It was recently reported that there have been several promising developments in the Boston housing landscape. These projects have been started in part to help combat the current housing supply bottleneck that is plaguing the city. New apartment complexes have been proposed for downtown Boston, including up to three thousand units which can be built at any time. A couple of major projects have already broken ground across different parts of the city and many more are expected to follow in the near future. Within the next two years a projected 1,500 new apartments will be completed and made available either for rent or purchase, effectively combating the current urban housing crisis.
The Boston real estate market has been picking up recently, as more people have shown interest in buying homes. However, the downside of this is that there will be more buyers competing for a limited number of homes on the market. Hopefully, this increased demand will encourage developers to break ground on new projects. Besides that, developers will have to consider the increasing number of people opting for apartments for rent in Boston as opposed to homes for purchase.
Dormitory construction has been increasing lately in order to accommodate the growing number of students opting to live in Boston. Since 2000, Boston’s colleges and universities have built 29 new dormitories with 11,000 new dormitory beds, an increase of 39% as compared to last year. These new dorms have been justified by an increase in the number of students enrolled in Boston area colleges during that same period, an estimated total increase of 16,600 students.
A method that could be proposed is the building of more dorms. Building dorms is a great way to increase the supply of on-campus housing for students. This is definitely a win-win situation as students get high-quality, safe housing and residents get more stable, strong neighbourhoods.
The residents of downtown Boston neighbourhoods are equally entitled to a decent standard of living. No one wants to be inundated with new construction projects which cause more congestion and disturbances. Still, residents have to be practical; new housing developments within their neighbourhoods will likely have great benefits in the long run.