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Boston Apartments Are Expensive

 


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Boston apartments are often reported to be the most expensive in America, even more than N. Y. & S. F. Prices keep soaring every year. The Back Bay has some of Boston's highest rents. A 1-bedroom apartment in the Back Bay will probably cost around $2,000, and it will probably be old, and have no modern amenities such as a washer/dryer in the unit. I've seen dark, old, outdated basement apartments in the Back Bay for $2000. Two bedroom apartments in the Back Bay are usually around $2800, for something half way decent. Prices for Beacon Hill apartments & South End apartments are roughly the same as the Back Bay.

I recently had a client looking for an apartment up to around $25,000 per month. It's amazing how many units are out there in the range. Currently, there is a penthouse unit at the brand new Mandarin Oriental being offered at $25,000/mo. Also, there is an apartment on historic Commonwealth Ave for $35,0000/mo. On top of apartments in the city being so expensive, tenants usually have to pay a broker fee equal to one month's rent to the real estate agent renting them the apartment. Apartments in the full-service luxury buildings normally start around $2,000, and can go up to as high as $30,0000.

Besides being an extremely beautiful & wonderful city to live in - Boston has some of the best schools & hospitals on the planet, which contributes to extremely high prices. Rentals outside of Boston are extremely high as well. I hardly ever see 1 bedroom apartments under $1000. Its amazing, considering I lived in Pacific Beach San Diego 3 years ago and paid $1400 for a modern 2-bedroom apartment right near the beach. In Boston, $1400 would be the starting price for most tiny studios. Apartments in Boston are increasing price every year. In the last few years, there have been multiple new construction luxury apartment buildings, including the Archstone Boston Common, Park Lane Seaport, The Trilogy, & The Watermark. All of these buildings filled up quickly, even with all the competition - and the prices keep rising.

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