bostonbubble.com

[GOFIGURE]

Equity Residential - Owned By Blackrock

Can Someone tell us all, who can afford these apartments?? Are they leasing to 10 students per room or is this all corporations renting?

http://www.equityapartments.com/market/brochure.aspx?page=overview&PropID=3198

[SamChady]

A lot of physicians and residents rent in those areas. Those places are spectacular and so they will get a premium.

$4000/month seems high - but if you can get 4 students in a 2 bed, $1000/month is not that bad for them also.

[balor123]

I live in Longview Place in Waltham, another Equity apartment community. They are expensive but they are very nice. You will find that a 1 bedroom here is comparable to a 2-bedroom in a dumpier place, plus they include heat, AC, gym, door man, covered parking, etc. They use price optimization software for their apartments and now is near the worst time to rent. If you look in Nov - Mar they will cost ~33% less. One game they play is giving you a promotion when you move in that ends at a time of high prices (July for example) so that when you renew you renew at high prices. I can tell you that they are very full right now. My complex is full of young couples sharing 1 bedrooms, wealthier people who just moved to the area, and retired people who move back and forth between several places. Normally the prices drop in August but they seem to be not only staying high this year but increasing into the winter. Funny how that works.

[JCK]

Given what those places would likely sell for as condos, I don't think the rents are out of line. Luxury units in a luxury building are going to be expensive. Shocking.

If this were a condo building, the condo fees alone would probably be $800-1000/mo, given the amenities provided.