But a funny thing happened on the way to the apocalypse.
When the coronavirus shut down the economy in downtown Boston and throughout the country, it was natural to assume that the Boston real estate market would take a hit. Being in quarantine would certainly cause sales and rentals to plummet, and with 20% to 30% unemployment, it’s natural to think prices would fall.
All that was left was to guess how much prices would go down.
And then what happened?
Well as expected, Beacon Hill’s apartment rental inventory is at an all-time high and growing. At the time of this posting, the number of Beacon Hill apartments available for rent is at an all-time high of 210. Usually in mid-June its roughly 60-75 units.
But here’s what I wasn’t expecting in May 2019 the average rental in Beacon Hill was priced at $3,139.00, today the average Beacon Hill apartment is priced at $3,256.00. Yes, the price went up!
Can this be explained?
Now, of course, this can be explained away by the fact that it’s taken longer for more expensive Beacon Hill apartments to rent, thus, more of these units are on MLS increasing the overall average
Beacon Hill apartments and the Bottom Line
My thoughts, I think more and more units will be reducing their Boston Hill apartment asking price and the landlords will more willing to pick up the broker fee as we get closer to September 1st.
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