Here’s a terrific look at the growing gap between the asking prices for apartment rentals in Boston versus asking prices across the rest of the nation.
In 2008, Downtown Boston’s average monthly asking rent was $2,637, roughly 150 percent higher than the average national asking price of $1,050. In 2012, Downtown Boston’s average monthly asking rent of $2,861 was roughly 160 percent higher than the national average, according to the BBJ.
In other words: The gap is growing.
Ok, you might be thinking: You’re comparing a downtown city market with the entire sum total of the US.
Sure, the difference between metropolitan Greater Boston’s asking prices is indeed not as great, but the difference is still huge and the gap is still growing.
In 2008, Greater Boston’s average asking price for an apartment was $1,740, nearly 65.7 percent higher than the national average. In 2012, the gap between Greater Boston and the nation was 66.3 percent, according to BBJ data.
There are two ways to look at this trend of rising rents and growing gaps: 1.) It’s a sign of a healthy apartment market and local economy. 2.) It’s those two things, but also it’s a sign that tenants are paying more out of their paychecks for apartments and that makes Massachusetts a less desirable and competitive place in the medium- and long-term when attracting and keeping employees.
Bottom line: It’s a great article by the BBJ (sub. required).
File under: More housing construction, of any type, please