New Luxury Apartment Buildings in Boston

Boston’s apartment scarcity has been put back in the spotlight in 2022. The apartment supply shortage took a hiatus during the pandemic, as remote learning and remote work temporarily diminished renter demand. Now that Boston is back in business, rental supply figures are even lower than before COVID. Sadly, we’re seeing historically low apartment availability and as a result, record-high rent prices. It’s time to start talking about how we need to get supply going through a myriad of innovative ways.
Adding More Supply is Key

In order to combat rising rents, we need the Boston Planning and Development Authority to find new ways to add square footage of living space. And, of course, speed up housing development to meet rising demand. Perhaps thinking of allowing landlords to fully retrofit garden and basement level spaces could quickly open up additional square footage that often remains underutilized throughout the Greater Boston Area. Even these simple steps which have been wildly successful for other cities could quickly bring on affordable living opportunities without the incredibly long lead times of new construction. It’s time to start thinking a little bit outside the traditional development box.