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.