Bidding Wars for Apartments on the Green Line

The residential vacancy rate in Greater Boston is below 1%, meaning there are dozens of people (or more) vying for each apartment that becomes available.Boston.com reporter Jim Morrison recently posted a story about the rental bidding wars happening along the Green Line extension in Medford and Somerville. The article details an apartment (probably a one-bedroom, but it doesn’t say) that went on the market for $2,450 a month. 37 people came through for the showing, they accepted 11 applications and rented it to someone who bid $2,700 a month – 10% over the asking price.The article says that of 93 units rented in Medford in Feb – April, 10 went for over asking price and in Somerville, 51 units were rented with 7 for more than the asking price.The addition of the Green Line into Medford and Somerville is making them highly desirable for people who commute to jobs served by it. Some housing experts say the vacancy rate is too low and is contributing to the exodus of young people from Greater Boston.