New construction projects may increase market activity in Boston
The analysis shows a 6 percent jump in Boston's average monthly rent and a more modest 1 percent jump in price per square foot. With rents rising in downtown Boston and surrounding neighborhoods, many prospective residents may consider investing in homes of their own, instead of submitting monthly payments to keep a living space.
In addition, new construction plans promise to provide buyers with several new options in the coming years. A new partnership between New England Development, Eastern Real Estate, National Development, Charles River Realty Investors and Clarion Partners bought 130-acres in Westwood for $45 million and plan to develop a facility that includes 500,000 square feet of retail, housing, offices and a hotel, according to CBS Boston. The development, located along University Avenue at the junction of Route 128 and I-95, would be located near an Amtrak and MBTA commuter rail station.
New construction projects and rising rents may help improve the Boston real estate market and encourage more buyers to consider investing in property, instead of renting.