Renters got some rare good news in a recent report that rents actually fell 9 percent in Boston’s two most expensive neighborhoods. But rents continue to creep higher in JP.
The CoStar Group credited new inventory for the easing of rents in the first quarter of 2014, according to a review by Boston Business Journal.
These developments in particular soaked up high-end demand, the report said: The Kensington in Downtown Crossing, AvalonExeter in the Back Bay, The Victor at North Station, 315 on A and Waterside Place in the Seaport District.
But while huge numbers of units are under construction across JP, rental prices are still inching up here, according to one local real estate agent. Prudential Unlimited Realty’s Josh Brett said rent on two-bedrooms continues to creep above $2,000, while one-bedrooms aren’t renting for less than $1,700.
“Yet once the various larger apartment complexes are completed and ready for occupancy I anticipate the rent increases tapering off and leveling out in Jamaica Plain,” Brett wrote in an email. “Since most of the new apartments in JP which are in the process of being created will be higher end apartments I do not anticipate rents decreasing (much, if any.) I do anticipate rents not increasing annually as they have been over the recent years.”
Big rental projects on the horizon in JP include:
- Olmsted Place, a 196-unit complex on the former site of the Home for Little Wanderers on South Huntington
- Serenity, a 195-unit apartment at 105A S. Huntington Ave.
- At the Hughes Oil site near Forest Hills Station, 280 units — most of them apartments — are proposed.
According to data gathered by BostInno, here is a snapshot of rents across the city.