To the people that are saying we're building too many luxury buildings right now, I'm calling B.S. The reality is that there is a dire shortage of affordable housing in this city--especially for the middle class--and these "luxury buildings" (i.e. The Kensington, 315 on A, Waterside, Place, Victor, etc.) are very much in line with the types of high density towers that have been built in other cities around the country over the last 10+ years... the main difference is that it costs closer to $1,500/mo and $2,000/mo in those cities than the $2,800+/mo that Bostonians would have to pay to live in them.
Frankly, I thought The Kensington was WAY too aggressive when they opened up asking for $3,000/mo to move in. They eventually had their "1 month+ free rent" and went on to reduce their cheapest units closer to $2,800/mo + deals. I work in real estate and study this market very thoroughly. They should have put their units on the market starting closer to $2,300-$2,500/mo and leasing would have been more brisk.
I've toured Kensington and Waterside Place. They can and should be charging similar rents, and Waterside in particular should've aimed closer to $2,200/mo. That would've had the most noticeable impact on affordability around Boston. I personally think it's a sign of weakness if they start with higher prices and then quietly trickle the rents down like they seem to be doing. Get the building 85% rented with 1-year contracts and then start incrementally raising the rents annually as necessary (if necessary).
