The real estate market continues to heat up nationwide. But Boston is among a handful of cities where interest rates are low, rents are sky high, confidence is up, and inventory is exceptionally scarce.
Boston Magazine referred to Beantown’s market as “suddenly red-hot,” noting that Boston’s housing market (like those in New York and San Francisco) took less of a hit than in other parts of the country. Now with rents on the rise (up 6.4 percent in the last year alone), many are hoping to become homeowners instead of renters.
But it’s not that simple. There’s not enough inventory to go around for all interested buyers, a situation which is made even more competitive by the flurry of developers who are looking to make a quick profit through flips or rentals.
Boston.com just released an article showing home sales are continuing to accelerate in Greater Boston. In fact, a new Zillow survey reported that homes in the fall of 2013 stayed on the market for only 77 days—moving 7 percent faster than last year. What’s more, experts don’t expect improvement any time soon in the shortage of properties for sale in the Boston area. Construction of new homes and condos alike is failing to keep pace with the escalating demand in and around the city.
Furnished Apartments Offer an Affordable Solution
What’s a prospective Boston homebuyer to do? In some cases, an interim solution is in order. NY1 recently reported that “furnished apartments can fill unique housing needs,” noting that the hot real estate market has opened the floodgates to short-term rentals as well.
Some might find themselves turning to a temporary furnished apartment if they’re between homes, having sold one property before they’ve been approved to buy the next one. Others in Boston are relying on furnished apartments to help bridge the gap between being ready to buy and being able to land their dream home amidst the housing market acceleration.
NY1’s Monica Brown explained that monthly rentals offer several advantages to soon-to-be homebuyers. They provide a short-term stay opportunity without the commitment of signing a long-term lease, or the expense of a hefty broker’s fee. Short-term rentals also allow much more flexibility than other housing options. Guests can tailor their stay for a month, a half-year, or longer depending on their individual needs and how quickly their own home becomes available.