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Supply & Demand, Boston Apartments Continue To Soar!

It always amazes me to watch TV, listen to the radio or seemingly more importantly the conversation that ensues at social gatherings when it comes to Boston Apartment prices. People seem so shocked and completely mystified when they hear about what prospective tenants are paying for apartments in Boston. I just nod my head and agree that these outrageous prices that renters are paying for downtown Boston apartments is just simply crazy. In the back of my head I’m thinking you all are a little bit crazy, lol. Isn’t this just basic economics? The economy and in this particular discussion rental prices are a direct correlation of simple supply and demand, a pretty basic concept that most people are already aware of.

In the northeast we have a housing shortage which continues to push the median Boston apartment rental price higher and higher. So is the housing shortage contained only to rentals? No it’s actually just as much so for buyers than renters. For Boston residents looking to buy a house or condo it has become not impossible but extremely challenging. Why, because there is also a housing shortage in the amount of properties for sale in the Boston market. Try to find a decent house in a decent town that isn’t either a fixer upper that the owner thinks should fetch the same price as if it was in perfect condition or an owner that still believe or at least wants to believe that their house isn’t worth or ever was worth what they paid for it in 2008. There just simply aren’t a lot of properties for sale on the market that are a decent value. The lack of supply in the housing market is pushing up the prices of the decent properties and also forcing buyers to rent until the supply increases.

If you take the basic premises described above and couple it with the difficulty of getting approved for a mortgage and the lack luster job market it’s no reason the price of Boston Apartments continues to push higher. We have seen this before just with different variables. In the late 1990′s Boston saw similar skyrocketing Boston Apartments prices because the mortgage rates continued to climb making home ownership less than affordable. Boston apartment prices continued to climb until interest rates slowly began to decline and Boston residents started to buy. As people started to buy condos and homes the supply of Boston Rentals increased thus lowering the Boston Rental Prices.

Supply and demand.

 

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