Photo: Buzzuto Group.
Another day and another apartment building goes up in Boston. With 6,000 apartments in the pipelines, there will be a steady stream of apartments entering the housing market in the next few years.
While this is great news for Boston's tight housing market, some brokers are skeptical about the demand for luxury apartments. "We're not New York," said John Ford of Ford Realty in Beacon Hill. He argues that more high end apartments with the high price tags is not what the city needs. Take for example the Kensington apartment complex that borders Downtown Boston and Chinatown. For a 550-square-foot one bedroom, expect to pay $2,910 a month in rent. Prices can even go up to as much as $11,000 a month for other apartments in the building. The building amenities include 24/7 concierge service, fitness center, and rooftop pool.
On the other hand, the Bozzuto Group, which oversees leasing for the Kensington is optimistic about the market demand for luxury units. They believe the target market will be young professionals looking for maintenance-free living and ex-suburbanites who want city living without a mortgage. —Brenda Phan
· Kensington Raising Stakes and Prices in Chinatown [Boston Business Journal]
· As Boston Rents Shoot Through New Roofs, Will Tenants Win? [Curbed Boston]
· Our Kensington Construction Coverage [Curbed Boston]?