In the past 15 years, more than 125 new apartment complexes have been constructed in Massachusetts, and the average rent has been augmented by 90 percent in many of the state’s cities and towns. A high percentage of new buildings contain luxury apartments. Moreover, many old structures in Boston have been converted into new apartment complexes, and at least five percent of the condos in Massachusetts are in historical buildings that still have vintage styles.
The Price of Renting an Apartment
In Massachusetts, the average rent is $1,910, and the monthly cost per square foot is $2.25. In the past seven years, the rent for apartments with one bedroom has been augmented by 23.5 percent. Luxury apartment buildings in the Boston area usually range around $2000-$4000 for 1 bedrooms, $3000-$10,000 for 2 bedrooms.
Two-bedroom condos have an average rent of approximately $1,900. In order to lease a unit with three bedrooms, tenants generally pay $2,250 every month. Suites that have five bedrooms are relatively rare in Massachusetts, and the average cost of these apartments is $4,100 per month.
During the past two years, the median rent in the state has risen by more than 10 percent. Additionally, an analysis indicated that the monthly price of leasing a five-bedroom condo has increased by more than 90 percent since 2012.
The Demand for Condos
Recently, the number of available apartments in suburbs has been slightly reduced. Some experts have speculated that the flood of new residents has decreased the amount of empty suites.
The total amount of condos in the city was boosted in the past year, yet the number of empty apartments has remained fairly stable. Consequently, one expert indicated that many condos are being rented as soon as they become available, and numerous companies that manage new apartment complexes have waiting lists of potential tenants.
Since 1950, the population of Massachusetts has been increasing steadily. In 1990, more than 6 million people lived in the state. Currently, Massachusetts has 6.8 million residents, and some experts believe that its population will exceed 7.5 million residents by 2030. The majority of new inhabitants live in the cities, and as a result, this influx of residents is steadily causing the market values of apartments to increase.
The Values of Apartments in Massachusetts and the Costs of Suites in Other States
The average rent in the United States is $1,231, and the monthly cost of leasing an apartment has increased by $150 in the past year. The price of renting a suite in Massachusetts is substantially higher than the rent in many of the surrounding states.
In New Hampshire, the average rent barely exceeds $1,200, and Rhode Island’s apartment complexes charge $1,333 per month for each suite on average. In Vermont, the median price of leasing an apartment is approximately $1,490, and this figure is slightly greater than the average rent in Connecticut. The median rent for apartments in New York is $2,586; however, this figure has dropped by $185 during the last year. According to a recent analysis, New York and Hawaii are the only states that have a higher, average rent than Massachusetts.
In Boston’s metropolitan area, developers are planning to build structures that will feature 8,000 new suites during the next seven years. Many of the buildings will have decks on the rooftops, parking garages that are enclosed, sizable gyms, yoga rooms and fairly large pools.
In the state, apartment complexes that were constructed or renovated during the last seven years have an average rent of $2,350. An extensive report suggested that this figure will be augmented by at least 15 percent during the next decade.
In most regions of Massachusetts, the average cost of leasing suites that have one bedroom is slightly more than $1,400. If a person wants to rent an apartment in an older building that is on the outskirts of Boston, the monthly price is generally between $1,800 and $2,300. In contrast, the median rent for luxury condos with one bedroom commonly exceeds $3,500 if the apartment complex is near the city center.
The market value for townhouses in the state is more than $375,000. During the last two decades, the worth of these units was lower than the average value of detached homes; however, the median price of townhouses rapidly increased during 2013 and 2014. In Suffolk County and in Middlesex County, the amount of townhouses has dropped, and the most substantial increases in the values of the units occurred in these counties. The number of townhouses has remained stable or increased in all other counties in Massachusetts.
These units are generally positioned in the upper section of a sizable building. The lofts of older structures were not usually designated as residential apartments, and consequently, the units are substantially larger than most condos.
Boston has more lofts than any other city in the state. In spite of this high concentration, the amount of lofts is still relatively low, and as a result, the average rent for lofts usually exceeds $3,800.
Victorian Apartment Complexes
These structures commonly feature a large amount of windows, which are equipped with decorative frames. As a result, the suites receive a substantial amount of sunlight. Moreover, the ceilings of many Victorian buildings are particularly high, and the lofts of most of the buildings are notably larger than those of other structures.
Regions That Have the Most Valuable Apartments
In the eastern section of Massachusetts, the cities with the most expensive apartments are Boston, Quincy, Newtown, Framingham, Woburn, Waltham, Concord and towns in Barnstable County. According to an extensive survey, many of these towns have the most attractions and the best infrastructures in Massachusetts.
The state’s western part contains fewer towns with higher housing prices, and in this region, the towns with the most expensive rent include Stockbridge, Great Barrington, Lenox, West Stockbridge and Sheffield. Furthermore, the cost of leasing apartments is steadily rising in Springfield, which is positioned in the southern section of Massachusetts.
Regions With the Least Expensive Condos
In general, the central part of the state contains cities that have lower housing prices, and some of these are Greenfield, Washington, Hubbardston, Spencer and Winchendon. Easthampton also has relatively inexpensive apartments; however, the average rent in the city has increased by more than five percent in the last year. Certain experts believe that housing prices in Easthampton will rapidly rise during the next seven years.
Searching for Apartments in the State
The experts at Boston City Properties can help you to find apartments that meet or exceed your needs. The company’s real estate agents have detailed information about every neighborhood and each city in Massachusetts, and the business has thousands of listings in every district in Boston. In order to find out more information about the company’s services, you can call 617-247-1933.