Boston Apartment Boom

By Lennox Chase, Founder, MyBar Prep

Due to Boston's employment and educational machines, Boston appears to have reserved a spot in the upper tier of the nation's real estate market. The high tech companies, the universities, hospitals, and bio med corporations are magnets for the nation's best and brightest minds. Considering the future peaks and valleys that residential and commercial real estate will face, Boston is situated well to attract talented workers during the next few years.

There appears to be a voracious need for apartments in Boston. A 50,000-square-foot property located at Downtown Crossing is being converted into apartments by The Hamilton Co., an Allston real estate company. "New hires need a place to stay. So the rental market price is up 19% from the last twelve-month period in a recent report I did for one customer..." states Stephen Marcus of Stephen Marcus Realty in Quincy.

City planners have created an evolving economic environment that supports businesses, which hire workers attracted to the Greater Boston area's many resources. In addition, Boston has over 20 diverse neighborhoods that provide a multitude of choices for recreation and professional development. The result has been a relatively healthy housing market compared to other cities in the U.S. Real estate is micro-local and the new construction that is occurring in South Boston, Dudley Square, the Fenway, and Downtown Crossing are emblematic of an exciting new era in the City of Boston.

Lennox Chase is an attorney that sits on the board of directors for Needham Bank. Attorney Chase is also the founder of MyBarPrep, a tutoring company for lawyers and law school students.