Well more than a year ago, we called a luxury glut in Boston's apartment market. Simply put: There were too many higher-end apartments planned or under construction even in a city starved for housing. As many as 2,200 have opened in the city's center this year alone. Something had to give either demand- or rent-wise—and now it has.
The fact that some developments are offering free months and other incentives is not news. What is news is that there is now a general climate of near-panic among brokers and landlords. Ever so gradually the worm has turned: The higher-end market at least appears to favor tenants who can afford it (of which there are many).
The Globe's Tim Logan has a good rundown in today's paper on this new climate: "Agents marketing newer buildings are offering a month or two of free rent, or a break on brokers' fees. Meanwhile, owners of older brownstones in the Back Bay and the South End are cutting rents to compete. The competition is a noticeable shift, real estate brokers said, from the go-go days of the past few years, when it felt as if landlords held all the cards and rents could only go up." What are you seeing out there, dear reader? Let us know in the comments or drop us a note via the always-discreet Curbed Boston Tipline.
· High End Housing Market Cooling Off [Globe]
· Glut, Glut! '14 a Tipping Point for Boston Apt. Development? [Curbed Boston]
· The Biggest Greater Boston Apartment Openings in 2015 [Curbed Boston]
· 'Minimum' Two Months Free Rent at Boston's Kensington [Curbed Boston]
· Even the Good News About Boston's Rental Market Is Upsetting [Curbed Boston]
· Our Rent Check archive [Curbed Boston]