Apartment Hunting...

palindrome

palindrome

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Hey guys,

I am looking for an apartment. I work at BC so i was thinking a studio/1br in Allston/Brighton/Brookline. My budget is 800-1050. I know its low, but I just graduated/started working so i am trying to budget accordingly.

I read an article in the Herald the other day (see below), which basically said that there is an abundant supply of apartments, but landlords are not lowering rents.

What i am asking here is:
1. What other area's would you recommend in/around Boston that has decent public transportation to BC?
2. Is it worth holding out till say November to see if rent prices drop any further?

I was figuring on waiting till October and pick at the left over apartments from college students and hopefully prices will have dropped.


Thanks for the help guys! Always appreciated!

It?s the lease they can?t do
Boston faces rental glut
By Jerry Kronenberg | Tuesday, August 18, 2009 | http://www.bostonherald.com | Real Estate
Photo
Photo by Nancy Lane

Four of five units at the trendy Beacon Hill apartment building that Robert Matson manages are currently up for rent - an almost unheard of vacancy rate.

?Young people are unsure about their futures, so we?re seeing lots of vacancies in neighborhoods where college students and those just out of school are living,? Matson said. ?They?re moving back with their parents, doubling up with roommates or moving out of state and finding job opportunities elsewhere.?

Experts say Boston is facing its worst apartment glut in years just when its key May-to-August apartment-hunting season should be peaking. Rental units are historically hard to find in August as incoming students move in, while recent graduates land their first post-college apartments.

But things are different this year.

Boston had 1,044 rentals listed on the MLS Property Information Network as of yesterday - nearly twice the 535 listed at the same time last year.

Vacancies are particularly soaring in areas popular with college students and young professionals. For instance, MLS currently lists 142 Back Bay rentals, vs. just 49 units available a year earlier.

Experts add that the glut is even worse than those figures indicate, as not all landlords list their apartments on MLS.

?The recession is finally starting to impact Boston landlords,? said Beacon Hill real estate broker John Ford.

Ford and others partly attribute the glut to increased dorm space at Hub colleges, coupled with a slew of condos put up for rent because the units are unsellable in the current market. But mostly, experts blame today?s crummy economy.

?Our largest rental group - 18- to 24-year-olds - all appear to be living with the same roommates this year: mom and dad,? Ford said. ?Either young people can?t find a (post-college) job that lets them move out of the house, or they?re still in school but living at home because their parents can?t afford apartments or dorm rooms.?

Broker Matt Bless had 511 Allston, Brighton and Brookline listings available for Sept. 1 occupancy this year, up from 346 a year ago.

?It?s taken awhile, but I think the effects of job losses and fewer new hires has begun to filter down to the level of rental applications,? he said.

Bless said landlords haven?t had to slash prices so far, although some have trimmed rents by $100 or so per month.

But West Roxbury broker Kevin Monahan said there?s a big disconnect between what landlords want to charge and tenants want to pay.

Monahan has three clients looking to rent places for $800 to $1,000 a month, but can?t find them anything for less than $1,200.

?Homeowners see the news every day that the real estate market has crashed,? Monahan said. ?Landlords haven?t seemed to grasp that fact yet.?
Article URL: http://www.bostonherald.com/business/real_estate/view.bg?articleid=1191722
Click to expand...

p.s. sorry this thread is all over the place and in no logical order. Its 9:40 and i've only had 1 cup of coffee so far.
 
If you're willing to live with housemates, then your range would be more reasonable for Allston/Brighton - but you never know. It could potentially be out there right now.

In Brookline you also need to rent parking, though, so keep that in mind (at least +100/month).

One thing to consider is that BC runs shuttles between its Newton campus and its Chestnut Hill main campus, and there could be some less expensive 1br or studio rentals along Centre Street in Newton. Those tend to be less expensive because they're further from transit (proabably 1.5 miles to the D line and the same distance to the downtown express bus at Newton Corner).
 
Was planning too, but then i got a job offer here first. With the way the economy is i am just playing it safe. I still plan on it though. I am just delaying it at least a year. This way, I'll at least be able to save up a good 3 months living expenses so i can find work when i do go and not have to worry about not paying rent/student loads etc...


Shepard, I didn't even think of newton. Thanks for the suggestion. There seems to be more full houses (3+bd )for rent, but i did find (so far) a few 1 bd. I in particular looks really nice and in my budget ($1050.) Thanks again!
 
I don't have any advice to add for the Boston area, but look forward to you sharing you finds.

I would love to live in Boston someday. I make $28K and pay $850 for a 1br in Portland and if I could keep the same budget in another city, without living in a horrible area, I would start saving up for a move.
 
Corey, that bird has flown and isn't coming back, I'm afraid. You'd end up in Medford or Malden or Quincy or West Roxbury or Roslindale or Hyde park, in MA, I think, if you wanted anything larger than a 500-square foot studio.
 
Call me today, I'm standing by to take your apartment order! Have a great dilli-icious day!

agent.jpg
 
For that little rent, don't expect much more than a studio. If the layout is nice enough less than 500SF won't seem terribly small. Some of my one bedroom units are only around 650SF, and other than limited closet space, no one ever really has had complaints.
 
I love the honestly of craigslist rental photos. If you want to see how your new space will look with your dirty clothes and discarded papers thrown all over your junky furniture, look no further!

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I am thinking you should shar space in BAY VILLAGE with others until you make themoney. (You could be stay with us but MOM will have a CAT so BAY VILLAGE is BETTER!!!)
 
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