Re: Waterside Place
It's in the renders, although it looks fairly different it different images, so who knows.
It's in the renders, although it looks fairly different it different images, so who knows.
THE WALL
Keeping out those Southie Wildlings.
Oct 21, 2013, 1:55pm EDT Updated: Oct 22, 2013, 8:16am EDT
Apartment rates plummet in Boston's Seaport as new supply hits the market
Competition from new apartments in the Seaport District like Waterside Place are keeping a lid on rents.
Thomas Grillo
Real Estate Editor-
Boston Business Journal
Apartment rents in Boston’s Seaport District fell by nearly 9 percent in the third quarter as competition from a pair of new towers is putting downward pressure on prices, according to a new report from CoStar Group.
Researchers say the dip in rents stems from leasing that is underway for nearly 450 apartments in two Seaport apartment buildings, including the Drew Co.’s 236-unit Waterside Place and 315 on A, another Seaport property featuring 202 units being built by Gerding Edlen.
“The threat of the newer buildings coming to the Seaport was enough that landlords wanted to have lower rents there to maintain their tenant base,” said Mark Hickey, a real estate economist at CoStar.
After scorching rent hikes in recent years that saw year-over-year increases as high as 12 percent, growth fell to a more modest 1.9 percent in the third quarter, according to CoStar Group. In Seaport, average rents fell to $1,952 in the third quarter, down from $2,136 for the same period in 2012.
In the West End, Beacon Hill, North End and Charlestown — neighborhoods that are grouped together in the report — average rents slipped to $2,133 in the third quarter, down from $2,256 a year ago. Back Bay and South End rents dropped slightly to $2,539 in the third quarter from $2,599 last year. Rents were flat in the Fenway at about $2,113.
“It’s clear that landlords pushed rents as much as they could, but tenants are maxed out and rent growth is now similar to people’s growth in incomes,” Hickey said.
The city’s highest rent levels were in Chinatown and the Financial District, where the average rent was $2,961.
“The high rents there are due to the fact the almost all the buildings in those two submarkets are new — less than 20 years old — and landlords are charging a premium because of it,” Hickey said.
Boston's apartment vacancy rate has remained between 2 percent and 3 percent since 2011, according to CoStar.