With most of the heavy lifting of a 2007-2009 systems renovation project completed, Harbor Towers has become a haven for Boston Waterfront renters.  Whether it was the cost of the special condo fee assessments, the state of the real estate market, or a mixture of both, there is no doubt that more condos are available for rent at Harbor Towers now than ever before.  According to MLS only 7 condos were rented in 2006, in 2007 that number was pushed up to 19, and in 2008 to 25.  While these numbers are imperfect -not all rentals are reported through MLS – they are indicative of a trend that has followed the most extensive HVAC renovation any Boston condo development has seen.

Currently there are 25 rental apartments on the market at Harbor Towers.  Apart from the two large penthouse units available for $10,000 and $11,000 per month – most units are 1 or 2 bedrooms and range between $1,700 and $4,500.  The units are most closely comparable to those at Emerson and Longfellow Place at the West End Apartments in that they generally offer parquet floors, galley kitchens and lots of space.  However, at Harbor Towers every unit has its own personal touches added to it by unit owners – some have granite counters or an open kitchen.  What brings most renters and buyers to Harbor Towers are the panoramic views of the harbor and the city from two of Boston’s tallest residential buildings.  The harbor side pool certainly adds to the appeal for renters, and with the additional supply of available units, the prices have become more affordable.

In what seems to be a developing trend, the Macallen Building in South Boston is beginning to offer a sizeable chunk of its remaining inventory (still owned by the developer, Pappas Properties) for rent.  Certain units have been identified as rentals, however, in effect, the entire inventory also remains for-sale, and for-sale prices have been dropped substantially all the way into the $400 per square foot range – in light of the economic downturn, rentals appear to be the best option for the Macallen and their current specials show that they are serious about having them rented fast.

This special rental offer is on the table for renters who choose a 14 month lease, beginning on or around April 1st, and involves two months of free rent – all utilities (even Direct TV), and one garage parking space all included in the rental fee.  It’s extremely rare for a building that offers such a stacked list of amenities and quality to offer such a promotion.  From its newly finished onsite gym to the heated three-season pool on the 20,000 square foot landscaped terrace, to the soon to open gourmet market, the things to do right at the Macallen Building outnumber those in several small New England towns.  Not to mention it’s located right next to the Red Line Broadway T stop  and the Harbor Walk.

Rents start at $2,200 for the one studio that is available, $2,250 for spacious and open loft 1 bedroom units, $3,500 for 2 bedrooms, and $6,900 for the one 3 bedroom currently available.  If you factor in the 2 months free, most of the rents will come down by at least $300 per month effectively, which makes this offer rather compelling for the trendsetting renter to live in one of the most unique buildings Boston has ever seen.

- Jay Alberino is the Founder & CEO of Eleven Park Realty, and has recently launched myCityApartment, a guide to houses and apartments for rent in Boston, Brookline, and Cambridge. Jay can be contacted to stay up to date with prices and offers, or to take a tour of Audubon Park or other apartments in Boston.

Audubon Park in the Audubon Circle area of Boston (near the border of Brookline) has recently switched gears from for-sale condos to apartment rentals. Condo sales have been slow at the completed development where 12 of the 53 condos have sold, with an average price of $563,000 ($592 per square foot), a median price of $617,500, and average days on market of 119.

Located in West Fenway and Boston University’s South Campus area at 16 Miner Street, Audubon Park is a pet-friendly luxury development.  The only other comparable pet-friendly rental building in the area is 1330 Boylston, but with its smaller size and quieter setting, Audubon Park offers a more private escape than 1330 Boylston.  All 53 units at Audubon Park have been built out with contemporary finishes from bamboo floors to granite counter tops – finishes that you don’t consistently see in rental properties.  Also, unlike most apartment communities in Boston, management has decided to allow undergraduate students rent in the building – everyone who moves in must interview with the developer.

Rental prices at Audubon Park start at $2,200 for studios, $2,600 for one-bedroom condos, and $3,200 for two-bedroom units – underground parking is offered for an additional fee. The community currently employs a concierge on weekdays and Saturday evenings, and is considering expansion of concierge hours given the number of residents now in the building. For the time being, renters can get up to one month free if they move in before September 1, 2009.  Management has also considered offering rent-to-own options for those considering a purchase in the next year – it’s likely that these units will be back on the market for sale as soon as the economy picks up.

- Jay Alberino is the Founder & CEO of Eleven Park Realty, and has recently launched myCityApartment, a guide to houses and apartments for rent in Boston, Brookline, and Cambridge. Jay can be contacted to stay up to date with prices and offers, or to take a tour of Audubon Park or other apartments in Boston.

The saga that was Harborview at the Navy Yard in Charlestown finally came to a close this fall as Roseland Property Company decided to stick with rentals, but the changes and confusion haven’t stopped. Originally priced between $3,050 and $5,500 for two bedroom rentals, management decided to lower its price to a more reasonable $2,800 for all of its two-bedroom units. While waterfront property is hard to come by in Boston, it’s no surprise to me that renters weren’t flocking to the property at $3,050 for their street-facing units.

The reason for this was two-fold. First, the economy of course has had its impact on rents in Boston and was bound to trickle into the luxury market as executive and associate level unemployment has accelerated. Secondly, management’s offer lacked a differentiating factor to attract renters who might otherwise call Archstone Boston Common, West End Apartments or the like, their home. Some of the West End Apartments boast amazing Charles River views and the panoramic outlook from higher floors at the Archstone are hard to beat, so the water views are not enough of a factor amongst the competition. Also, despite condo quality units, their prices were the same or even more than most luxury apartment buildings in (downtown) Boston, and they had a less desirable location for commuting renters (in my experience renters have tended to be even more concerned with public transportation access than Buyers of for-sale condos).

Harborview at the Navy Yard Rentals Now Discounted

However, things have changed at the Navy Yard. Rent was reduced to below market for luxury apartments, underground parking is now included – as are all utilities except for electricity and cable, and harbor views became affordable. After all, who wants to rent at the Harborview at the Navy Yard without a harbor view?

Don’t believe that these deals will last. It’s normal for luxury apartment complexes to offer free months rent and other incentives to woo renters in the dull winter months. For instance, the Watermark, a luxury residence in Kendall Square, was offering its renters two months free rent if they signed a lease by January 1^st and the West End Apartments are also currently offering reduced rent for winter leases. I expect that the spring will bring the rents back up in the low $3,000 range for two-bedroom units at the Harborview, but they will likely keep the parking incentive as long as there stands the availability to do so…We all know how valuable parking is in Boston, especially underground and Roseland would be keen to keep this advantage intact even after the slower season.

- Jay Alberino is the Founder & CEO of Eleven Park Realty, and has recently launched myCityApartment, a guide to houses and apartments for rent in Boston, Brookline, and Cambridge. Jay can be contacted to stay up to date with prices and offers, or to take a tour of Harborview at the Navy Yard or other luxury apartments in Boston.

In addition to the 8 current for sale listings at the 2007 700 Harrison condo development, some units in the building have turned to rentals to fill vacancies. Rather than let the newly constructed condos remain empty through typically a slow season for sales, Mitchell Properties LLC has opted to allow prospective tenants to sign 9-12 month leases with the option to sign a “lease to purchase contract” to contribute some of their rent towards a future purchase. Even if renters decide to stick with a standard lease, it gives the developer the ability to have positive cash flow until they can try out the luxury condo market again next year.

The opportunity for renters in a lease to buy situation is compelling. With rents starting at $1,950 for a 1,081 square foot two-bedroom two-bathroom unit on the fourth floor, renters can live in luxury with floor to ceiling walls of glass, sweeping skyline views, open and contemporary kitchens, laundry in unit, as well as beautifully architect-designed baths, all for an affordable price.

To put this in perspective, the average rent for a two-bedroom unt in the South End is approximately $2,600, and will most likely not compare in size or finishes to what is being offered at 700 Harrison. For instance, a comparable rental unit at 216 West Springfield Street, which was recently rented for $2,500, had only one bathroom and 610 square feet of living space. A high-end contemporary option for South End renters, Church Park, which is located at 221 Massachusetts Avenue boasts between 954 and 1,275 square feet of living in their two-bedroom two-bathroom apartments for $2,950-$3,800 depending on the size and view.

The only downside is that at such an attractive price point and in such a great location, 700 Harrison condo rentals are moving fast. Since last week, four units were rented after being on the market for only three days. There are still two-bedroom units available for $2,200-$2,300 with immediate occupancy.

- Jay Alberino is the Founder & CEO of Eleven Park Realty, and has recently launched myCityApartment, a guide to houses and apartments for rent in Boston, Brookline, and Cambridge.