Harvard housing sets 2014-15 rents

Harvard University Housing (HUH) 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 eligible Harvard affiliates (full-time graduate students, faculty members, or employees). Harvard affiliates may apply for Harvard University Housing online (click on “Apply for 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 rent policy, Harvard University Housing charges market rents. To establish the proposed rents for 2014–15, 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 2,050 apartments. The data on 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 for competing apartment complexes in Cambridge and Boston. The results of this market analysis and of other market research indicate that Harvard University Housing 2014–15 market rents will increase 5 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 HUH in excess of operating expenses and debt service are used to fund capital improvements and renewal of the facilities in HUH’s existing residential portfolio.

The proposed new market rents noted in this article have been reviewed and endorsed by the Faculty Advisory Committee on HUH* and will take effect for the 2014-15 leasing season.

Proposed 2014–15 continuing rents for Harvard affiliates

Most current HUH tenants who choose to extend their lease for another year will either receive a 4 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 HUH apartment rents; Harvard Internet service and air conditioning are also included, where available.

HUH tenants will receive an email from HUH in March 2014 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 rental rates for 2014–15 may call the Harvard University Housing Leasing Office at 617.495.1459.

Proposed 2014–15 rents for new tenants effective for the 2014-15 leasing season

The annual market analysis for proposed 2014–15 rents resulted in a recommendation that average rents for incoming residents across the portfolio increase 5 percent relative to the prior year. Because Harvard’s 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 Street (all utilities and Harvard Internet service included): studios $1,558–$1,850; one bedroom convertibles $2,044–$2,266.
• 18 Banks/8A Mt. Auburn: (all utilities included): one bedrooms $1,916–$2,192; two bedrooms $2,396–$2,490.
• Beckwith Circle (all utilities included): three bedrooms $2,268–$2,559; four bedrooms $2,616–$2,918.
• Botanic Gardens (all utilities and Harvard Internet service included): one bedrooms $1,976–$2,086; two bedrooms $2,420–$2,558; three bedrooms $2,916–$3,114.
• 472–474 Broadway (all utilities included): one bedrooms $1,916–$1,974.
• 5 Cowperthwaite Street (all utilities and Harvard Internet service included): studios $1,628–$1,868; one bedrooms $2,006–$2,022; one bedroom convertibles $2,078–$2,232; two bedrooms $2,384–$2,642.
• 27 Everett Street (all utilities included): one bedrooms $2,088–$2,256; three bedrooms $3,141–$3,321.
• 29 Garden Street (all utilities and Harvard Internet service included): studios $1,538–$1,676; one bedroom convertibles $2,004–$2,186; two bedroom efficiencies $2,252–$2,516; two bedrooms $2,528–$2,594; three bedrooms $3,057–$3,273.
• Harvard @ Trilogy (all utilities and Harvard Internet included): studios $1,760–$1,932; one bedroom convertibles $2,386–$2,548; two bedroom efficiencies $2,724–$3,052.
• Haskins Hall (all utilities included): studios $1,576–$1,682; one bedrooms $1,822–$1,998.
• Holden Green (all utilities included): one bedrooms $1,680–$1,962; two bedrooms $2,038–$2,288; three bedrooms $2,574–$2,925.
• 2 Holyoke Street (all utilities included): one bedrooms $1,920–$2,010.
• Kirkland Court (all utilities included): one bedrooms $1,820–$2,106; two bedrooms $2,398–$2,622; three bedrooms $3,141–$3,246.
• Peabody Terrace (all utilities and Harvard Internet included): studios $1,414–$1,812; one bedrooms $1,758–$2,086; two bedrooms $2,108–$2,484; three bedrooms $2,877–$3,114.
• 16 Prescott Street (all utilities included): studios $1,582–$1,626; one bedrooms $1,884–$1,980.
• 18 Prescott Street (all utilities included): studios $1,482–$1,534; one bedrooms $1,828–$1,994.
• 85–95 Prescott Street (all utilities included): studios $1,584–$1,762; one bedrooms $1,902–$2,162; two bedrooms $2,330.
• Shaler Lane: (all utilities included): one bedrooms $1,878–$1,992; two bedrooms $2,344–$2,542.
• Soldiers Field Park (all utilities and Harvard Internet included): studios $1,686–$1,840; one bedrooms $1,986–$2,176; two bedrooms $2,422–$2,780; three bedrooms $2,781–$3,306.
• Terry Terrace (all utilities and Harvard Internet included): studios $1,660–$1,720; one bedrooms $1,944–$2,096; two bedrooms $2,400–$2,468.
• 9–13A Ware Street (all utilities included): studios $1,594–$1,678; one bedrooms $1,892–$2,068; two bedrooms $2,380–$2,390.
• 19 Ware Street (all utilities included): two bedrooms $2,780–$2,882; three bedrooms $3,117.
• One Western Avenue (all utilities and Harvard Internet included): studios $1,718–$1,914; one bedrooms $1,938–$2,218; two bedrooms $2,390–$2,760; three bedrooms $2,979–$3,336.
• Wood Frame Buildings (all utilities included): studios $1,148–$1,578; one bedrooms $1,690–$2,358; two bedrooms $2,092–$3,114; three bedrooms $2,472–$3,489; four bedrooms $3,628.

Written comments on the proposed rents may be sent to the Faculty Advisory Committee on Harvard University Housing, c/o Harvard University Housing, 1350 Massachusetts Ave. — Smith Campus Center 827 (formerly Holyoke Center), 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. 14, 2014.

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; Daniel P. Schrag, Sturgis Hooper Professor of Geology and Professor of Environmental Science and Engineering, Faculty of Arts and Sciences; and John Macomber, Gloria A. Dauten Real Estate Fellow, Senior Lecturer, Harvard Business School.

*The rents for residents of Harvard University Housing are set at prevailing market rates, in keeping with the University’s affiliated housing rent policy. This policy was established in 1983 by President Derek Bok based on recommendations by Professor Archibald Cox and the Committee on Affiliated Housing. 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.