Boston.com recently featured a story about the rent prices in the Boston market, as the peak of the season just passed on September 1. Michael DiMella, managing partner at Charlesgate Realty, was asked his opinions on the current rents and other aspects of the market. With rents rising almost 7% annually, according to the article, there is an obvious high demand for apartments throughout Boston.
Michael thinks this is starting to change, as he was quoted in the article.
Prices are still increasing, but a lot of new development projects have come online in the past two years and there are more in the pipeline,” Michael DiMella, a managing partner at Charlesgate Realty Group, said. “So that process is starting to slowly absorb the demand, but we have a long way to go overall.”
As new development projects are announced, like Avalon North Station, the demand in the marketplace is absorbed with new luxury units hitting the marketplace. We get the inside scoop from developers and builders to give our clients the most information possible as soon as we have it. Have a question about a project you have heard about? Zap us an email and we will get the answers for you!