tocoto
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from the same article...
"Hynes, the Boston Global Investors executive, said the flurry of activity will not undermine his plans to start construction this June on another 850-unit complex of apartments in the South Boston Innovation District. If anything, he said, the development of residential buildings such as 315 on A and a tower rising at Pier 4 will only strengthen the area’s appeal"
It is not given that the units won't be rented, no none knows but the early entrants are doing OK
"At the Kensington... incentives include two month’s free rent on a 24-month lease and reduced broker fees...About 61 percent of the building’s units have been leased to date"
With the population of Boston growing, and the availability of apartments very low, I bet that the developers may not get the rents being asked immediately but they will make enough money from the rents they do get to hold out and rent all of their units at relatively high rents within a couple of years.
I wonder if it will drive down rents in existing/older buildings. I doubt it because
"Hynes, the Boston Global Investors executive, said the flurry of activity will not undermine his plans to start construction this June on another 850-unit complex of apartments in the South Boston Innovation District. If anything, he said, the development of residential buildings such as 315 on A and a tower rising at Pier 4 will only strengthen the area’s appeal"
It is not given that the units won't be rented, no none knows but the early entrants are doing OK
"At the Kensington... incentives include two month’s free rent on a 24-month lease and reduced broker fees...About 61 percent of the building’s units have been leased to date"
With the population of Boston growing, and the availability of apartments very low, I bet that the developers may not get the rents being asked immediately but they will make enough money from the rents they do get to hold out and rent all of their units at relatively high rents within a couple of years.
I wonder if it will drive down rents in existing/older buildings. I doubt it because