Are rents sustainable

[Leah M.]

My question is whether you believe rents in boston are sustainable for the long term.  Current rents are dependent on millenials being willing to live together sometimes 3 to 4 roommates to an apartment.  Do you think this is just a phase and eventually young professionals will migrate to cheaper cities where an apartment can  be had for the price of a room in Boston? Or will young professionals leave due to the inaffordibility of the housing in the area? Curious to hear your thoughts.

[Lien Vuong]

I think it's actually the contrary to what you might be saying. Millennials mostly flock to cities with the largest abundance of jobs and opportunities. Once they settle there they will appropriate their rental amount to where they see fit. For example - Chelsea MA is the third fastest growing city in Boston metro and it is because it has access to train and is about 5 miles from Boston. It allows people to still afford reasonable rents while giving them the opportunity to come into their work place. 

Boston has maintained an incredibly vibrant and economically strong community because of it's research, education, technology, and pharmaceutical sectors and it will continue to foster those industries. Having those jobs will allow people to have stronger incomes which relays into the affordability of rental units. 

Hope that's some good perspective for you.