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 “Often units listed are outdated and used as ‘bait and switch’ ads.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.

Boston Furnished Rental Apartments – Where to Stay

Whether you have travel on your mind, an upcoming business trip, or a move planned to the Northeast, there are many reasons to get to know Boston and its furnished rental apartment market. As the capital of Massachusetts and the largest city in New England, Boston offers something for corporate travelers and vacationers alike.

Some describe Boston as a city of contradictions: it’s as hip as it is historic, and as charming as it is sophisticated. Some come to explore Boston’s past as one of the oldest cities in the United States and the scene of several key events in the American Revolution. Others come to enjoy the metropolitan offerings of one of the country’s top urban destinations, including world-class dining, shopping, and museums. Boston is also home to more than 100 colleges and universities.

For those looking for temporary furnished housing in the Boston area, it helps to understand Boston’s many neighborhoods. The city is divided into 23 distinct neighborhoods that offer a range of experiences and personalities depending on the reason for your visit.

Financial District

If you’re on a business trip or are just looking for bustle, downtown Boston has what you need. This vibrant financial hub is teeming with boutiques and department stores, restaurants and parks. When your workday is done, you can take in the neighboring Boston Harbor, stroll along the Boston Common, or try out a famous restaurant, such as Cheers.

Back Bay and South End

For a more vintage feel, check out the Back Bay neighborhood, which features a wide range of unique vintage homes, unique shops, and quaint cafés. The South End is Boston’s Landmark District, where you’ll find majestic Victorian homes and picturesque row houses, as well as trendy art boutiques and “Restaurant Row” on Tremont Street.

Beacon Hill

Beacon Hill, adjacent to Boston Common, is considered one of the most desirable historic neighborhoods in Boston. It’s known for its brick sidewalks and narrow, gas-lit streets. The Massachusetts State House is located at the top of the hill.

When it comes to places to stay in Boston, this is the tip of the iceberg. Learn more about Boston’s neighborhoods and available short-term rentals at www.furnishedquarters.com—we have your visit covered.