2021 Real Estate Observations (Boston, Springfield, Cambridge: section 8, apartment, rental market)

[BostonMike7]

Originally Posted by massnative71

Mine went up 11% over the past year, and is projected to increase 12% over the next. Zillow is glamorized voodoo science though, when it comes to that.

Not that I trust Zillow zextimates, or anything it predicts, but it shows mine as 10% gain for 2020 and forecast 11% for 2021.



ANyway, since this is a prediction thread, I think 2021 is going to pan out exactly like 2020. Inventory will be low, prospective buyers will still be WFH and not really affected like those in service/hospitality, and with interest rates still low, houses will just grow in value. I see the vaccine rollout being slow, so I wouldn't be surprised if next fall is exactly like this fall.

I also wouldn't be surprised if my house gains another $50-75K this year in fake voodoo Zillow value.

[yesmaybe]

https://www.redfin.com/MA/Lexington/...1/home/8560467

Flipper special in Lexington... originally put on the market at $2.65M, down to $2.3M. Previous listing does say it needed extensive work, so I would be worried a bit about them just covering up stuff.

Another one of those where the outside of it looks strange.

[BostonBornMassMade]

In 2021 Boston, there are many 2BR renting for $2100 or less in Central Boston. Particularly Beacon Hill, North End, and Chinatown/Downtown Crossing.

See here: https://www.trulia.com/for_rent/42.3...0_price/15_zm/

I'm finding these areas are significantly cheaper than Roxbury Dorchester and Mattapan. With rental affordability being higher in the aforementioned downtown areas on with West Roxbury, Allston, and to a lesser extent Hyde Park and Roslindale.

Quincy is also very affordable to renters.

Good times for renters tough times for buyers.

[id77]

Originally Posted by BostonBornMassMade

In 2021 Boston, there are many 2BR renting for $2100 or less in Central Boston. Particularly Beacon Hill, North End, and Chinatown/Downtown Crossing.

See here: https://www.trulia.com/for_rent/42.3...0_price/15_zm/

I'm finding these areas are significantly cheaper than Roxbury Dorchester and Mattapan. With rental affordability being higher in the aforementioned downtown areas on with West Roxbury, Allston, and to a lesser extent Hyde Park and Roslindale.

Quincy is also very affordable to renters.

Good times for renters tough times for buyers.

Is it common for some rental listings to not include square footage? Feels sketchy to me when a listing doesn't mean square footage but uses ambiguous terms like 'nice sized bedroom' instead.

[BostonBornMassMade]

Originally Posted by id77

Is it common for some rental listings to not include square footage? Feels sketchy to me when a listing doesn't mean square footage but uses ambiguous terms like 'nice sized bedroom' instead.

Relatively common, unfortunately. Usually, 400-700 sq ft down here. If you go through the pictures and description you get a feel as well.

The heart of the Back Bay and central South End have the fewest listings posted for central Boston.

Charlestown has held its value far better than nearby North End

[BostonBornMassMade]

Boston Magazine:
How Low Can Boston Rents Go?

Rents are down most in SF, NYC, Oakland, San Jose, Boston and DC.

Rents are up in Newark Providence and Philadelphia.

The numbers piqued my interest this week after the rental site Zumper released data showing that while rents remained remarkably low (for Boston) compared to this time last year, they hadn’t gotten any lower from November to December for one-bedroom apartments, and had actually gotten a hair more expensive—up by half a percentage point—for two-bedroom apartments. Was this, I wondered, the turning point?

Thankfully, analysts at Zumper assure me that despite the temporary plateau, it’s likely rents will get cheaper before they get more expensive. The real indicator to watch, according to analyst Neil Gerstein, is the city’s “migration rate.” And right now, according to Zumper’s internal data, the city continues to slowly shed renters every month. “The rate at which renters are leaving is still going up,” he says. “Less people coming in, and more and more people leaving, is what we see on our end.”

Other highly expensive cities like New York and San Francisco have seen similar drops in both rents and migration, and no major city has yet been shown to have measurably hit rock bottom just yet.

“The next few months or so I would expect Boston to keep dropping in price,” Gerstein says, with the caveat that a lot could change this summer. “Trends have the potential to completely reverse once the economy’s back online and the vaccine is rolled out and life starts, hopefully, returning to normal for everyone. We could see a huge return to places like Boston and other expensive rental markets and that would have a huge upward pressure on prices later in the year.”

Overall, though, Bull doesn’t expect any abrupt change in prices anytime soon. For one, she says, the city’s rental market is still extremely competitive compared with most other cities. Also, despite the slide in rents, Boston is still one of the most expensive cities in the country. Plus, alternatives to the big city are starting to dry up: Rents in smaller cities near Boston have actually seen rents spike in recent months. According to Zumper’s data, Lynn, Lawrence, and Brockton have seen rents jump by about 20, 15, and 16 percent, respectively.

“I could see [rents] getting a little lower, but not too much lower, because where else are you going to go?” Bull says. “If prices keep escalating on the outskirts of the city, people are going to start looking back inside. We also have a massive housing shortage all through Greater Boston, so this becomes a supply and demand situation. People need somewhere to live, and we don’t have enough housing stock for people to start getting super picky. That’s just the reality of the market we’re in right now. There just isn’t a whole lot of wiggle room.”

The last paragraph tells me there really just isnt any room for population growth in Boston right now. Everything and everyone is maxed out.

[id77]

Originally Posted by BostonBornMassMade

Relatively common, unfortunately. Usually, 400-700 sq ft down here. If you go through the pictures and description you get a feel as well.

The heart of the Back Bay and central South End have the fewest listings posted for central Boston.

Charlestown has held its value far better than nearby North End

Sounds like the same landlords pulling that crap of calling a 1 bedroom a 2 bedroom because the living room has a door on it and can use the coat closet. Saw one of those once.

Not surprised on Back Bay/South End as they're also two of the most competitive and expensive neighborhoods to buy in still. Also not surprised on Charlestown -- it's the new go-to neighborhood for those who can't afford Back Bay/South End.

[BostonBornMassMade]

Originally Posted by id77

Sounds like the same landlords pulling that crap of calling a 1 bedroom a 2 bedroom because the living room has a door on it and can use the coat closet. Saw one of those once.

Not surprised on Back Bay/South End as they're also two of the most competitive and expensive neighborhoods to buy in still. Also not surprised on Charlestown -- it's the new go-to neighborhood for those who can't afford Back Bay/South End.

$1600 for 2 Bedrooms 875sqft in Newton... https://www.trulia.com/p/ma/auburnda...66--2238270406

https://www.trulia.com/p/ma/newton/2...58--2499031248

$1350 for 1 bedroom in Brighton near the Newton border https://www.trulia.com/p/ma/boston/1...35--1001538384

[porterhouse]

Originally Posted by id77

Also not surprised on Charlestown -- it's the new go-to neighborhood for those who can't afford Back Bay/South End.

Nothing new about that

[id77]

Originally Posted by porterhouse

Nothing new about that

Felt like South Boston held that title for a few years about 5 years ago and it was since that Charlestown took its spot.