HRES establishes 2011-12 rents for Harvard University housing

Harvard Real Estate Services (HRES) 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 Harvard affiliates (full-time graduate students, faculty members, or employees). Harvard affiliates may apply for Harvard University Housing online (click on “I Want to Live in Harvard University Housing”). 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 fair market rent policy, HRES charges market rents for Harvard University Housing. To establish the proposed rents for 2011-12, 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 2,500 apartments. The apartments included in the analysis were either posted at the Harvard University Housing office by non-Harvard property owners or were supplied by a real estate appraisal firm or a local brokerage company in order to provide comparable private rental market listings of competing apartment complexes in Cambridge and Boston. The results of this market analysis and of other market research indicate that Harvard University Housing 2011-12 market rents are to 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 HRES’s existing residential portfolio.

The proposed new market rents noted in this article have been reviewed and endorsed by the Faculty Advisory Committee on HRES Harvard University Housing* and will take effect July 1, 2011, for a term of one year.

Proposed 2011-12 continuing rents for Harvard affiliates

Most current Harvard University Housing tenants who choose to extend their lease for another year will either receive a one percent rent increase or will be charged the new market rent for their apartment, whichever rent is lower. Heat, hot water, and electricity are included in all Harvard University Housing apartment rents, and gas is also included, where applicable. Harvard internet service is included in most apartment rents.

Harvard University Housing tenants will receive an email from HRES in March 2011 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 rent rates for 2011-12 may call the Harvard University Housing leasing office at 617.495.1459.

Proposed 2011-12 rents for new tenants effective July 1, 2011

The annual market analysis for proposed 2011-12 rents resulted in a recommendation that average rents for affiliates across the portfolio increase one percent relative to the prior year.  Because Harvard’s fair market rent policy is applied on a unit-by-unit basis, market rental rates for some unit types and locations will increase and others will decrease, based on current market conditions.

• 10 Akron St. (all utilities and Harvard Internet service included): studios $1,440-$1,634; one bedroom convertibles $1,804-$1,990.
• 18 Banks/8A Mt. Auburn: (all utilities included): one bedrooms $1,622-$1,956; two bedrooms $2,138-$2,342.
• Beckwith Circle (all utilities included): three bedrooms $2,174-$2,638; four bedrooms $2,372-$2,842.
• Botanic Gardens (all utilities and Harvard Internet service included): one bedrooms $1,678–$1,750; two bedrooms $2,104-$2,212; three bedrooms $2,618-$2,756.
• 472-474 Broadway (all utilities included): one bedrooms $1,526-$1,582.
• 5 Cowperthwaite St. (all utilities and Harvard Internet service included): studios $1,484-$1,656; one bedrooms $1,760-$1,776; one bedroom convertibles $1,786-$1,916; two bedrooms $2,100-$2,516.
• 27 Everett St. (all utilities included): one bedrooms $1,838-$2,022; three bedrooms $2,826-$3,004.
• 29 Garden St. (all utilities and Harvard Internet service included): studios $1,416-$1,488; two bedroom efficiencies $2,070-$2,156; two bedrooms $2,378-$2,446; three bedrooms $2,864-$2,962.
• Harvard @ Trilogy (all utilities and Harvard Internet included): studios $1,534-$1,656; one bedroom convertibles $1,964-$2,090; two bedroom efficiencies $2,208-$2,508.
• Haskins Hall (all utilities included): studios $1,348-$1,422; one bedrooms $1,546-$1,672.
• Holden Green (all utilities included): one bedrooms $1,486-$1,842; two bedrooms $1,898-$2,104; three bedrooms $2,402-$2,762.
• 2 Holyoke St. (all utilities included): one bedrooms $1,512-$1,668.
• Kirkland Court (all utilities included): one bedrooms $1,508-$1,696; two bedrooms $1,912-$2,276; three bedrooms $2,580-$2,680.
• 1306 Massachusetts Ave. (all utilities included): studios $1,388-$1,586; one bedrooms $1,508-$1,864; two bedrooms $1,976-$2,112.
• 65 Mt. Auburn St. (all utilities included): studios $1,324-$1,560; one bedrooms $1,532-$1,756; two bedrooms $1,914-$2,064.
• Peabody Terrace (all utilities and Harvard Internet included): studios $1,146-$1,514; one bedrooms $1,384-$1,754; two bedrooms $1,730-$2,060; three bedrooms $2,620-$2,850.
• 8 Plympton St. (all utilities included): studios $1,388; one bedrooms $1,440-$1,738; two bedrooms $1,994-$2,276; three bedrooms $2,706.
• 16 Prescott St. (all utilities included): studios $1,274-$1,310; one bedrooms $1,476-$1,544.
• 18 Prescott St. (all utilities included): studios $1,232-$1,282; one bedrooms $1,460-$1,592.
• 20–20A Prescott St. (all utilities included): studios $1,262-$1,400; one bedrooms $1,496-$1,920; two bedrooms $2,110-$2,200; three bedrooms $2,722-$2,982: four bedrooms $3,090-$3,120.
• 22–24 Prescott St. (all utilities included): studios $1,274-$1,444; one bedrooms $1,536-$1,670.
• 85–95 Prescott St. (all utilities included): studios $1,326-$1,454; one bedrooms $1,566-$1,794; two bedrooms $1,924.
• Shaler Lane: (all utilities included): one bedrooms $1,494-$1,578; two bedrooms $1,892-$2,038.
• Soldiers Field Park (all utilities and Harvard Internet included): studios $1,398-$1,542; one bedrooms $1,682-$1,914; two bedrooms $2,032-$2,350; three bedrooms $2,398-$2,800.
• Terry Terrace (all utilities and Harvard Internet included): studios $1,464-$1,510; one bedrooms $1,614-$1,744; two bedrooms $2,182-$2,250.
• 9–13A Ware St. (all utilities included): studios $1,302-$1,372; one bedrooms $1,516-$1,662; two bedrooms $1,958-$1,970.
• 19 Ware St. (all utilities included): two bedrooms $2,442-$2,552; three bedrooms $2,798.
• One Western Ave. (all utilities and Harvard Internet included): studios $1,482-$1,648; one bedrooms $1,658-$1,890; two bedrooms $2,028-$2,532; three bedrooms $2,860-$3,106.
• Wood Frame Buildings (all utilities included): studios $956-$1,554; one bedrooms $1,376-$2,152; two bedrooms $1,750-$3,018; three bedrooms $2,070-$4,038; four bedrooms $3,384.

Written comments on the proposed rents may be sent to the Faculty Advisory Committee on Harvard University Housing, c/o Harvard Real Estate Services, 1350 Massachusetts Ave., Holyoke Center 807, Cambridge, MA 02138. Comments to the committee may also be sent via email to leasing@harvard.edu. Any written comments should be submitted to either of the above addresses by Feb. 17, 2011.

The comments received will be reviewed by the Faculty Advisory Committee, which includes: David Carrasco, Neil L. Rudenstine Professor for the Study of Latin America in the Faculty of Divinity and the Faculty of Arts and Sciences; 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; Jennifer Lerner, Professor of Public Policy, Harvard Kennedy School; Daniel P. Schrag, Sturgis Hooper Professor of Geology and Professor of Environmental Sciences and Engineering, Faculty of Arts and Sciences; John Macomber, Senior Lecturer, Harvard Business School; and Lisa Hogarty, Vice President, Campus Services (Chair), Harvard University.

*In keeping with the University’s fair market rent policy that was established in 1983 by a faculty committee chaired by Professor Archibald Cox, the rents for Harvard University 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 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.