Glut Of Empty Boston Apartments Means Good Deals For Renters
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“It’s unlike any market we’ve seen before,” said Demetrios Salpoglou of Boston Pads, a real estate company that tracks vacancies across Boston. His data shows that back in the fall of 2019 Boston had about 1,200 apartments available. Right now there are about 5,500, which is great news for renters.
“The biggest price reductions we see are in move-in rates,” explained Salpoglou.
In Boston, the average rent for a two-bedroom apartment is about $2,500. A year ago, that would have required the first month’s rent, last month’s rent, a full month for a security deposit, and the broker’s fee. That’s $10,000 just to move in.