Rents continue to rise in the Hudson area.
We have all been experiencing the pinch as rents continue to rise. An influx of new people into urban areas are changing the make up of neighborhoods. Long time rentals are suddenly more attractive to offer for sale, rather than slumming them out to college renters. Rental inventory goes lower and rates, inevitably, go higher. The onslaught of “luxury” apartments being developed is not keeping up with demand.
What do you do when it happens to you?
As rents continue to rise in and around Brighton, a so called Zillow “Very Hot” sellers market, we are noticing a trend in the storage industry for displaced renters needing to store their possessions until they can find a better deal, or purchase something of there own. Many are headed for the outer ring suburbs, see Lamacchia real estate top 25 list for proof of that.
The storage industry is in step with the housing industry. We store household goods, after all. Heading into what appears to be another big year in residential real estate in Hudson Metro, expect storage unit prices to climb. One of the largest self storage facilities in the area has recently closed. Metropolitan Storage of Cambridge became just another renter displaced for student housing by its long time landlord, MIT. That’s 1500 storage units erased from the local inventory.
If you are a Hudson resident, I would recommend looking into full service storage options. It fits in nicely with the urban lifestyle. Rather than dealing with rental trucks, or spending your one day off at a storage facility, full service storage gets it done in a matter of hours. As rents continue to rise, consider locking in your storage rate. Consider opting into a ‘rate lock’ program, so that unlike your apartment rent, it doesn’t continue to rise.