Boston Rental Market – New Study 2009 Forecast
A new report from Marcus & Millichap regarding Boston rentals:
The economy is weakening, as evidenced by layoff announcements from major employers such as Boston Scientific, Gillette and the state government. In addition, the unraveling financial markets could result in far-reaching cuts by local financial companies. As a result, uncertainty is prompting some renters to transition into less expensive housing to trim costs.
The report also states:Rent Forecast: As vacancy edges higher, rent growth will moderate. Asking rents are expected to gain 2 percent in 2009 to $1,777 per month, while effective rents advance 1.4 percent to $1,679 per month.
Read the full report page 12