Harvard University Housing establishes new rents for 2015–16

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, and employees). Harvard affiliates may apply for Harvard University Housing online at www.huhousing.harvard.edu (click on “Apply”). 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 2015–2016, 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 2,900 apartments. The data included in the analysis were obtained from a variety of sources, including rentals posted on the Harvard University Housing Off-Campus Listing website by private-market property owners, information supplied by a real estate appraisal firm or a local brokerage company, and various non-Harvard rental websites, 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 market rents for Harvard University Housing in 2015–2016 will increase 2 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 HUH’s existing residential portfolio.

The rents noted in this article have been reviewed and endorsed by the Faculty Advisory Committee on Harvard University Housing* and will take effect for the 2015-2016 leasing season.

2015–2016 rents for continuing HUH tenants

Current Harvard University Housing tenants who choose to extend their leases for another year will receive, on average, a 2 percent rent increase, with actual increases ranging from zero to 4 percent. Heat, hot water, electricity, and gas, where applicable, are included in all Harvard University Housing apartment rents; Harvard Internet service and air conditioning are also included, where available.

Harvard University Housing tenants will receive an email from HUH in March 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 2015–2016 may call the Harvard University Housing Leasing Office at 617.495.1459.

2015–2016 rents for new HUH tenants

The annual market analysis for the 2015–2016 rents resulted in a recommendation that average rents for incoming tenants across the portfolio increase 2 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, while others will experience no change or will decrease, based on current market conditions.

• 10 Akron Street (all utilities and Harvard Internet service included): studios $1,642–$1,914; one bedroom convertibles $2,202–$2,406.

• 18 Banks (all utilities included): one bedrooms $1,926–$2,192; two bedrooms $2,402–$2,490.

• Beckwith Circle (all utilities included): three bedrooms $2,373–$2,688; four bedrooms $2,714–$3,040.

• Botanic Gardens (all utilities and Harvard Internet service included): one bedrooms $1,978–$2,086; two bedrooms $2,426–$2,562; 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 $1,708–$1,934; one bedrooms $2,090–$2,106; one bedroom convertibles $2,232–$2,372; two bedrooms $2,534–$2,804.

• 27 Everett Street (all utilities included): one bedrooms $2,092–$2,256; three bedrooms $3,123–$3,324.

• 29 Garden Street (all utilities and Harvard Internet service included): studios $1,592–$1,718; one bedroom convertibles $2,106–$2,260; two bedroom efficiencies $2,356–$2,654; two bedrooms $2,540–$2,606; three bedrooms $3,219–$3,426.

• Harvard @ Trilogy (all utilities and Harvard Internet included): studios $1,768–$1,938; one bedroom convertibles $2,386–$2,548; two bedroom efficiencies $2,724–$2,910.

• Haskins Hall (all utilities included): studios $1,578–$1,682; one bedrooms $1,826–$1,998.

• Holden Green (all utilities included): one bedrooms $1,712–$1,950; two bedrooms $2,086–$2,422; three bedrooms $2,604–$2,943.

• 2 Holyoke Street (all utilities included): one bedrooms $1,942–$2,028.

• Kirkland Court (all utilities included): one bedrooms $1,840–$2,106; two bedrooms $2,418–$2,622; three bedrooms $3,144–$3,246.

• 8A Mt. Auburn Street (all utilities included): one bedrooms $1,952–$2,052.

• Peabody Terrace (all utilities and Harvard Internet included): studios $1,500–$1,882; one bedrooms $1,846–$2,164; two bedrooms $2,260–$2,628; three bedrooms $3,108–$3,366.

• 16 Prescott Street (all utilities included): studios $1,584–$1,626; one bedrooms $1,888–$1,980.

• 18 Prescott Street (all utilities included): studios $1,506–$1,558; one bedrooms $1,856–$2,008.

• 85–95 Prescott Street (all utilities included): studios $1,632–$1,798; one bedrooms $1,946–$2,186; two bedrooms $2,376.

• Shaler Lane (all utilities included): one bedrooms $1,878–$1,992; two bedrooms $2,348–$2,542.

• Soldiers Field Park (all utilities and Harvard Internet included): studios $1,688–$1,840; one bedrooms $1,986–$2,176; two bedrooms $2,422–$2,734; three bedrooms $2,784–$3,339.

• Terry Terrace (all utilities and Harvard Internet included): studios $1,662–$1,720; one bedrooms $1,950–$2,096; two bedrooms $2,400–$2,468.

• 9–13A Ware Street (all utilities included): studios $1,594–$1,678; one bedrooms $1,898–$2,068; two bedrooms $2,380–$2,390.

• 15 Ware Street (all utilities included): studios $1,812; one bedrooms $2,466; two bedrooms $2,925.

• 19 Ware Street (all utilities included): two bedrooms $2,780–$2,882; three bedrooms $3,120.

• One Western Avenue (all utilities and Harvard Internet included): studios $1,718–$1,914; one bedrooms $1,938–$2,218; two bedrooms $2,390–$2,762; three bedrooms $2,988–$3,336.

• Wood Frame Buildings (all utilities included): studios $1,148–$1,588; one bedrooms $1,758–$2,366; two bedrooms $2,176–$3,118; three bedrooms $2,535–$3,981; 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, Richard A. and Susan F. Smith Campus Center 827, 1350 Massachusetts Avenue, Cambridge, MA 02138. Comments to the committee may also be sent via email to leasing@harvard.edu. Any written comments should be submitted by Feb. 13.

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 and Management, Harvard Kennedy School; John Macomber, Gloria A. Dauten Real Estate Fellow, Senior Lecturer, Harvard Business School; Daniel P. Schrag, Sturgis Hooper Professor of Geology and Professor of Environmental Science and Engineering, Faculty of Arts and Sciences; and Meredith Weenick, Vice President, Campus Services (Chair), Harvard University.

*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 from a study led 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.