So, without further ado, when is the best time to sign a lease for your Boston apartment? Boston happens to have one of the most expensive residential rental markets in the entire country. At any given time there are actually more people searching for a Boston apartment than units available for rent. The principals of supply and demand come into play here. The combination of high demand and low supply equals a lot of competition for each available apartment. This means that, for most of the year, property owners do not need to offer rental incentives to get their properties rented quickly.
Landlords in most parts of the country need to offer good deals on a year-round basis. Things are done a bit differently here. The good news is that things tend to change a bit in the months following the September 1st rental market. If your main priorities are a good deal in rent and lower upfront costs, then the answer is the late fall and winter months. Why is that? Things have calmed down quite a bit from the September 1st rental market.
Most renters have already moved into their units. When searching for your Boston apartment in the late fall and winter months there are a few things to keep in mind. First and foremost, there is less inventory during this time of year. You may be thinking that this is a bad thing. However, the demand for residential rental units slows down to a halt during the late fall and winter months.
Most people are not looking for their Boston apartment at this time of the year. Although there is a low supply, the lower demand tips the scales in your favor. Landlords may very well be offering better deals during the late fall and winter months.
No property owner wants their unit to remain vacant, so they may also be more amenable to offers for sooner move ins. They need to be flexible in order to attract potential tenants. This is where you can truly benefit. For example, many landlords will reduce the monthly rent. Sometimes the price reductions are significant such as a few hundred dollars per month. CEO Dara Kovel liked how the program pulls together a wide range of properties to give apartment-hunters a broad view of what might be available.
Joshua Littlejohn agrees. The year-old is relocating to Boston from Philadelphia for a new job. Why should I be entertaining the idea of continuing to live with roommates? But just having a comprehensive database would be helpful, he said; every rental website seems to have a different selection.
Either way, Littlejohn is hoping to just find someplace he can afford, and notes his struggle illuminates a bigger problem facing the many renters in this enormously costly market who are less fortunate than him. The Navigator aims to help people figure it out. But will the reheated market last, as the shadow of the pandemic persists? That means that the short period in which renters held the keys in this housing-constrained region is over.
Landlords have ended promotions such as free months of rent as the supply of available units has dropped. Danielle Hare has been looking for a new place in Allston or Brighton since the spring, as she seeks to move from a shared house into an apartment of her own.
Things are getting increasingly competitive out there, she said. The ups and downs have been particularly pronounced in student-heavy areas, which hollowed out last year when many local colleges went remote due to COVID The vacancy rate in Allston, for instance, spiked to more than 14 percent last September, according to data compiled by Boston Pads , which operates several rental brokerage agencies. In Greater Boston at large, the rate was closer to 7.
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