Luxury Buildings Dish Out Freebies to Attract Tenants
Luxury buildings are offering free parking and waiving rent to attract tenants.
If you are looking for a bargain on some super deluxe rental digs right now, you’re in luck. Try an all-you-can buffet of freebies in Greater Boston’s increasingly crowded luxury rental market.
With thousands of posh new units flooding the market, high-rise developers are offering to pick up broker’s fees, pay your rent for a month (or two or three), or even hand you a gift card for hundreds, Rental Beast reports.
The Somerville-based online rental market platform for landlords and renters cites more than a dozen cases of deluxe new apartment buildings and high-rises offering various incentives to entice renters to sign on the bottom lines.
“I am seeing incentives I have never seen,’’ he said. “We are seeing folks not knowing what else they can give people.’’
Topping the list is Portside at East Pier, a new East Boston rental development that is offering three months free, in addition to covering the broker’s fee.
South Boston’s 315 on A is offering two months free on select units if you sign a lease before Jan. 15, and will cover the broker fee as well. The Victor in the North End is offering two months free — if you move in by Dec. 15 — while also waiving a $500 security deposit.
Windsor at Maxwell Green in Somerville, right along the route of the new planned Green Line extension, has one of the most creative freebie offers, ready to dole out a $500 gift card if you sign a lease within 24 hours of taking a tour. The building owner will also cover the broker’s fee as well.
And if parking and storage is your thing, Quarrystone, on the Malden/Revere line, has the deal for you. If you move into one their apartments in December, you get free storage, valued at $600, and park in the garage for the cost of a spot in the outside lot ($450).
Others luxury buildings offering free rent include the South End’s Garrison Square, the Seaport’s Waterview and the Devonshire in the Financial District.
Meanwhile, rents are starting to show signs of cooling as well in some of Boston’s hottest neighborhoods, Rental Beast shows.
The South End saw an 8 percent drop in October from September to an average rent of $2,500. It was also down slightly compared to October 2013 as well, according to Rental Beast.
South Boston saw the average rent drop more than 4 percent in October, to $2,301, though it still remains up slightly compared to October 2013.
Jamaica Plain, Allston, Brighton, and Roxbury also saw rents drop in October.
The deluge of new luxury apartments taking shape in the Seaport District is having a big impact on rents on next door South Boston and other neighborhoods, Grinberg said.
“You have thousands of units coming on line at the same time,’’ he said. “There is no question you are seeing prices level off and in some cases price decline.’’
To comment, please create a screen name in your profile
To comment, please verify your email address
Conversation
This discussion has ended. Please join elsewhere on Boston.com