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Innovative Housing Offers Affordable Alternative For Boston Residents

BOSTON (CBS) --  Access to affordable housing in Boston is like finding parking at Fenway on Opening Day. A new building opening Friday in the city's South End is offering rental options not seen here before.

"We have been working on this building now for over five years," said Ted Tye, the managing partner with National Development; the group behind 7INK.

The building offers renters to lease typical units or single rooms with shared living and dining space -- a unique option that Tye said allows them flexibility in pricing.

"It has allowed us to come in at a slightly lower price point than people would normally get in this very challenging market," said Tye.

A single room, with shared living space, starts at $1,700 at 7INK. That is nearly a thousand dollars cheaper than the average one-bedroom cost, currently at $2,700 according to Zumper. However, rates at 7INK include all utilities, cable, Wi-Fi, furniture, and more.

"Ironically, they are bringing the college concept back into the actual form of living," said Greater Boston Association of Realtors president, Melvin Vieira Jr.

"We have to be willing and open to all types of ways to create more housing for many different people," Vieira Jr. said. "We also realize that some people do not need to live, or want to rent, just to have a kitchen or a bedroom and just be by themselves."

Vieira Jr. said there are more buildings like this in the works in Boston. He added the city is in desperate need of housing like this.

"This is not the only solution. But this is one of the solutions."

EMERGENCY COMPONENT - LOCAL

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