As the cost of housing continues to surge in the city, Suffolk University students are struggling with rising rents and low vacancy rates when searching for an off-campus apartment in Boston. The rental market is tougher than ever, leaving many stressed out over securing an affordable place to call home.
Financial Burden of Renting
Students bearing the financial responsibility of renting on their own are feeling the strain. "If you're supporting yourself, apartment hunting in Boston is extremely difficult and expensive," says Maddy DuBois, a junior political science major. She estimates spending close to $3,000 on deposits and fees alone for her current apartment.
While living on campus saved her money in the past, keeping up with rent payments each month is challenging - especially with landlords routinely increasing costs with each new lease term.
Boston currently has the third highest rents of any major city in the U.S, according to real estate data firm Apartment Advisor. Average rents have ballooned to an all-time high of over $3,200 per month across all unit sizes.
The skyrocketing prices are unsustainable for many students on tight budgets. "Rent is just insane right now, making it really hard to find somewhere we can reasonably afford," adds sophomore Alexis Martin, who is searching without the help of her study abroad roommates.
Scarcity of Vacant Units
Not only are rents unaffordable, but there is also an acute lack of available units on the market. Landlord Demetrios Salpoglou, who has been in the business for three decades, cites inflation as a key factor causing issues on both fronts.
Rising insurance, construction and maintenance costs are being passed onto tenants in the form of higher lease amounts. At the same time, fewer existing tenants are vacating their apartments since increased interest rates are preventing many from being able to purchase homes. They are renewing leases rather than moving out, further reducing turnover.
Tips for Success in the Search
Those facing the uphill battle of renting in Boston can improve their chances with guidance from industry experts. Salpoglou recommends renting with additional roommates to cut costs considerably on larger three-bedroom or four-bedroom units.
"You'll save thousands annually splitting expenses," he notes. Living farther outside the city also provides better value than neighborhoods immediately surrounding schools like Suffolk. He also advises acting decisively - schedule viewings back-to-back and have all application materials prepared upfront to submit offers the same day if an apartment is a good fit, since prime listings often receive multiple bids.
While housing availability and affordability present ongoing struggles for Boston tenants, following seasoned advice can help smooth the stressful search process for student renters especially during these trying economic times. With diligence and flexibility on location if needed, it is still possible with effort to land a reasonably priced place to call home while pursuing higher education in the historic city.
