1.1 min readBy Published On: June 13th, 2023Categories: News3 Comments on Rent Bidding Wars are a thing now in Boston

The battle is on!

In addition to finding the perfect apartment, we know that rent prices in Boston are bananas!  Well, now there is a new trend when it comes to apartment seeking in the city, rent bidding wars. Renters willing to pay more than the asking monthly rental price. This is something we’ve seen in home buying but renting? It seems completely outrageous!

The Boston Globe has written a profile on this phenomenon.  So why is this happening? The housing shortage plus many residents who would normally be buying property are holding off due to high-interest rates and turning to renting instead. These two factors combine to create the perfect atmosphere for bidding wars.

According to the article, the median rent for a one-bedroom in Boston is $2030 for a two-bedroom, it’s $2115. So coming up with first, last and broker fee, the cost can be astronomical.  Not to mention another renter willing to go higher – sometimes up to thousands of dollars more per month.  To say finding an apartment in Boston is difficult is an understatement. And since South Boston is one of the most sought-after neighborhoods in the city for renting and buying, it’s even more challenging.

Who what’s the fix? Building more housing.

You can read more about rent bidding wars here. 

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  1. King Yuppie June 16, 2023 at 7:21 am - Reply

    This is fake news. This was made up by the local realtors who wish this was the case. You are doing a disservice by posting this .

  2. Maureen Murphy June 16, 2023 at 9:25 am - Reply

    and this is one of the reasons people are migrating out of Boston. sad

  3. Justyn June 22, 2023 at 5:40 pm - Reply

    I used to live in a 3 family house on P St. My grandparents bought it in 1952 for $5000.00. In the beginning the heat was by the Black Cast Iron Kitchen Stove but years later by forced hot air. I still remember the 3 Coal Bins in the cellar. Our rent at the time was $25.00 a month. It sold at auction in 1993 for $130,000. Today (2023) that same house with all of its updates including the attic etc. are Condo’s each one worth 1 Million+
    How times have changed.

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