Harvard Real Estate Services (HRES) has announced the approval of the new rent schedule for approximately 2,500 Harvard-owned apartments rented by graduate students and other University affiliates. The new rents will take effect July 1, when the 2005-2006 rental season begins.
The Faculty Advisory Committee on Affiliated Housing has endorsed the new rents that were proposed in the Harvard University Gazette (Feb. 10, 2005). This year, the majority of affiliates currently residing in Harvard’s Affiliated Housing who choose to remain in their apartment for the 2005-2006 lease term will either have no increase in their current rent or will be charged the new market rent for their apartment, whichever rent is lower.
The e-mailing of lease termination and extension instructions detailing residents’ specific rents will commence the end of March.
For new affiliates who sign leases beginning July 1, the overall market rent for Affiliated Housing should decrease, on average, by 1.5 percent starting on July 1. This decrease will be applied to base rents, before the addition of the cost of Harvard Internet service and electricity, which will now be included within the rent as a new amenity at many apartments. However, in support of the fair market rent policy on a unit-by-unit basis, some unit types will increase, some will decrease, and some will stay at current rates.
Rent increases for continuing former-rent-control residents who reside in Harvard’s properties will be announced by early April.
“Affiliated Housing remains an excellent housing choice for affiliates,” said Susan Keller, HRES’s director of Residential Real Estate. “All complexes are conveniently located near the University and have 24-hour emergency maintenance service. There is a broad range of apartment types and a range of rents. Also, unlike many other landlords in the area, HRES does not require a security deposit or last month’s rent.”
Keller was also pleased to announce that this year, in response to the recommendation of the Faculty Advisory Committee, HRES will explore the establishment of a building recognition program to acknowledge residents who make extra efforts to reduce the consumption of heat and electricity. “It’s important to create an environment where all our residents help contribute to the Harvard Green Campus Initiative.”
Affiliates who are not currently residents in Affiliated Housing but who are interested in renting an Affiliated apartment in 2005-2006 should visit http://www.hres.harvard.edu/rre.htm. The Web site describes the broad range of apartments available at Affiliated complexes; provides information on the rental process; and includes sample floor plans, estimated rents, and instructions on how to apply.