The 26-story, 240-unit Radian apartment tower at the blurry nexus of Chinatown, the Leather District and the Financial District opened for business in February. Much was made of its pricey rents, including studios starting at around $3,000 a month and 3-BRs going for nearly $8K. To be fair, compared with other recent luxury arrivals in Boston, the rents aren't that pricey. Still, these hefty tags appear to have had quite the deleterious effect on leasing at the Radian.
Just 13—or about 5 percent—of the tower's units have been leased in the last two-plus months. This in a frenetic Boston rental market with low supply and perennially high demand. To jumpstart this sluggish leasing pace, Paul Restuccia of the Herald reports that the Radian is now offering a free month for tenants signing 12-month leases, becoming the latest Boston complex to toss out tenant sweeteners. Moreover, those inking two-year deals will be able to lock in their rents for the full 24 months. Stay tuned to see if this does the trick.
· Radian Tries to Make Its Mark in Luxury Market [Herald]
· Where Chinatown Meets Two Districts—Or Does It? [Curbed Boston]
· Peruse the New Radian Boston, Where Studios Go for $3K [Curbed Boston]
· Radian Boston's $3,000 Studios Up for Grabs Next Week [Curbed Boston]
· The Market Loves Avalon Exeter and Its $10K Apartments [Curbed Boston]
· Downtown Boston's Hottest New Complex Offering Free Rent [Curbed Boston]