| Cushman & Wakefield's Simon Butler (right), whom our lens briefly distracted from panelist duty at a recent REFA forum, tells us the Boston-area apartment market recovered from the recession a year ago and is seeing a rise in rents and a ?dramatic pull back of landlord concessions.? Reasons include job growth in the ?burbs and a decline in new construction from about 4k units a year to 600. Pricing, which was so hot in ?06, ?07, is now back to a more ?rational? level with investors buying real income rather than proforma projections. Eg, the cap rate on Dexter Park, purchased in '09 at 5.9%, would be at 4.7% today. Simon expects rent growth to be strong and ?explosive? if 40B is repealed in the fall election. |
Rents Risin'
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