‘Overbidding on prices:’ Tight rental market in Boston leading to bidding wars for apartments

BOSTON — Rising rents mean rising frustration. “Rent is very tough out here people,” said Cynthia Bernadeau who lives in Boston.

It’s not easy finding a place in the Boston area that you like, is close to work and that you can afford.

‘It’s just crazy trying to get an apt in the city. I know prices have gone up exponentially since Covid started,” said Stephanie Martancik of Boston.

So, if you’re searching, acting fast is key and be ready to pay a premium!

“It’s very competitive especially here right in the city everyone wants to be here and the landlord knows it,” said Doug Warnock who rents in Boston.

And to get that apartment, money talks and bidding wars are underway according to realtors.

“It’s very competitive this year people are overbidding on prices,” said Megan Ihloff, a rental specialist at The Charles Realty in the Back Bay.

That means an already high-priced apartment goes for even more cash.

“Sometimes it’s $50.00 dollars a month. Sometimes it’s $200.00. So, if it’s going for $3,200.00 someone may bid $3,400.00,” said Ihloff.

In May Boston.com reported that 13 percent of units along the new Green Line extension went over asking for last three months.

And while rental prices across the country are starting to cool that’s not the case in Boston. Rents are still red hot and on the rise. According to Realtor.com the average rental price in the Boston area is more than $2800.00 a month. That’s a 3% jump since just last year!”

So, Boston 25 hit the streets to ask what it’s like to find an apartment in Boston. Renters advice is that you have to jump on a listing.

“One of my co-workers has had to rearrange his work schedule to get to tours before they are over,” said Martancik.

But some people have done it all on their own without the help of a realtor.

“No. I didn’t even bother to go through a real estate agent or anything I just did the work myself. I think that’s what a lot people are doing now because it’s hard,” said Bernadeau.

As for jumping into a bidding war?

“It kind of locks you in if you’re willing to pay more. It puts your application a little higher than everyone elses,” said Ihloff.

Finding your new apartment means you need to be quick and have cash ready.

Realtors say be prepared with first month, last month and a security deposit, which can add up from eight to fifteen thousand dollars, just to move in.

“I found a new place luckily. But I jumped on it fast because it’s competitive out here and I knew I wasn’t going to find better for the price,” said Warnock.

Rents in the Northeast remain strong. That’s due to low unemployment and short supply of housing.

And while new housing is being built it’s not expected to impact rental prices anytime soon.

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