Category Archives: Rentals

Rent increases in Boston’s suburbs now outpace those in the city, Zillow says

Residential rents in the Boston suburbs are rising faster than rents in the city itself for the first time in four years, reflecting a trend happening across the country, according to a new report from Zillow.

Nationally, the median monthly cost of a suburban rental is up about 2.5 percent year-over-year, while the median cost of an urban rental is up 2.3 percent, the online real estate database company reported. At this time last year, the median urban rental price was up 5 percent year-over-year, while median suburban rental prices were up 3 percent.  [Read more…]

Millennials are changing the housing and retail markets

Millennials are already impacting the consumer market in ways I never imagined. Think about it, if I had approached you 10 years ago discussing the sharing economy and companies like Uber and Lyft, what would have been your response? Well, we are facing a new millennial-fueled shift, challenging traditional knowledge of the housing market.

Since 2005, I’ve watched as American households have increasingly sought rental options, with over 9 million new residents choosing to rent, the largest gain in the rental market since the 1960s. While many thought, it hit its peak during the 2008 financial crisis, it appears the trend will likely continue. Even though the Dow Jones Industrial Average has exceeded 21,000 and joblessness is under 5 percent, the number of rental properties is still increasing. [Read more…]

So… How’s the Market?

The 2012 spring sales market kicked off with a bang and has been going strong all spring! The pent-up demand from buyers searching for a new home or investment, combined with the historic low interest rates (as low as 3.75%), have combined to produce a very strong sellers market here in Boston.

Last year’s spring market was very strong as well with 486 total sales closings taking place between January and the end of May in the neighborhoods of Back Bay, Beacon Hill, South End, Midtown, North End, Waterfront, Fenway, and . However this year during the same period, and in the same neighborhoods, there has been a 19.5% increase which brings the number to 581 condos sold!

The other sales statistics such as number of days on the market, average sale price, and percentage of selling price to listing price has basically remained steady compared to last year. The increases in sales numbers by neighborhood were fairly consistent across the board. The number of condos sold in the Back Bay increased from 131 in the spring of 2011 to 165 this spring. In Beacon Hill the volume increased from 220 up to 237. In the South then the numbers increased from 149 to 184 and in the Fenway sales moved up from 46 to 53. If you would like to check out the details of the sales market comparisons please click on these links for the report.

Sales Jan thru May 2011

Sales Jan thru May 2012

Without a doubt the most alarming price increases have come on the rental market! I am continually shocked each year by the steady increase in rental prices being captured by apartment and investment condominium owners. This year however prices across the board have skyrocketed. Although it has been difficult for owners of some larger units with four or more bedrooms to fill quickly, the rest of the rental market has been leasing incredibly fast! The supply of available apartments for September 1 has been gobbled up quickly by incoming students and medical professionals. Many of the largest universities in Boston have dramatically increased their enrollments but have not yet added additional housing units. Several universities including the Berklee College of Music and Northeastern University, are in the process of constructing new dormitories that should be online in late 2013. Additionally several area hospitals have greatly increased their size by adding new facilities which is also added significantly to the demand for rental housing.

Welcome to the NEW Fenway Properties website!

Hello Friends, Clients, and Neighbors,

So much has been happening recently at Fenway Properties. First of all, we just officially changed our company name to Fenway Properties! We had been operating as Boston Choice Properties since 1998! We felt that since our office is the only full-service real estate office and property management services in the West Fenway, why not brag about what we do in our company name?

While we still service the entire greater Boston and Brookline area, we have found that much of our business is located right near our office at 125 Jersey St. The Fenway, Longwood Medical, and Kenmore neighborhoods are no longer the ugly stepchild of the Back Bay and Brookline! Quite the contrary in fact!. Our neighborhood has blossomed almost overnight into one of the most vibrant, exciting, diverse, and culturally interesting neighborhoods in the city! And the best is yet to come. Over the next several years, the West Fenway/Kenmore neighborhood will have over $4.5 billion (yes, billion) invested in it by public and private sources that will greatly expand the neighborhoods already impressive array of hospitals,

educational institutions, retail, hotels, restaurants, shopping, parks and open spaces! Keep your eyes open it's all going to happen very quickly.

And thank you for visiting our

brand-new website! I hope you like the look and feel of it as we put a lot of work into it over the past six months. Please let us know what you think. Your feedback is greatly appreciated. We are making a concentrated effort to keep the site fresh, up-to-date, easy to navigate, and informative. We hope you visit our site often to stay informed of all the latest news and developments in the neighborhood, as well as to educate yourself by reading our real estate related articles. This blog will focus on the current prices and trends in the sales and rental market as well as any new laws or events that may affect our readers. We look forward on your replies back to our blogs so we can engage in lively conversation and learn what's important to you. Oh yes, please stop into our newly remodeled offices at 125 Jersey St. and say hello neighbor!