NEMA Boston | 399 Congress St. | Seaport

The people I know paying that much are renting the apartment because they either:

- Just moved the city for a high paying job and are getting settled / trying to find a neighborhood that they like before buying something
- Are doing a gut renovation on a place nearby and need housing for a year
- Own homes elsewhere in the country and spend ~70% of their time here and the rest at their other homes. I remember talking to a neighbor in my building in one of these types of units last winter and how to avoid an impending snowstorm, they were flying to one of their other homes for a "week or whatever". I was almost speechless, but mumbled something lame about, "yeah totally makes sense..."
 
Czervik.Construction said:
The people I know paying that much are renting the apartment because they either:

- Just moved the city for a high paying job and are getting settled / trying to find a neighborhood that they like before buying something
- Are doing a gut renovation on a place nearby and need housing for a year
- Own homes elsewhere in the country and spend ~70% of their time here and the rest at their other homes. I remember talking to a neighbor in my building in one of these types of units last winter and how to avoid an impending snowstorm, they were flying to one of their other homes for a "week or whatever". I was almost speechless, but mumbled something lame about, "yeah totally makes sense..."
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French word

Pied-à-terre -- a place in the city when you live in Dover or Weston and want to not have to go home to the burbs after Symphony and dinner and its snowing

Just Googled it and added Boston

here's one of the hits on the first page of the Google

Charming pied-à-terre in the historic South End of Boston ...
Our charming one bedroom, pied-à-terre is on the parlor floor of a 19th century townhouse in the South End of Boston which is listed in the National Register of ...
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Curbed said:
All of this and the location in one of Boston’s faster-growing neighborhoods will, of course, cost tenants. Available studios range from $2,430 to $3,185 a month; one-bedrooms from $3,260 to $4,450; two-bedrooms from $3,905 to $5,760; and three-bedrooms from $6,560 to $8,910.
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I know we've hashed it out multiple times, but damn... I still find myself asking... if you can afford these rents, why aren't you buying? And who are you?
 
George_Apley said:
I know we've hashed it out multiple times, but damn... I still find myself asking... if you can afford these rents, why aren't you buying? And who are you?
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We’re probably at or near the height of the market so perhaps not a great time to buy. Another thing is that there’s little inventory so people might rent for a year while searching for the right place. Also, mobility. As for who they are ...

www.cbsnews.com

20 hot jobs that pay more than $150k

Check out which fast-growing careers offer six-figure salaries -- and what it takes to get them
www.cbsnews.com www.cbsnews.com
 
George_Apley said:
I know we've hashed it out multiple times, but damn... I still find myself asking... if you can afford these rents, why aren't you buying? And who are you?
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People who work at high-paying boom jobs and who don't know if they're staying here for more than 5 years?
 
$2500 for a studio, $3200 for a 1-br and $4K for a 2-br ain't bad for a brand new full-service building that is a short walk to everything downtown.
 
Czervik.Construction said:
$2500 for a studio, $3200 for a 1-br and $4K for a 2-br ain't bad for a brand new full-service building that is a short walk to everything downtown.
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That was my impression. It's still bonkers expensive, but for new, market-rate construction in Boston in one of the city's hottest neighborhoods, I would expect more tbh.
 
#bancars said:
That was my impression. It's still bonkers expensive, but for new, market-rate construction in Boston in one of the city's hottest neighborhoods, I would expect more tbh.
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bancars -- No its not expensive -- not for the target market of people who work for companies like Vertex -- they can easily afford it

Check out the following report from Brookings on Boston and the handful of other places in the same Top of the Pyramid category*1,2
Note that I do not endorse the conclusions about mucking with what is working -- just the source materials included or referenced in the report

*1
report from Brookings referenced in article in Biznow

Boston, The Bay Area Are Big Tech Job Winners, But Report Finds There Are Too Many Losers
December 10, 2019 Cameron Sperance, Bisnow Boston

The Hub of the Universe has also been a hub for U.S. innovation jobs in the last decade, and a new report says the growth is hurting other cities. Boston is one of five U.S. metro areas — along with San Diego, San Francisco, San Jose and Seattle — that accounted for 90% of all U.S. tech job growth between 2005 and 2017, the Brookings Institution said Monday. These cities have increased their market share on high-tech jobs from 17.6% to 22.8% since 2005. A third of the nation’s top tech jobs are now in only 16 U.S. counties, according to Brookings. While the tech surge has given an economic boost to the five cities, the report stresses how problematic that is for the rest of the country and called for the federal government to act.
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Read more at: https://www.bisnow.com/boston/news/...02168?utm_source=CopyShare&utm_medium=Browser

*2
www.brookings.edu

The case for growth centers: How to spread tech innovation across America

www.brookings.edu www.brookings.edu

REPORT
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The case for growth centers: How to spread tech innovation across America
Robert D. Atkinson, Mark Muro, and Jacob WhitonDecember 9, 2019

The future of America’s economy lies in its high-tech innovation sector, but it is now clear that same sector is widening the nation’s regional divides—a fact that became starkly apparent with the 2016 presidential election.
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Median is finished (with nothing in the way of plantings, sadly) and building appears to be open
2BC69DCF-D3B5-47BC-B140-E247A559D95B.jpeg
 
A lot of companies also rent out of these units as executive housing. I know a few folks that moved into executive positions after being acquired and the problem was the company needed them but they were based in far flung places like Rochester, Memphis, or Indianapolis. The company pays for the unit and hands them the keys... whenever they're up here they stay for a few weeks at a time and live as if they're residents of the area (with family sometimes as well) before bopping back to their homeland.
 
This is my fave faux-iconic modernist bldg in Boston.
You can feel the greatness from here.
 
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