Harvard Housing sets rents for 2018–19
Peabody Ter., one of 70 properties managed by Harvard University Housing.
Photo by David Kurtis ©
Harvard University Housing (HUH) manages approximately 3,000 apartments, offering a broad choice of locations, unit types, amenities, and sizes to meet the individual budgets and housing needs of eligible Harvard affiliates (full-time graduate students, faculty members, and employees). Harvard affiliates may apply for Harvard University Housing online at www.huhousing.harvard.edu (click on “Start an HU Housing Application”). The website also provides information about additional housing options and useful Harvard and community resources for incoming and current affiliates.
In accordance with the University’s rent policy, Harvard University Housing charges market rents. To establish the proposed rents for 2018–2019, Dr. Jayendu Patel of Economic, Financial & Statistical Consulting Services performed and endorsed the results of a regression analysis on three years of market rents for more than 10,000 apartments. The data on apartments included in the analysis were obtained from a variety of sources including rentals posted on the HUH Off-Campus Housing website by private-market property owners, information supplied by a real estate appraisal firm, a local brokerage company, and various non-Harvard rental websites in order to provide comparable private rental market listings for competing apartment complexes in Cambridge, Boston, and Somerville. The results of this market analysis and of other market research indicate that Harvard University Housing 2018–2019 market rents will increase 1 percent on average across the 3,000-unit portfolio relative to last year’s rents, although within the portfolio rents on some units have been adjusted up or down based on current market conditions. As always, all revenues generated by Harvard University Housing in excess of operating expenses and debt service are used to fund capital improvements and renewal of the facilities in HUH’s existing residential portfolio.
The rents noted in this article have been reviewed and endorsed by the Faculty Advisory Committee on Harvard University Housing* and will take effect for the 2018-2019 leasing season.
2018–2019 rents for continuing HUH tenants
Current HUH tenants who choose to extend their lease for another year will receive, on average, a 1 percent rent increase, with actual increases ranging from 0 percent to 3 percent. Heat, hot water, electricity, and gas, where applicable, are included in all Harvard University Housing apartment rents; internet service and air conditioning may also be included where available.
Harvard University Housing tenants will receive an email in March 2018 with instructions on how to submit a request to either extend or terminate their current lease. Tenants who would like additional information or help in determining their continuing rental rates for 2018–2019 may call the HUH Leasing Office at 617-495-1459.
2018–2019 rents for new HUH tenants effective for the 2018-2019 leasing season
The annual market analysis for the 2018–2019 rents resulted in a recommendation that average rents for incoming tenants across the portfolio increase 1 percent relative to the prior year. Because Harvard’s rent policy is applied on a unit-by-unit basis, market rental rates for some unit types and locations will increase, while others will experience no change or will decrease, based on current market conditions. Heat, hot water, electricity, and gas, where applicable, are included in all Harvard University Housing apartment rents; internet service and air conditioning may also be included, where available.
10 Akron St.: studios $1,824–$2,070; one bedroom convertibles $2,334–$2,622. 18 Banks St.: one bedrooms $2,220–$2,502; two bedrooms $2,652–$2,838. Beckwith Cir.: three bedrooms $2,490–$3,096; four bedrooms $2,832–$3,390. Botanic Gardens: one bedrooms $2,214–$2,346; two bedrooms $2,568–$2,718; three bedrooms $3,060–$3,258. 472–474 Broadway: one bedrooms $2,178–$2,244. 5 Cowperthwaite St.: studios $1,944–$2,196; one bedrooms $2,292–$2,292; one bedroom convertibles $2,352–$2,580; two bedrooms $2,658–$3,246. 27 Everett St.: one bedrooms $2,424–$2,538; three bedrooms $3,228–$3,696. 29 Garden St.: studios $1,686–$1,938; one bedroom convertibles $2,178–$2,442; two bedroom efficiencies $2,628–$3,000; two bedrooms $2,874–$2,946; three bedrooms $3,462–$3,750. Harvard @ Trilogy: suite $1,566- $1,728; studios $1,938–$2,112; one bedroom convertibles $2,610–$2,742; two bedroom efficiencies $2,970–$3,174. Haskins Hall: studios $1,812–$1,902; one bedrooms $2,022–$2,280. Holden Green: one bedrooms $1,932–$2,214; two bedrooms $2,184–$2,604; three bedrooms $2,748–$3,222. 2 Holyoke St.: one bedrooms $2,226–$2,316. Kirkland Ct.: one bedrooms $1,998–$2,382; two bedrooms $2,622–$2,808; three bedrooms $3,258–$3,510. 8A Mt. Auburn St.: one bedrooms $2,238–$2,364. Peabody Ter.: studios $1,836–$2,448; one bedrooms $2,190–$2,610; two bedrooms $2,484–$2,958; three bedrooms $3,720–$4,056. 16 Prescott St.: studios $1,824–$1,866; one bedrooms $2,100–$2,262. 18 Prescott St.: studios $1,728–$1,788; one bedrooms $2,088–$2,292. 85–95 Prescott St.: studios $1,878–$2,052; one bedrooms $2,154–$2,496; two bedrooms $2,508. Shaler Lane: one bedrooms $2,040–$2,166; two bedrooms $2,472–$2,694. Soldiers Field Park: studios $1,980–$2,130; one bedrooms $2,178–$2,454; two bedrooms $2,622–$3,684; three bedrooms $3,060–$4,176. Terry Ter.: studios $1,902–$1,962; one bedrooms $2,088–$2,346; two bedrooms $2,544–$2,586. 9–13A Ware St.: studios $1,830–$1,914; one bedrooms $2,118–$2,340; two bedrooms $2,574–$2,592. 15 Ware St.: studios $2,076; one bedrooms $2,664; two bedrooms $3,156. 19 Ware St.: two bedrooms $3,012–$3,102; three bedrooms $3,252. One Western Ave.: studios $1,992–$2,196; one bedrooms $2,076–$2,448; two bedrooms $2,544–$3,234; three bedrooms $3,474–$3,774. Wood Frame Buildings: studios $1,332–$1,788; one bedrooms $1,914–$2,664; two bedrooms $2,430–$3,624; three bedrooms $2,652–$5,106; four bedrooms $4,008.
Written comments on the proposed rents may be sent to the Faculty Advisory Committee on Harvard University Housing, c/o Harvard University Housing, Richard A. and Susan F. Smith Campus Center 827, 1350 Massachusetts Ave., Cambridge, Massachusetts 02138. Comments to the committee may also be sent via email to firstname.lastname@example.org. Any written comments should be submitted by Feb. 9, 2018.
The comments received will be reviewed by the Faculty Advisory Committee, which includes: Nancy Hill, Charles Bigelow Professor of Education, Harvard Graduate School of Education; William Hogan, Raymond Plank Professor of Global Energy Policy, Harvard Kennedy School; Howell Jackson, James S. Reid Jr. Professor of Law, Harvard Law School; Jerold S. Kayden, Frank Backus Williams Professor of Urban Planning and Design, Graduate School of Design; John Macomber, Gloria A. Dauten Real Estate Fellow, Senior Lecturer, Harvard Business School; Daniel P. Schrag, Sturgis Hooper Professor of Geology and Professor of Environmental Science and Engineering, Faculty of Arts and Sciences; and Meredith Weenick, Vice President, Campus Services (Chair), Harvard University.
*The rents for tenants of Harvard University Housing are set at prevailing market rates, in keeping with the University’s affiliated housing rent policy. This policy was established in 1983 by President Derek Bok based on recommendations from a study led by Professor Archibald Cox and the Committee on Affiliated Housing. The original faculty committee determined that market rate pricing was the fairest method of allocating apartments and that setting rents for Harvard University Housing below market rate would be a form of financial aid, which should be determined by each individual school, not via the rent setting process. Additionally, the cost of housing should be considered when financial aid is determined.