Seven out of 10 rental listings currently being marketed will become available in September
(Zillow) --- BOSTON, July 18, 2012 /PRNewswire/ -- Average asking rent climbed by 4 percent in the Boston metro area in the second quarter of 2012, according to RentJuice®, a Zillow® business and provider of lease marketing technology to thousands of real estate property managers and brokers. The cost for space remained stable for the Boston metro's rentals overall at $2.85 per square foot.
Space in Cambridge Gets Cheaper
In the second quarter, neighborhoods in the student-heavy city of Cambridge saw the cost of space tumble. The largest declines in price per square foot were in the Riverside and Cambridgeport neighborhoods, down 11 percent and 10 percent, respectively. East Cambridge also dipped by 5 percent. However, North Cambridge experienced one of the largest jumps in price per square foot: 20 percent over the last quarter.
"A change in the inventory available and a shift in demand are often the reasons why neighborhoods see significant swings in price," said David Vivero, vice president of rentals at Zillow. "RentJuice is helping real estate professionals streamline efforts and gain insight into what's working and what's not so they are best equipped to manage the market's fluctuations."
Availabilities Increase as School Year Starts
RentJuice's data shows landlords, property managers and brokers look to take advantage of the influx of students in September. Seven out of 10 rental listings being marketed now are noted as becoming available come early September.
However, the cost and the type of apartment available vary by neighborhood. Students looking to move to Allston (average asking rent $1,995) should expect to spend a little more than those moving to Brighton (average asking rent $1,958). Those looking for a studio apartment have more to choose from in Allston; 17 percent of listings are for studio apartments, compared with just 7 percent in Brighton. Brighton offers renters significantly more one-bedroom and two-bedroom options, with 60 percent of listings falling into these two categories, compared with 47 percent in Allston.
The Cost to Be Close to the Red Sox
Compared to the first quarter, it's becoming more expensive for Boston residents to move closer to the Fenway-Kenmore neighborhood. There are many new luxury-style developments near Fenway, causing rents to go up. Fenway increased in price per square foot by 9 percent, while Back Bay rose by 7 percent. Kenmore experienced the greatest hike in price for space in all of Boston, a 67 percent increase from the first quarter. Fenway and Kenmore residents both pay an average of $3.51 per square foot, and those who call Back Bay home pay the second highest amount for space among all Bostonians at $4.16 per square foot.
Average Price per Square Foot, Q2
|Average, Greater Boston
RentJuice is an online platform that allows property managers and landlords to instantly share their availabilities with partner companies for free to shorten vacancies and improve communication. It also offers an upgrade that provides agents, brokers and leasing offices a "virtual rental office," available from any browser, iPhone®, iPad® and Android™. To ease the increasingly competitive rental process for renters, RentJuice recently introduced online lease signing and the ability to fill out RentJuice's "Common Application" online once to prepopulate their personal information and quickly complete any real estate office's custom leasing-related form.
For more information about RentJuice and its benefits for real estate professionals and renters, visit www.zillow.com.