The battle is on!
In addition to finding the perfect apartment, we know that rent prices in Boston are bananas! Well, now there is a new trend when it comes to apartment seeking in the city, rent bidding wars. Renters willing to pay more than the asking monthly rental price. This is something we’ve seen in home buying but renting? It seems completely outrageous!
The Boston Globe has written a profile on this phenomenon. So why is this happening? The housing shortage plus many residents who would normally be buying property are holding off due to high-interest rates and turning to renting instead. These two factors combine to create the perfect atmosphere for bidding wars.
According to the article, the median rent for a one-bedroom in Boston is $2030 for a two-bedroom, it’s $2115. So coming up with first, last and broker fee, the cost can be astronomical. Not to mention another renter willing to go higher – sometimes up to thousands of dollars more per month. To say finding an apartment in Boston is difficult is an understatement. With Dorchester real estate on the rise, it’s making it even more challenging to find an apartment.
So what’s the fix? Building more housing.
You can read more about rent bidding wars here.
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Maureen Dahill is the editor of Caught in Southie and a lifelong resident of South Boston sometimes mistaken for a yuppie. Co-host of Caught Up, storyteller, lover of red wine and binge watching TV series. Mrs. Peter G. Follow her @MaureenCaught.
