After this incredibly busy September rental season, one thing has become clear to brokers specializing in rentals – inventory is low. Or maybe, demand is just high. We did see a larger-than-average influx of students into Boston’s competitive rental market this year. And with a disconnect between market value and seller prices, with the resulting decline in sales inventory – purchasing a home in Boston is paradoxically more difficult these days. Making renting an apartment even more competitive.

That could change, in the future, however. One nice side effect of increased demand and insufficient supply is that people with real money sit up and take notice when hundreds of people flood the city, begging them to give them thousands of dollars, and they have to say “no”. If they were comfortable with that circumstance, they wouldn’t be as successful as they are, after all. And they’re taking action to ensure that they will not have to say “no” much longer.

So what are they doing?

Let’s start right next door to my office. This summer I had a great time finding parking on Brainerd Road every day, what with the wrecking equipment demolishing the run-down auto-shop building next door, followed by the usual progression of debris and soil on their way out, building materials on their way in, and cranes taking up the entire block as they lift steel beams into place. What’s it all for? New luxury highrise, here we come. Our contacts with the developer Mt. Vernon Company tell us we should expect roughly 100 high-quality units, one and two bedrooms. Based on the market and estimated quality of the units and building amenities, we expect these will come out for around $2000 for the one bedrooms and around $2600 for the two bedrooms. We’re hoping this project will be completed in time for September 2012 move-ins! Please let us know if you’d like to get on the waiting list!

Rendering of proposed building on 60-66 Brainerd Rd (Mount Vernon Co., Prellwitz Chilinski Assoc., BRA)

Mt. Vernon has also submitted a proposal for an additional 79 loft-style units to be built across the street from that project, displacing the warehouse that currently occupies that spot. The 1.2 acre site straddles the Allston-Brookline border, though the address of the property will be on Brainerd Road in Allston. The proposal is expected to be approved, and construction is estimated for completion in time for the September 2013 rental season.

On another front, Harvard University’s Allston Work Team recently gained approval for their two-stage plan for future developments in Allston. Stage one of the plan includes plans for new residences and retail outlets on Barry’s Corner, a new Health and Life Sciences center on Western Ave, and a desperately needed revamping of the existing Charlesview Apartments complex. The second stage will include development of Harvard’s new 36-acre Enterprise Research Campus on Allston Landing North, which may include a hotel and conference center reminiscent of Kendall Square. Harvard is currently in discussion with co-developers on plans to make housing available both to students and on the general market. Construction is planned to begin in 2013.

Artist rendering of the planned new Charlesview Residences complex (The Community Builders, Inc.)

The existing Charlesview Apartments complex on Barry’s Corner (which Harvard will take over for their project discussed above) will be replaced by a new sprawling Charlesview Residences complex being built on the former Brighton Mills Shopping Center in Allston.  The existing 213 units on Barry’s Corner will be replaced by 340 units which will include a wide range of apartment sizes and types, from one bedroom flats to four bedroom townhouses. The redevelopment plan also includes new streets and parks, facilities for community use, commercial space, and an underground parking garage that will accomodate up to 243 vehicles. The design has been carefully created to avoid regurgitating the community objections towards the previous development in the 1970’s, which residents criticized as an eyesore. The development has been designed to blend seamlessly into the community and stimulate the neighborhood. The unusual project has attracted a variety of non-traditional corporate investors, including most notably Google, Inc.

Moving into town, there are also several urban luxury towers pushing up new spots in the cityscape. AvalonBay Communities started construction last month on tevalon Exeter, located on the Back Bay’s Exeter Street. Avalon Exeter will add 187 new luxury units to the Prudential Center complex in the form of a new 28-story glass tower right next to the Lenox Hotel. Units will carry a wide array of sizes and prices. The 32 studios will start at around $1800, the 52 one-bedrooms will start at $2500, and the 83 two bedrooms will start at $3500. There will also be 20 penthouse apartments whose prices are yet to be determined. AvalonBay Communities also recently submitted a proposal for a 29-story residential tower on Stuart Street in Boston, to provide 404 luxury apartments of varying sizes and roughly 200 indoor parking spaces.

Downtown, a variety of new projects are proposed. Hayward Place will add 265 new apartments across from the Paramount Theatre. Another as-yet-unnamed development on Hudson Street will bring 345 units to Chinatown. Chinatown may also see another 381 units in the new Kensington Place development on Washington Street. And the Charles River Park complex plans to add another 500 units near the Boston Garden.

These new developments are exciting, especially amidst the miasma of a stagnant economy. With high jobless rates, new construction projects should find zoning and permit agencies friendly and accommodating, and with the rental season we’ve just seen, we can expect construction contracts to treat time as a valuable commodity. The real estate market is about to be injected with a large quantity of interesting new listings on the high end of the spectrum – we can’t wait to see what that does to the market as a whole!

So every week I’m going to take a break from the news and interesting stuff all over the city to actually talk about apartments. Specifically, what we think are the hottest deals available. Here’s what I think is hot this weekend.

Studios are always in short supply. Your roommate turns out to be a slob (or an OCD who thinks you are a slob). You and your girlfriend break up. Your group of seven gets into a big fight and can’t stand each other. People are always looking for a studio, and they’re usually hyperventilating when they realize that their monthly rent is probably going to go up to about 180% of what they’re used to paying if they live alone.

So, cheap studios are in even shorter supply. If you want to pay under $1000 a month, you’re probably going to get a closet. Just saying. But sometimes, that’s what you’re going to have to live in, and be happy you found one. We’ve just found a couple pretty good options, though.

First, the ultra-budget studio. It’s an emergency lease break on South Huntington Ave. That’s the road the E-line turns left onto when it leaves Huntington Ave at the end. The brownstones on either side of that include a couple hundred budget-size studios in the $700-1000 range. This weekend, we just heard somebody had to leave on very short notice, so it’s available starting after this weekend. It may end up being offered furnished, this is still developing news at this point. The price is $875. We don’t have pictures of this unit yet, but we have a high definition video tour of the identical unit next door – check it out here. If you want it, call me today, and be ready to put down money tomorrow after a quick showing, because there will be ten other people who also want it this weekend.

Next, we have a one bedroom that is being renovated for a November 1 move-in on North Beacon Street in Brighton, around the corner from Market Street. They are doing hard-core renovations and won’t let us see it just yet because there’s a wall torn out – but they’re fast-tracked to make it beautiful for next month. The entrance takes you into the living room, with a tiny kitchen adjoining, with the bedroom in back. This one is going to be tricky, because at that price and that size it really is an incredible deal that should go very fast – but because of the renovations it will be very hard to show immediately. If you’re interested, please let us know and we’ll put you on our list of interested clients for the place, and we’ll start scheduling showings as soon as the landlord will let us in.

If you want a HUGE one bed, you’ve got to check out this sexy bungalow-slash-hunting-lodge I found hiding in the middle of Brighton. It’s $1700 for a flexible move-in date, but it’s worth it with in-unit laundry, high ceiling, working fireplace, and boatload of charm. It’s actually three floors of living space, with the bathroom and laundry down the spiral staircase, the loft-style bedroom up the spiral staircase, and the living room and fully equipped kitchen on the ground floor. This isn’t an apartment, technically – this is one structure, one living unit. Check out the video tour here.

If you’re looking for a reasonably priced but nice two bedroom apartment, you have to check out this unit over on Bronsdon Street in Allston. That’s one of those quiet little neighborhoods cradled between where Market St and Western Ave join. It’s currently vacant and available for a move-in as soon as someone takes it. The monthly rent is $1800. We have acquired a video tour which is currently in post-production, but you can find pictures (and a link to the video once it is ready) here.

If you’re looking for a three bedroom, I have two really nice ones for you. The first is a value deal – a three bedroom in Brookline for $2475, available now. This has porches/patios, nice hardwood floors everywhere, and is pretty roomy. You don’t see a lot of three beds in this area in this price range, so it’s going to go pretty quickly. You can watch our video tour of this apartment here.

The second is pricey but worth it. One of our luxury highrises has an availability in one of their two penthouse apartments. This place made my jaw drop when I walked in the front door! It wasn’t even all the marble dripping off of everything in the bathrooms and kitchen, or the gigantic triple-closets in the bedrooms, or the ridiculous amount of space in a city apartment. No all of that was nice but…this place is bracketed by TWO balconies, one on each side of the apartment, each offering a unique sweeping vista of the city far, far below. That view alone is worth $4999 a month! These cream-of-the-crop penthouse units almost never become available – so if you think you might be interested now is the time to act. You can view the video tour of this penthouse apartment here.

Finally, a beautiful four bed for you families and groups out there! For this one we’re back to Brookline, right on Beacon Street near Brandon Hall. This gem has some really nice detail work, some deep dark wood paneling contrasts nicely with golden hardwood floors. The place just really looks nice and it couldn’t be in a more charming neighborhood. Check out the video tour here.

If any of these finds interests you, we’re very easy to reach. Drop us an email at Proper@ProperRealtyGroup.com, or tweet us @ProperRG, or call our 24-hour line at 617-756-3029. Or just drop in to our Allston office at 1298A Commonwealth Ave, we’ll be happy to help you!

The Business – Roast Beast

The Location – 1080 Commonwealth Ave, Allston MA

The Product – Custom built, high quality, roast beef sandwiches

It’s lunchtime, and my frenzy of phone calls and emails is suddenly interrupted by the roar of an angry stomach. It’s been neglected, because I’m a workaholic and just don’t know when to stop – but I know just how to soothe it’s fragile ego. For a serious meaty sandwich in Allston, it’s worth walking an extra two blocks to Roast Beast!

These guys do one thing, and they do it the right way. Roast Beef sandwiches. You pick the bread (try the onion roll!), cheese (how about some three-pepper colby jack!), sauce (don’t pick thermonuclear unless you are a professional), toppings, and size.

These guys use quality stuff, and they have a massive selection in every category. If you want a quick meal…fine, they’ll do that and it’ll be great. But if you really want to assemble a crazy awesome sandwich…get over there and expect to put some thought into what you really want to eat. They’re happy to let you sample anything, combine whatever, and everything available has been selected for your pleasure with a great deal of care and attention.

The place is also super friendly. The guys who work there are really cool, really nice and make you feel comfortable as soon as you walk in. And after you’ve come back a few times you’ll notice that they did remember you and what you like. And you will definitely be back – because at Roast Beef sandwich, a roast beef sandwich is not necessarily the same thing as a roast beef sandwich. In fact, you’d best take notes on what combination you ordered last time, because you’re not going to get the same sandwich again playing guessing games.

This week, go on and treat yourself to something spectacular. Spend some time, sample all the cheeses and sauces, really work with these guys so they can put together a masterpiece sandwich for you. You won’t regret it.

PS. Don’t forget to get a pickle.

Well, September is over and the influx of students has settled in to begin their annual struggle to survive a year of 9am lectures, weekend projects, and exams without the luxuries of home cooking, Mom’s Laundry Service, and whatever mysterious pixies keep the bathroom at home so sparkly (but don’t seem to populate college campuses). If you own property, you may know this instead as the annual struggle to survive weekends of keg parties, hazardous attempts at home cooking, and those mysterious gremlins that tend to randomly deface your tenants’ walls but never seem to show up outside of college campuses.

If that’s not your situation, and you’re sitting on a vacant apartment right now – you’re in the minority, and should give me a call because I have five clients who want it. This summer was one of the best lessor’s market we’ve seen in Boston in nearly a decade. With an increase in enrollments and many properties tied up in foreclosure, the supply is not quite meeting demand, forcing many renters to settle for longer commutes or tighter apartment-shares. Or higher rates. Usually at this time of year we have a pretty good selection of vacant apartments that didn’t quite make the cut – which would sit vacant for a month or two of frantic cleaning and renovations to make them more palatable for an October or November move-in.

Not this year. There are a few vacancies – usually due to a lease being broken when the previous tenant refused to vacate, or planned renovations. But most availabilities at this point are for November or January or some odd moment in between.

Or September 2012! That’s right, there are plenty of tenants and landlords who are already looking ahead to next year. This early market is particularly concentrated in high demand areas such as Newton or Brighton near the Boston College campus, or in the Fenway area which is so lucky as to be cradled on every side by Boston University, Berklee College of Music, Northeastern University, Simmons College, Emmanuel College, Wheelock College, Harvard Medical School…you get the idea.

And doing things early is advantageous to both tenants and landlords for a couple of reasons. For tenants, especially after this season, working a year in advance is a good idea because even in this day of technological wizardry, timing is still everything. That is to say, the early birds will always get the best worms. Not all apartments are equal, and the really nice spots in the best locations (right next to campus, right next to the T) always go first.

But there are still 11 months left before September, right? Why is right now the time to jump back into that rat-race? The reason is in your calendars. First, look at your academic calendar. Late October, early November is mid-terms time. After Thanksgiving is Final Projects crunch time, and then the ramp-up to Final Exams time. And even as time becomes more and more precious to these students, going outside becomes less and less fun. Because on your other calendar, we’re moving into winter time. December, and a good portion of January are dead season for real estate. Nobody wants to tramp through eight inches of snow to look at apartments. Apartments look dark and dreary with minimal natural light coming in through the windows. And it’s cold. We here at Proper Realty have developed a great tool to help counter that – our massive database of video showings (don’t get me started – if your properties are not already featured in it, give me a call). But the fact of the market is that students are less interested in finding an apartment when the weather isn’t nice.

So the natural ramp-up to August 31st gets pinched hard in the middle. By the time things thaw out in February, students are facing another set of mid-terms and projects, with finals looming in May. But for students leaving for the summer, necessity often will force interest and demand will slowly trickle back in. But by then, the early season is over and other landlords are experimenting with lower prices, which means you’ll have to cut yours too.

But there’s also the matter of the quality of tenants you’ll deal with in the early season. Looking for an apartment for a move-in almost a year in advance is simply not the strategy of your average beer-pong neanderthal. The early-birds are the students who are not only sharp enough to be aware of seasonal market fluctuations, but are savvy enough to act to take advantage of it. By beating the mob, this small but exceptional crowd assures themselves the cream of the crop in selection, and a much better quality of service by their realtor of choice, as well.

And they get their lease nailed down for next year before exams. As does their landlord.

It looks like Harvard University has cleared a major hurdle in its bid to expand its campus in Allston.  CSX, the transportation giant whose base of operations are based in Allston, has agreed with the City of Boston to move its headquarters to Worcester.  By 2012, CSX’s should be vacated from the 80-acre plot of land.  Prepare for changes in Allston.

From this article in the Boston Globe:

A long-awaited, $100 million deal between the state and railroad giant CSX will move operations from the company’s sprawling rail yard in Allston to Central and Western Massachusetts and add at least seven train trips to the Worcester-Framingham commuter rail line in 2012…

CSX and state and local officials say the agreement could end years of frustration among commuters from Boston’s western suburbs who use the often-late rail line, open a large parcel in Boston for development by Harvard University, and even reroute some commuting pat terns to North Station…

CSX spokesman Robert Sullivan said Allston train operations would be shifted west by 2012. That clears the way for Harvard University to finally assume control of the site. Since 2001, the university has purchased around 140 acres in the area, said spokeswoman Lauren Marshall. After CSX leaves, the university will probably seek to remove easement restrictions, making construction of new university buildings possible….

What do you think?  Is this a good thing for Allston?