Rent Rates Announced
Taking advantage of the end of rent control, Harvard Real Estate Inc. (HRE) has announced a new proposed rent schedule for 1,700 housing units occupied by graduate students and University affiliates, the Harvard Gazette reported last week.
HRE, a University-owned subsidiary, plans to raise rents with increases up to seven percent. The proposed rents, which are set to take effect July 1, have been sent to the Faculty Advisory Committee on Affiliated Housing.
The Advisory Committee, which will have to approve the increases, consists of five faculty members and is chaired by Vice President for Administration Sally L. Zeckhauser.
HRE analyzed more than 5,000 Cambridge and Somerville apartments in "an extensive database," Susan K. Keller, the company's vice president for residential real estate, told the Gazette.
The final rent schedule will be issued in mid-February, although HRE will maintain its promise to refrain from sending notices of rent increases prior to July 1.