Heat’s a bit off on high apartment prices in Boston

It is no secret that rents for apartments in Boston are expensive, making it difficult for tenants to find affordable places to live.

According to Trulia's latest report released in July, rents in Boston rose 4.1 percent compared to the same time last year. The average monthly rent for a two-bedroom apartment in the Boston area is $2,275 and vacancies still are in the 3 percent range.

But there may be some relief for people looking for a place to live.

"This September rental market has loosened up a bit," said broker Joseph Baglio of Back Bay Residential. "There is more availability and less 'panic' to find a place than there was last year."

According to Multiple Listing Service, last year there were 705 apartments for rent in Boston in August (for a September move-in) compared to 978 on the market this year, a 28 percent increase.

"There has been some softening with a few of the larger buildings paying some of the broker fees to bring in clients such as Garrison Square and Landmark Square," Baglio said. And some of the private landlords, who thought they would be able to push rents again this year, have to roll back prices a little to get the apartments filled."

Frank Carroll, principal of Boston Realty Net said, "This spring was very busy with people securing apartments for September in April, May, June. Many renters, especially in the more affordable studio and one-bedroom apartments, were staying put, trying to avoid moving costs."

Construction of new rental properties in Boston, such as Factory 63, the Kensington and Gatehouse 75, have finally come to fruition this year to create supply and ease potential renters' frustrations. Also contributing to Boston's rental inventory were many individual investors, buying single properties for cash and renting them out, Carroll said.

"We saw a number of cash buyers this spring, looking to purchase property, such as a condo in Boston, either as an investment or for a family member to live in at a later date."

Boston is still seeing some softness in the high-end market.

"A stunning two-bedroom home in Battery Wharf on the Waterfront has stayed on the market since early May with a $9,100 per month price tag," Baglio said.

Carroll said, "More affordable neighborhoods, such as South Boston, where you can get a two-bedroom in the $2,000s, turn much faster; where in the Back Bay, a two-bedroom would be about $4,500 and those higher price rentals move slower."

Some good news to ease the Sept. 1 crunch, Carroll said, is "that both apartment owners and renters want to avoid the September 1st rush and are staggering the leases to an August date, middle of September or even October date."

Even better news is that next year more newly constructed apartments will be complete, helping to ease the tight supply of apartments in Boston.

Jennifer Athas is a licensed real estate broker. Follow her on Twitter @Jenathas.

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