term rentals, as reported by NY1. Furnished apartments also offer resident guests a more economical alternative to pricey hotel stays, with Boston among the top four cities seeing the highest hotel hikes nationwide, according to USA Today.

The new development is spread throughout key areas of Boston, from the Seaport District to the Back Bay and beyond. The BBJ noted Boston’s real estate boom includes “a Downtown Crossing renaissance,” as buildings with hundreds of units spring up east of Boston Common and west of the Financial District. Among the construction projects is a 58-story residential tower that in 2014 will become the third-tallest building in Boston’s skyline.

Raleigh Werner, co-founder at Jumpshell, predicted on BostonInno that 2014 will see Boston “continue to be one of the most vibrant apartment rental markets in the United States.” Jumpshell expects the year ahead to see an occupancy rate of nearly 97 percent, with demand for rental apartments continuing to increase.