Sale Of Affordable Housing Units In Peabody Could Triple Rents

PEABODY, MA -- The end of a 40-yer agreement between Masshousing and the owner of the Tannery I apartment building in Peabody could mean skyrocketing rents for residents. That agreement kept rents low for income-eligible tenants, but now, with its expiration, Peabody-based Crowninshield Management Corp. can sell the 235-unit complex to a buyer that can set market-rate rents.

Studios currently rent for $618, while one-bedrooms rent for $720. Rents for similar apartments in Peabody range from $1,800 to $2,100, according to the Item, which first reported this story. Crowinshield rejected a $23 million offer from WinnCompanies of Boston that would have kept the units under their affordable housing designation.

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Photo by Realtor.com.