"This past summer, Massachusetts joined New York City in prohibiting apartment landlords from passing on brokers' fees to renters if they have not hired brokers themselves. So far at least, the rental markets in Massachusetts' largest city, Boston, and the surrounding area appear to have experienced little change since the regulation's implementation. Massachusetts' state-wide law went into effect on Aug. 1, about two months after the Big Apple's Fairness in Apartment Rental Expenses (FARE) Act also went into effect."
"In Boston, the average rent on Dec. 3 was $3,393, up just 0.8 percent compared to 90 days ago and 0.6 percent year over year. In the Greater Boston Area, the average rent across all apartment types was $3,214 as of Dec. 3, down nearly 1 percent compared to 90 days ago and about 0.7 percent lower than they were last year. As of Dec. 1, there were 2,064 non-luxury listings in the Greater Boston Area."
"The vacancy rates in Boston and the surrounding region have risen year over year. In the Greater Boston Area, the rate was 1.5 percent, a 33 percent increase. And in the City of Boston, the rate was 1.3 percent, about 29 percent higher compared to the same time last year. Many landlords are cutting prices and offering concessions in light of softening demand."
Massachusetts enacted a statewide ban on landlords passing brokers' fees to renters who did not hire brokers, effective Aug. 1. Boston-area average rents changed little through early December, with Boston at $3,393 (up 0.8% versus 90 days earlier) and Greater Boston at $3,214 (down about 1% versus 90 days earlier). Non-luxury listings rose substantially year over year, and vacancy rates increased to 1.5% in Greater Boston and 1.3% in Boston. Landlords are responding to softer demand by cutting prices and offering concessions amid immigration challenges, research funding cuts, cooling venture capital, and resident departures.
Read at Boston Condos For Sale Ford Realty
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