BOSTON — Boston rent prices are returning to pre-pandemic levels, pointing to a resurgence in city living in the months ahead.
The rental market in the Boston area is rebounding faster than most major U.S. cities.
The competition is only expected to get more fierce leading up to September when an influx of college students return to the city.
Arthur Deych, owner of Red Tree Real Estate, told Boston 25 News that apartments with summer move-in dates are being snatched up quickly.
“People come to appointments ready with checks in hand,” said Deych. “If you’re looking to rent a studio or one bed or two bed, the competition is going to be very fierce.”
The shift toward virtual apartment hunting is leading to quicker decisions from prospective renters.
Deych said multiple applicants are often competing for the same rental units.
“The most important thing is going to be good credit and job security over the mighty dollar,” explained Deych.
The rare advantage that renters in the Boston area had for the last year seems to be slipping away.
“In the past month, we’ve seen record web traffic unlike we’ve ever seen,” said Demetrios Salpoglou, chief executive with Boston Pads. “There’s an absolute burst of highly qualified candidates looking for apartments.”
The renewed demand and stiff competition means fewer landlords are offering to pay broker’s fees – something many had been covering during the pandemic to fill units.
The fee is usually equivalent to one month’s rent on top of first, last and a security deposit.
“We are still seeing about half of the landlords paying the broker’s fee,” said Salpoglou. “That’s not going to last much longer.”
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