Harvard Planning and Real Estate (HPRE) has proposed a 4 percent rent increase for current affiliated housing residents who live in the approximately 2,300 Harvard Affiliated Housing apartments. The proposed 4 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 2002-2003 rental season begins.
In keeping with the University’s fair market rent policy that was established in 1983 by a faculty committee chaired by Archibald Cox, the rents for affiliated housing are set at prevailing market rates. The original faculty 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.
HPRE performed market research before proposing this year’s rent increase. In setting the proposed 2002-2003 rents, a database covering more than 4,200 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.
“Since the market rents being recommended to the Faculty Advisory Committee by HPRE will not go into effect until July 2002 and the latest economic indicators show that there is a slowdown in the economy, we prefer to have rents set at the lower end of the band of market rents,” said Susan Keller, HPRE’s director of residential real estate. “To protect continuing residents from the full impact of rent escalation, HPRE will cap the rents of current residents at 4 percent,” said Keller.
Specific rents for all 2,300 apartments will be detailed in the lease renewal packages that will be distributed to all affiliated residents in April. For additional information or help in determining your continuing rent rate for 2002-2003, you may call Harvard Planning and Real Estate’s Affiliated Leasing Office at (617) 495-1459.
Proposed rent increases for continuing former rent control residents
Proposed rent increases for continuing former rent control residents who reside in Harvard’s properties will be announced in late March or early April.
Proposed 2002-2003 rents for new affiliated residents who sign leases as of July 1, 2002
This year, market research suggests a 17 percent increase in market rents. However the Faculty Advisory Committee expressed concerns about an overall increase of 17 percent when the latest economic indicators are showing a slowdown in the economy. In addition, the proposed 2002-2003 rents listed below will not go into effect until July 2002, and there is uncertainty as to how long the economic slowdown will last. These factors, combined with information that was obtained from various sources including the media, numerous landlords, and real estate agents, led the committee to determine that the increase for all affiliated properties should be set at 7 percent for new affiliated residents who sign a lease as of July 1, 2002.
These proposed rents have been reviewed by the Faculty Advisory Committee on Affiliated Housing and would take effect July 1 when the 2002-2003 rental season begins. All revenues generated by Affiliated Housing in excess of operating expenses are saved to fund capital renewal of the facilities. An example of how capital funds are used is the refurbishing of 29 Garden St. The renovation project will start in June 2002 and will introduce a new affordable product type known as a double studio.
Market rate averages for affiliated apartments are listed below. Depending upon the property, the apartments will be offered to affiliates for either one- or two-year lease periods.
- 18 Banks/8A Mt. Auburn: one bedrooms $1,265-$1,355; two bedrooms $1,688-$1,738.
- Botanic Gardens: one bedrooms $1,330-$1,410; two bedrooms $1,560-$1,820; three bedrooms $2,324.
- DeWolfe Street: one bedrooms $1,443-$1,483; two bedrooms $1,830-$1,870; three bedrooms $2,520.
- Haskins Hall: studios $1,100; one bedrooms $1,230; two bedrooms $1,517; three bedrooms $1,743.
- Holden Green: one bedrooms $1,110-$1,248; two bedrooms $1,400-$1,538; three bedrooms $1,905.
- Kirkland Court: one bedrooms $1,280-$1,416; two bedrooms $1,660-$1,857; three bedrooms $1,707-$2,314.
- 65 Mt. Auburn St.: studios $1,085; one bedrooms $1,215-$1,315; two bedrooms $1,700.
- Peabody Terrace: studios $995-$1,040; one bedrooms $1,157-$1,202; two bedrooms $1,525-$1,570; three bedrooms $1,963-$2,063.
- Shaler Lane: one bedrooms $1,265; two bedrooms $1,647-$1,727.
- Soldiers Field Park: studios $1,141-$1,268; one bedrooms $1,405-$1,535; two bedrooms $1,795-$2,025; three bedrooms $2,483-$2,670.
- Terry Terrace: studios $1,092-$1,176; one bedrooms $1,236-$1,394; two bedrooms $1,545-$1,770.
- Walker Street: two bedrooms $1,814; three bedrooms $2,169.
The proposed average rent ranges and percent age adjustments listed below are in buildings that were formerly rent controlled. These rents are for new residents who will sign affiliated leases for the 2002-2003 rental season.
- 472-474 Broadway: one bedrooms $1,264.
- 27 Everett St.: one bedrooms $1,297-$1,531; three bedrooms $2,326-$2,513.
- 2 Holyoke St.: one bedrooms $1,212- $1,326.
- 1306 Massachusetts Ave.: studios $1,008; one bedrooms $1,158; two bedrooms $1,592.
- 8 Plympton St.: studios $1,006-$1,070; one bedrooms $1,244; two bedrooms $1,700-$1,782; three bedrooms $1,970-$2,034.
- 16 Prescott St.: studios $1,026; one bedrooms $1,200-$1,253; two bedrooms $1,288.
- 18 Prescott St.: studios $1,026; one bedrooms $1,200.
- 20-20A Prescott St.: studios $1,081; one bedrooms $1,273-$1,378; two bedrooms $1,785; three bedrooms $1,817-$2,424.
- 22-24 Prescott St.: studios $1,026; one bedrooms $1,200.
- 85-95 Prescott St.: studios $1,047-$1,122; one bedrooms $1,288.
- 9-13A Ware Street: studios $1,070; one bedrooms $1,246; two bedrooms $1,637; three bedrooms $1,688.
- 19 Ware St.: two bedrooms $2,293.
- Wood Frame Buildings, Agassiz Area: studios $1,044; one bedrooms $1,228; two bedrooms $1,595; three bedrooms $2,024; four bedrooms $2,643; five bedrooms $4,128.
- Wood Frame Buildings, Harvard Square/Mid-Cambridge Area: studios $946; one bedrooms $1,137; two bedrooms $1,527.
- Wood Frame Buildings, Riverside Area: studios $926; one bedrooms $1,232; two bedrooms $1,462; three bedrooms $1,859.
Written comments on the proposed rents may be sent to the Faculty Advisory Committee on Affiliated Housing, c/o Harvard Planning and Real Estate, 10 Mt. Auburn Street – Lower Level, Cambridge, MA 02138-6010. Comments to the committee may also be sent via e-mail to email@example.com. Any written comments should be submitted to the either of the above addresses by March 7, 2002.
The comments received will be reviewed by the Faculty Advisory Committee, which includes Peter T. Ellison, dean of the Graduate School of Arts and Sciences; 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, professor of earth and planetary sciences, Harvard University; Steven Shavell, professor of law economics and business, 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 March.
Online applications for housing available
Harvard Planning and Real Estate offers a variety of apartments with different amenities so that a Harvard affiliate can select an apartment that fits his or her individual budget. Housing advisers in the Harvard Housing Office can assist affiliates who are searching for housing. As an added convenience, affiliates may now apply for affiliated housing online at http://www.hpre.harvard.edu/RRE/affiliate/appproc/index.html.
The Harvard 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 St. or call (617) 495-3377 for assistance.
Affiliates may also access information about a variety of housing options by visiting HPRE’s Housing Home Page at http://www.hpre.harvard.edu/RRE/index.html.