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Real Estate Trends in the Boston Luxury Apartment Market 2017

The luxury apartment market in Boston has been growing steadily in recent years as new developments are completed around the city. Catering to those looking for more than what traditional apartments can offer, luxury living spaces promise lavish experiences in some of the most prominent areas of Boston.

Living Well in the City

What sets a luxury unit apart from other apartments? Browsing the listings reveals distinctive differences catering to modern tastes. Living in a regular apartment building provides comfort and a few conveniences, but there are still many tasks you have to take care of yourself and amenities for which you have to pay additional fees to a third party. The newest luxury buildings feature a combination of attractive construction and tenant perks making them unique from and more desirable than other living arrangements.

In Boston, choosing this type of apartment is likely to mean you’ll live in a high-rise building with a modern look and high profile. Inside, these structures feature spacious apartment layouts with wood or tile flooring, vaulted ceilings, modern light fixtures and even private balconies or terraces. Conveniently located within walking distance of transportation, dining, shopping and entertainment, the city’s luxury apartments cater to the on-the-go lifestyle of today’s tech-savvy population.

Finding the Best Luxury Apartments in Boston

There are plenty of luxury options in such well-known parts of the Greater Boston area as Chinatown, Downtown, Kendall Square, the South End and the Seaport District. Nearby neighborhoods, including Back Bay, Charlestown and Allston, are also home to new developments and renovated buildings with modern units for rent. The most active parts of Boston boast the highest concentration of luxury apartment options, putting you close to where you work, socialize and recreate.

Some well-known locations in this market include Millennium Tower, The Arlington, The Element, Ritz Carlton Residences, Harbor Towers, Waterside Place, Garrison Square and The Kensington. You can take your pick from among these and the thousands of other apartment units available in and around Boston. Live right in the heart of the city, or choose a neighborhood on the outskirts with MBTA access to the city center. If you prefer an ocean view, there are many apartments near the water featuring stunning vistas outside every window.

With such a high concentration of attractive apartments in a relatively small area, it’s easy to find accommodations tailored to your personal tastes. Going for luxury means you don’t have to settle only for what you need but can enjoy the perks of living in a building designed to deliver the best to every tenant.

Amenities for Better Living

What does the rent for a Boston luxury apartment include? Each building has its own collection of amenities and perks. As you look through listings, read through what each has to offer. You’ll find benefits like:

All buildings have the added perk of landlords and maintenance personnel who respond quickly when tenants have problems, so you can feel secure in knowing you’ll never be left hanging if something breaks or stops working.

The number and type of amenities affects rental prices, and not every building has the full list of benefits. Research the units available in the Boston area where you want to live, and narrow down your choices to the listings with the combination of features most fitting for your lifestyle.

Rental Prices for Boston Apartments

Living spaces with extra frills and an air of opulence command higher prices than other units in the city. In many buildings, the starting monthly rent for studio apartments is around $2,400. Prices go up by increments for one-, two- and three-bedroom accommodations, with large units in “ultra-luxury” buildings going for as much as $15,000 per month.

However, you may not have to pay quite as much today as you would in the past. Boston rental rates recently dropped by 1.7 percent, making the average price for a luxury studio apartment around $2,300. Some landlords offer discounts to tenants who are able to pay a lump sum for six or 12 months in advance. New structures like The Beverly aim to expand the luxury market by offering studio rates of $1,940 per month.

Most buildings have a range of units available for rent. Browse listings throughout Boston to find you desired size and layout at a price appropriate for your budget. Whether you’re in the market for a studio space or have your heart set on a penthouse, there’s a Boston apartment waiting for you.

In 2014, there were 9,277 luxury units available in and around Boston, and 8,000 more were planned for the following years. 2016 saw the opening of 5,100 more units. There are currently 7,200 additional apartments under construction in new high-end buildings. Areas such as Jamaica Plain, Fenway and the Seaport District are prime locations for construction.

In addition to apartments, condominiums are also becoming popular among Boston residents. These units may be rented or bought outright and are often available in buildings with similar amenities to those enjoyed by tenants in smaller luxury units. As the supply of living spaces increases, prices are predicted to continue to fall. This may provide the opportunity for more people to upgrade their lifestyles and enjoy the luxury experience.

If you’re looking for a distinctive living space in the heart of Boston’s bustling atmosphere, luxury apartments provide comfort and convenience with a touch of extravagance. Choose from the wide range of options available to find accommodations and amenities catering to your lifestyle, and start living comfortably in the thriving heart of Boston.