East Boston has arrived according to a San Francisco based marketing company for rental brokers and landlords.
A recent study of the rental market in Eastie by RentJuice has shown that the neighborhood’s asking rent soared nearly 14 percent last month making it one of the largest rental spikes in the city and Greater Boston.
RentJuice’s data shows that Eastie is no longer an ‘up and coming’ neighborhood but one of the hottest rental markets in Boston.
The data shows that the average asking rent in Eastie was a surprising $1,544 for the month of December. This was an increase of 13.9 percent when asking rent was only $1,355 in September.
“I think it may be a little high as an average but people are definitely paying that type of rent for good quality apartments,” said Joe Mario of East Boston’s Century 21 Mario Real Estate.
Mario said that a lot of new construction that came on line over the past few years as well as renovations to Eastie’s historic housing stock have made the neighborhood a desirable place to live.
“That coupled with the neighborhood’s proximity to public transit and downtown have drawn a lot of young professionals willing to pay higher rent for a nice apartment in a good neighborhood,” said Mario.
One of the hottest neighborhoods in Eastie has been Jeffries Point where Mario sees landlords getting $1,400 to $1,600 for a 1,000 sq. ft. two-bedroom-two-bathroom apartment.
“The rental market there is very stable,” said Mario. “But again you have a lot of work that has been done on old buildings and a lot of new construction,” he said. “And when an owner puts in the time and money to add amenities like hardwood floors, granite countertops, new kitchens and bathrooms they are going to be able to command higher rent.”
Another emerging neighborhood in Eastie has become the Paris Flats at the bottom of Eagle Hill. There several new construction projects along Bremen Street over looking the 18-acre Bremen Street Park have seen rent as high as $1,600 to $1,700 per month.
“There you have the combination of easy access to the Airport MBTA station, a beautiful park and you are centrally located in the neighborhood,” said Mario. “Also there has been a lot of new construction and renovations to older buildings.”
Eastie rental market increase was followed by Malden, which saw only a 2.7 increase and Chestnut Hill saw a 1.9 percent increase.
In Boston the city’s emerging Seaport District in Southie commanded the highest rent in the city at $2,721.
This could be good news for Eastie property owners in Jeffries Point near the waterfront that have been banking on the neighborhood’s waterfront development to get underway.