Renters are snapping up the first wave of new luxury apartment buildings in the Hub even as a second wave of high-end rentals are starting to pre-lease.
"People ask how many more people can afford these rents, but there are a lot of well-paid, dual-income households who can," said Travis D'Amato, a senior vice president at Jones Lang LaSalle who focuses on multihousing. "We've gained 67,000 new jobs since the bottom of the recession and Boston's population is growing 1 percent a year. The rental base is increasing."
D'Amato believes that 8,800 new Hub apartments already completed or scheduled to be by 2017 will not be enough to meet demand. First-wave projects such as 315 on A and the Kensington are nearly full, but other buildings are offering concessions to stay on target for leasing up within a year of opening.
"It's marketing magic," D'Amato said. "You get people in the door with one or two months free but they're still getting the high monthly rents over the life of the lease."
High-end buildings such as Avalon Exeter have been attracting empty nesters.
"Many of these renters still own properties on the Cape or in Florida, but want to rent in the city," said Dennis Gramolini, community manager of Avalon Exeter.
Avalon Exeter, which is about 55 percent leased, has rents ranging from $2,600 to more than $13,000. A 1,621-square-foot 27th-floor two-bedroom penthouse with panoramic views of the Back Bay and Charles River on two sides just rented for $12,800 a month
"The first wave of luxury apartments in Boston is doing well because it addressed the pent-up demand from the years that there was no new production," said Michael Roberts, vice present of development for AvalonBay Communities. "The second wave is all about the new demographics of the city and the growth of the local economy."
Along with baby boomers, a big part of new urban demographic is the millennials, young professionals between 25 and 35.
"Millennials are willing to pay a higher percentage of their income for rent because many don't have cars, but they need apartments near public transportation," D'Amato said.
Avalon Bay is targeting millennials with its new Ava brand in a 398-unit Theater District project under construction as well as a nearly completed 250-apartment building in Somerville's Assembly Row. The Ava brand features Twitter walls, modern interior design and social spaces that encourage networking.
The upcoming 378-unit Troy Boston in the South End will have an eco-friendly focus much like 315 on A.
The neighboring Ink Block's 392 apartments, on the former site of the Boston Herald, will be in three buildings, each with a unique look.
"1 Ink will have sophisticated Euro-style interiors, 2 Ink will be more edgy and colorful and 3 Ink will use a lot of natural materials," said Ted Tye, managing partner of National Development, who said pre-leasing will start next week for an early 2015 opening. "We are taking a different approach to appeal to a wide variety of renters."
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