The cost of renting a place to live in Boston continues to be high when compared to other cities throughout the country. Fortunately, developers are taking some steps to bring affordable rental options to the city while also expanding the choices available to meet the demands of a hot market.
Boston’s Rental Prices Continue to Top the Market
According to recent data, the Boston area remains the fourth most expensive apartment market in the country. With the only cities with more expensive rent being San Francisco, New York and San Jose, the median price for renting a one-bedroom apartment in Boston has remained $2,200 for two months in a row. Similarly, rent for a two-bedroom remains at $2,600. When compared to one year earlier, however, they prices have fallen slightly, with one-bedrooms dropping in price by 3.5 percent and two-bedrooms dropping by 2.6 percent.
Overall, other reports have found that the average apartment rent in Boston as of May 1 was $3,180 per month. According to this data, which was acquired by examining the listings in buildings with at least 50 units, found that Boston was the third most costly place to rent behind only Manhattan and San Francisco. With an average rent of $2,957, Cambridge wasn’t far behind in the number five position. Coming in fourth was San Mateo, California. On the bright side for renters, Cambridge was one of only a few of the 250 cities analyzed that saw its rent fall when comparing year-over-year data. In this case, rent dropped by 1.5 percent when comparing last April to April of this year.
All-Affordable Apartment Complex to Open in January
The Beverly, which will be the first all-affordable apartment complex to open in Boston, is scheduled to open by January 2018. Featuring 239 apartments, 100 percent of the units will be made available for households earning between 30 percent to 165 percent of the median income in Boston. This makes the complex the first all-affordable development to come to Boston in more than 25 years.
Units within the 484,000-square-foot building range from studios to one-, two- and three-bedroom apartments. Amenities include a fitness facility, a 24-hour lobby, an outdoor terrace and two party rooms. Other features will include bicycle storage space, on-site parking and a dog spa. The 14-story building is also designed to reach an LEED Silver certification, while street-level retail will be constructed with the building. Applications for the building will be available in July.
Somerville’s Assembly Row to Get More Residences
While it will not be offering affordable housing options, Somerville’s Assembly Row will soon be getting 500 more residences with 500 more parking spaces to help meet consumer demand. Located right next to the Assembly Square Orange Line and being developed by Federal Realty, the new development will also feature 26,500 square feet of restaurant and retail space on Block 8. According to the plans recently filed with the city, the building will also feature a third-floor courtyard with a pool, a massive parking garage and private patios for some of the residences.