Harvard Planning and Real Estate (HPRE) has proposed a 2.5 percent rent increase for current affiliated housing residents who live in the approximately 2,300 Harvard Affiliated Housing apartments. The proposed 2.5 percent increase for current affiliated housing residents has been reviewed by the Faculty Advisory Committee on Affiliated Housing, and would take effect July 1, for a term of one year, when the 2000-2001 rental season begins.
Specific rents for all 2,300 apartments will be detailed in the lease renewal packages that will be distributed to all affiliated residents in March. For additional information or help in determining your continuing rent rate for 2000-2001, you may call Harvard Planning and Real Estates Affiliated Leasing Office at 617-495-1459.
Proposed rent increases for continuing former rent control residents who reside in Harvards properties will be announced in the spring.
Proposed 2000-2001 Rents for New Affiliated Residents who Sign Leases as of July 1, 2000.
In keeping with the Universitys fair market rent policy that was established in 1983 by a faculty committee chaired by Professor Archibald Cox, rents for new affiliated residents who sign a lease for the 2000-2001 rental season have been set at prevailing market rates. This year, the overall market increase for all affiliated properties will be 3.3 percent. The original committee determined that market rate pricing was the fairest method of allocating apartments and that setting rents for affiliated housing below market rate would be a form of financial aid that should be determined by each individual school, not the rent setting process. Additionally, the cost of housing should be considered when financial aid is determined.
“Harvard Planning and Real Estate performed market research before proposing this years rent increase,” said Susan Keller, HPREs Director of Residential Real Estate. “In setting the proposed 2000-2001 rents, an extensive database, covering more than 4,700 Cambridge and Somerville apartments listed with the Harvard Housing Office by non-Harvard property owners over the past three years, was analyzed. Market indicators from outside sources and historical demand trends in the local market were also considered.”
These proposed rents have been reviewed by the Faculty Advisory Committee on Affiliated Housing and would take effect July 1 when the 2000-2001 rental season begins. All excess revenues generated by affiliated housing are saved to fund capital renewal of the facilities. Depending upon the property, the apartments will be offered to affiliates for either one- or two-year lease periods. Market rate averages for these apartments are listed below:
- 18 Banks/8A Mt. Auburn: one bedrooms $1,093-$1,210; two bedrooms $1,472-$1,583.
- Botanic Gardens: one bedrooms $1,132-$1,174; two bedrooms $1,353-$1,570; three bedrooms $1,954.
- DeWolfe Street: one bedrooms $1,260-$1,288; two bedrooms $1,592-$1,632; three bedrooms $2,219.
- 29 Garden Street: studios $825; one bedrooms $980-$1,068; two bedrooms $1,242.
- Haskins Hall: studios $951; one bedrooms $1,082; two bedrooms $1,372; three bedrooms $1,591.
- Holden Green: one bedrooms $972-$1,109; two bedrooms $1,257-$1,421; three bedrooms $1,702.
- Kirkland Court: one bedrooms $1,109-$1,278; two bedrooms $1,460-$1,711; three bedrooms $1,969-$2,049.
- 65 Mt. Auburn Street: studios $957; one bedrooms $1,096; two bedrooms $1,505.
- Peabody Terrace: studios $817-$860; one bedrooms $989-$1,024; two bedrooms $1,255-$1,293; three bedrooms $1,677-$1,755.
- Shaler Lane: one bedrooms $1,088; two bedrooms $1,453-$1,540.
- Soldiers Field Park: studios $927-$1,034; one bedrooms $1,130-$1,255; two bedrooms $1,464-$1,708; three bedrooms $1,959-$2,127.
- Terry Terrace: studios $917; one bedrooms $1,059; two bedrooms $1,391.
- Walker Street: two bedrooms $1,578; three bedrooms $1,899.
The proposed average rent ranges and percentage adjustments listed below are in buildings that were formerly rent controlled. These rents are for new residents who will sign affiliated leases for the 2000-2001 rental season.
- 472-474 Broadway: one bedrooms $1,128.
- 27 Everett Street: one bedrooms $1,081-$1,353; three bedrooms $2,029-$2,202.
- 2 Holyoke Street: one bedrooms $1,081- $1,204.
- 1306 Massachusetts Avenue: studios $962; one bedrooms $1,101; two bedrooms $1,512.
- 8 Plympton Street: studios $877-$926; one bedrooms $1,103; two bedrooms $1,512-$1,579; three bedrooms $1,732-$1,788.
- 16 Prescott Street: studios $893; one bedrooms $1,031-$1,098; two bedrooms $1,164.
- 18 Prescott Street: studios $893; one bedrooms $1,031.
- 20-20A Prescott Street: studios $904; one bedrooms $1,095-$1,156; two bedrooms $1,609; three bedrooms $1,520-$2,111.
- 22-24 Prescott Street: studios $896; one bedrooms $1,060.
- 85-95 Prescott Street: studios $934-$980; one bedrooms $1,158.
- 9-13A Ware Street: studios $938; one bedrooms $1,136; two bedrooms $1,440; three bedrooms $1,459.
- 19 Ware Street: two bedrooms $1,931.
- Wood Frame Buildings, Agassiz Area: studios $942; one bedrooms $1,109; two bedrooms $1,484; three bedrooms $1,933; four bedrooms $2,309; five bedrooms $2,862.
- Wood Frame Buildings, Harvard Square/Mid-Cambridge Area: studios $834; one bedrooms $1,012; two bedrooms $1,349.
- Wood Frame Buildings, Riverside Area: studios $769; one bedrooms $981; two bedrooms $1,213; three bedrooms $1,659.
Written comments on the proposed rents may be sent to the Faculty Advisory Committee on Affiliated Housing, c/o Harvard Planning and Real Estate, 8 Mt. Auburn Street, Cambridge, MA 02138-6037. Comments to the committee may also be via Email to firstname.lastname@example.org. Any written comments should be submitted to the either of the above addresses by Wednesday, February 16, 2000.
The comments received will be reviewed by the Faculty Advisory Committee which includes William Hogan, Lucius N. Littauer Professor of Public Policy and Administration, John F. Kennedy School of Government; Jerold S. Kayden, Associate Professor of Urban Planning, Graduate School of Design; Daniel P. Schrag, John L. Loeb Associate Professor Natural Sciences, Harvard University; Steven Shavell, Professor of Law and Economics, Harvard Law School; and Sally Zeckhauser, Vice President for Administration (Chair), Harvard University.
After the comments are reviewed and considered, the final rent schedule will be published in February.
HPRE offers a variety of apartments with different amenities so that an affiliate can select an apartment that fits his or her individual budget. Housing advisors in the Harvard Housing Office can assist affiliates who are searching for housing. The Housing Office also has private landlord listings on a computerized listing network and bulletin boards, roommate cards, and listings of housing opportunities that exchange work for rent. Stop by the Harvard Housing Office at 7 Holyoke Street or call 617-495-3377 for assistance.